Category: Risk Management Software

Managing Compliance Risks needs Synergy between Culture and Technology

Managing compliance risk in banks is an important objective of management but having the wrong culture makes it hard to achieve improvements in compliance levels. Management can focus on compliance, create strategies to improve regulatory compliance, and much more but they will not receive the results they need without the right culture.What is a [...]

Why Tech Skills are now a Necessity for Compliance Risk Managers

Compliance departments are usually staffed with lawyers and accountants. Lawyers because of their expertise in the legal domain, which is a necessity for interpreting and enforcing compliance. Accountants because their technical expertise in the matters of finance and record-keeping were necessary for compliance work. However, over the past few years complia [...]

GRC Based Risk Mitigation Strategies

There are many different approaches and strategies which can be undertaken to mitigate organizational risks. There are four basic types of risk mitigation strategies, under which there are multiple methods and processes. These strategies are avoidance, transference, control, and acceptance. Since the GRC model includes managing risks, GRC helps all four cat [...]

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 [...]

Managing Risks – Both Known and Unknown

No professional needs to be told the importance of risk management – any business will have risks that need being managed. Businesses in the financial industry are concerned about risk the most, along with other businesses in similarly dynamic and highly regulated industries. When it comes to managing risks the leadership of any organization needs to worry [...]