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So far Andrew Hunt has created 148 entries.

Amplify Risk and Compliance Management in 5 Steps

While the fundamental theories of risk and compliance management that the industry operates on remain true, it is critical to remember that risk and compliance management strategies and methods developed decades ago incorporated the best tools available at the time. This is the era of advanced systems and solutions powered by artificial intelligence – the tools available today are significantly more capable. This necessitates the updating of risk and compliance frameworks with new blueprints.

While mitigating current risks is a prudent short-term objective, businesses require […]

The New Executive Order on ESG Regulations

ESG has quickly become the most discussed topic in the financial world, and it is easy to see why – ESG promises to fundamentally change the way businesses are assessed and taxed. The ESG approach expands the scope of assessments and regulations to account for investments in businesses that negatively affect the environment. This means that banks and financial institutions will have to introduce new variables in their assessments of businesses to invest in, which will result in an industry-wide change in SOPs.

There has […]

The Critical Role of Risk and Compliance Reporting Automation

Knowledge is power and harnessing the power requires having the information at the right time and in the right place. The insights and analytics that businesses need to succeed in managing risk and compliance are already present within the data and information they already have, but it is often inaccessible. Modern risk and compliance technology is dedicated to ensuring that this inaccessibility is removed.

Modern consumers expect faster and better services from banks. Improving the speed of service delivery is only possible if the necessary […]

How Technology Enhances Document and Policy Management

The documents, policies, and records a business keeps are vital to managing its risk and compliance strategy. These are an excellent way to establish operational boundaries and communicate them to employees. This is especially critical if a business is attempting to avoid or at the very least mitigate exposure to a potential threat.

Additionally, policies and procedures are critical for enhancing management controls. Enhancing controls and establishing a mechanism for enforcing them is a critical component of managing a successful mitigation strategy. Businesses gain increased confidence […]

RCSA for Enterprise Risk Management Automation

RCSA (Risk Control Self-Assessment) reports are essential for controlling and reducing risks in the enterprise, but they can be difficult to administer and report on. Every business unit must complete self-assessment reports and send to risk managers, who will often aggregate the multiple assessments to produce a combined report on overall enterprise risk.

Challenges in Manual RCSA Processes

Businesses face several problems when they manage RCSA processes manually, such as:

Risk ratings that are inconsistent across business units
Subjective vs. objective evaluations

The Critical Role Risk Libraries Play in Risk Management Successes

The role that risk libraries play in risk management is foundational to managing and optimizing risk successfully. There is a lot of discussion on how risk teams works to manage risks effectively and how organizational strategy sets risk appetite. As organizations evolve, risk libraries or taxonomies must also mature to ensure that risk management aligns with strategic objectives
What is a risk library?
Businesses need to manage as many of the risks as they can in order to succeed. However, they can only manage the risks […]

The Lack of Risk Performance Metrics Impedes Banks

When faced with a challenge, it is important to first ensure that appropriate research is conducted and that decision-makers are provided with sufficient information for corrective action. Having the proper data to make the right decisions is critical because it allows businesses to create and strategic plans while managing change. Every manager knows that it is easy to temporarily improve performance with increased performance monitoring, but the change is rarely permanent. Bringing about permanent change requires managers to have an in-depth understanding of all the processes, […]

The Importance of Standardized Risk Definitions

One of the most profound ways to change the way people interact with something is to change the way people talk about it. Similarly, the way we talk about risk or compliance in our organization has a major effect on the way risk and compliance are treated throughout the organization. This is a common challenge in risk management that can result in communication mishaps and can or undetected risks. Using words that are vague can give people the wrong idea about risks.
The Danger of Vague Terminology
The […]

How Modern Compliance Platforms Help Compliance Executives Succeed

Modern compliance solutions are focused on helping compliance managers deliver enhanced compliance performance in the financial sector. The costs associated with implementing compliance technology have decreased in the past five years, resulting in many more organizations being interested in adopting and implementing compliance technology. This means that understanding compliance technology will soon be essential for all compliance domain experts.
Some of the essential tasks and responsibilities of compliance Managers include:

Identifying non-compliance and suspicious activities
Implementing SOPs that ensure compliance
Providing compliance advisory to other departments […]

Transforming Your Risk Management Framework with Risk Libraries

An organization needs to be aware of a risk in order to assess, track, manage, and mitigate the risk. The issue is that oftentimes an organization may realize too late that there was a risk that is overlooked. As the famous speech goes, there are known unknowns but much more dangerous are the ‘’unknown unknowns’’ – the former being things the organization knows about but does not have all the details on, while the latter are the ones that the organization does not even know it […]