Every business wants to improve their risk management framework. While managing the current risks is a good short-term objective, in the long-term businesses need an approach that will help them mitigate all future risks as well. Creating such a framework is easier said than done. It requires taking a better, more modern approach towards […]
Managing risk is essential for all businesses but there is a difference in the resources available for small and large businesses when it comes to risk. Large businesses have dedicated risk management departments and can spend millions of dollars on risk management technology. Small businesses cannot afford either of these. Most have dedicated risk […]
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 […]
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.
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 compliance risk management […]
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 categories in […]