Cybersecurity is becoming a priority for organizations of all sizes. Risk leaders and other senior practitioners at financial services firms ranked IT disruption as their top operational risk for 2021, according to a Risk.net survey. The shift to remote work over the past year only heightened security risks and concerns — both from outside attackers and internally. Let’s explore some risk areas that CISOs and other IT executives should be aware of as they…
Addressing CFPB Requirements, Conduct, and Customer Engagement Customer service teams face a tremendous responsibility in managing difficult feedback and handling many front-office and customer-facing business tasks. Customer service teams serve as the face of an organization to the public while handling large amounts of incoming information. They have a duty to their organization and customers to handle consumer data responsibly. Efficient customer service is not only a business requirement, but also a legal one.…
COVID-19 has ushered in significant regulatory and business change over a short time — from remote working to new compliance requirements — and organizations have been forced to adapt quickly. Events like pandemics have lasting impacts on society, and it’s reasonable to assume that many of these innovations and changes are not going away. As a result, it’s imperative for organizations to modernize their approach to compliance management. Business environments and operations have shifted, particularly…
In the current business landscape, organizations need to manage risk from an integrated, organizational-wide lens. At the same time, chief audit executives are expected to be more collaborative and efficient in how they manage resources and deliver projects within internal audit (IA). So how do CAEs meet this challenge? Internal Audit’s Role in Governance The internal audit function has an opportunity to demonstrate efficient and effective leadership by building agility and real-time awareness of…
Chief compliance officers face immense challenges in addressing the evolving needs and demands of compliance management. Particularly in the financial sector, compliance professionals hold significant responsibility for overseeing policies and processes and maintaining their organization's compliance posture in alignment with stakeholder expectations. In recent years, the discussion around the personal liability of compliance professionals has become increasingly important, as these individuals are potentially exposed to great personal risk in the form of litigation when…