Risk and compliance are important for the upper echelon of any organization – in the context of something that needs to be managed. There is a lot of focus on how a business can improve the way it ensures compliance and enhance the way it can manage and mitigate risks. The problem is that […]
Businesses are often blindsided by risk or compliance related blind spots because we often focus on managing risk and compliance issues that have been detected. These blind spots are areas where the business has little-to-no visibility, thus emerging risk and/or compliance issues in the area may not be detected until it is too late […]
Compliance and risk performance is often measured by the financial penalties or losses that were prevented or realized; however, relying on this set of metrics can hide a more comprehensive view of risk and compliance program management. Compliance management and risk management are both complex domains, and one cannot simply judge their performance by […]
As the year ends, managers are working on creating plans and strategies for 2020 and finalizing the budget for the next year. Risk and compliance managers want access to the latest risk and compliance technology that will increase productivity and accuracy, but they are often limited by the budgets prescribed to their departments. It […]
The importance of compliance controls cannot be overstated. Having the right compliance framework is important not just to management, but to the regulatory bodies as well. The biggest compliance penalties are usually levied on banks which did not have the proper controls in place, because it represents a structural failure. That is why compliance […]
The law of diminishing returns, which states that after a certain point adding resources only gives marginal value, is certainly true for risk and compliance management. Organizations that try to improve compliance levels and risk mitigation by increasing risk and compliance personnel end up realizing that the improvement does not justify the increased payroll […]