Today’s dynamic and distributed business environment often creates challenges in managing governance, risk, and compliance (GRC). Document-centric and siloed information and processes are reactive and inevitably fail to support successful GRC management initiatives, which leaves stakeholders unaware of risks and incidents across the extended enterprise. As organizations manage an intricate web of global clients, partners, and business operations, they face a dynamic risk and compliance environment. New employees come and go, market and product…
As organizations navigate a changing risk landscape, having an established culture of governance and compliance is crucial for successful third-party risk management (TPRM). To move toward TPRM program maturity, organizations need to consider their strategy for: Developing an effective third-party risk management framework Monitoring third-party risk exposure Implementing management best practices Let’s take a closer look at each topic… Third-Party Risk Management (TPRM) Frameworks The term “third-party risk management” is sometimes used interchangeably with…
The purpose of internal audit is to provide assurance to an organization’s board members and managers on the effectiveness and efficiency of risk procedures and practices and general business operations. This includes assessing all the elements of the institution’s risk management architecture. The internal audit function often has the final word in setting frameworks and procedural mandates for governance, risk, and compliance (GRC) processes. Given their objectivity and independence, audit teams are uniquely placed…
The outbreak of the novel coronavirus had a serious impact on cyber and information security globally. The pandemic forced many organizations to allow their employees to work strictly from home, introducing security vulnerabilities for bad actors to exploit. Many corporate employees were and still are using remote networks and login credentials to access company resources and systems – making it easy for an attacker to breach the employees’ network and devices without any detection…
Modern organizations operate in a dynamic environment, and chief operating officers have a difficult job keeping this change and complexity in sync with the broader business strategy as well as operational processes. This presents COOs with the challenge of maintaining effective risk management processes, systems, and functions that are proactive instead of reactive. Organizations need an integrated view of risk across operational areas to build resilience to business disruptions. Understanding how risk interconnects across…