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About Paul Dempsey

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So far Paul Dempsey has created 22 entries.

Regulatory Change Management an Essential Part of Managing Regulatory Affairs

Managing regulatory affairs is of crucial importance in heavily regulated industries. Most of our clients are focused on ensuring the highest level of regulatory compliance possible, because most of our coins in the financial sector, Healthcare sector, and the oil and gas industry. Let’s look at the role of the regulatory affairs manager, and how Technology can help them do their job better.

What are Regulatory Affairs?

Businesses operating in heavily regulated industries don’t just have to worry about adhering […]

Delivering Instant Banking Through GRC to Meet Customer Needs

Every smart business knows that a business needs to evolve along with its customers to truly succeed. Businesses that fail to evolve tend to be left behind. There are hundreds of businesses which were ubiquitous until they suddenly became outdated and slowly vanished. Sears, Blockbuster Video, Kodak, and Borders Bookstores are just a few examples of businesses that were outpaced by innovative competitors. 

The banking and financial services industry has been insulated against such changes for a long time. The extensive regulatory requirements that every financial business is […]

How Small Businesses Can Mitigate the Risk of Compliance Failure

Compliance management is at the heart of any bank regardless of their size. There is a clear distinction in how compliance management is carried out in small and larger banks. Enterprises can leverage millions of dollars on their compliance efficiency whereas, smaller banks remained constrained with their budget and resources.

Why assuring effective compliance is unavoidable

1. The risk of regulatory fines/penalties
Failing to regulatory compliance can cause organizations to pay not just thousands but millions of dollars in fines. For instance, Deloitte (Germany) was fined for EUR 175,000 […]

Compliance Automation – Manual Compliance Management Is Holding Banking Back

The world of business always moves towards efficiency, because that is what customers desire the most. No one likes to wait but waiting has long been a necessary step for many business transactions. Most businesses have re-engineered their work processes to increase the speed of service delivery. There are examples of these efficiencies being successful all around us. Look at Uber – customers don’t like it because of ‘ride sharing’. Customers like Uber because it is more convenient and efficient than traditional taxi services. Customers don’t […]

Metrics That Help Gauge GRC Performance and Effectiveness

GRC implementations increase compliance levels, lower risks, and make businesses more effective. While it is easy to see that GRC software has brought improvements to the way the business operates, assessing the benefits in an objective, quantified manner often remains an elusive goal. That is why it is important to create metrics that can be easily quantified and tracked.

Creating the right metrics allows management to assess the benefits provided by the GRC implementation and also helps discover areas where the GRC implementation is not […]

How Regulatory Change Management Technology Is Changing Banking

Regtech – information technology solutions that focus on regulatory change management – continues to grow into a dominant force in the world of banking. Regtech is now being covered by mainstream media outlets such as the Guardian and Business Insider, because it has become too big to ignore. Let’s take a closer look at Regtech to see what changes it will bring to the industry.

The Two Phases of Regtech Technology Adoption

As Regtech grows, it is important to note that it will grow […]

Change Management Plans for Expanding a Financial Business to a New Region

When any business moves into a new region it has to ensure that it complies with all the local laws and regulations. Most businesses can move easily – most industries are not heavily regulated, and thus the business can continue operations with minor changes and considerations in most cases. Things get more complicated when a financial sector business decides to enter a new region. If the new region is in the same state then things are usually simple, but if the new region is located in […]

The 5 Steps of Creating a Cyber Security Risk Management Strategy

The threat of cyber security risks for businesses cannot be understated. Businesses cannot function without networks and servers and cyber attacks target networks and servers. The aim of these attackers is to cripple businesses by making business continuity impossible. These hackers often ask for a ransom before they give control of the system back to the business, otherwise they encrypt all data and it is impossible to break that encryption.

These ransomware attacks alone would be reason enough to start formulating a cyber security risk […]

IT GRC’s Growth Is Driven by Increasing Market Demands

The governance, risk, and compliance market keeps increasing in size and is projected to become a $64 billion dollar industry by the year 2025. This growth is fueled purely by multiple factors which all increase the demand for GRC solutions. Some of these factors are external while some are internal. GRC solutions are now considered a necessity in certain sectors of the economy, such as the healthcare sector and the financial sector. Banks and financial institutions were some of the earliest adopters of GRC and […]

Three Unexpected Business Benefits of ERM Software

The direct benefits of managing enterprise risk through a software are already established. ERM implementations cut down reporting time, improve risk coverage and prediction, provide insights and data, and improve the overall risk management capabilities of the organization. There are, however, certain benefits which may not be so clear. These are benefits which can make the future of the business significantly more secure. ERM can help organizations grow and decrease overall costs. How? Let’s look at three direct and significant business benefits.

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