Organizations across the globe have been working to overhaul and augment their IT systems and infrastructure as regulators and governing bodies clamp down on data and cybersecurity. Despite this increased emphasis, many organizations are still failing to recognize and address the weakest links in their cybersecurity framework. IT risk and compliance exposure involves a complex web of vulnerabilities that cross business boundaries, departments, and functions. The impact of a seemingly isolated cyber risk can…
Policies are critical for the overall governance and operations of every organization around the globe. Policies act as a guardrail for employees to act responsibly and ethically within the organization’s best interests. However, poor policy management can leave companies open to risk and non-compliance exposure. It is within corporate policies and policy management that guidelines and parameters are set for appropriate behavior for individual employees and procedures/processes. They are the bedrock of company culture,…
The modern business landscape is dynamic and unpredictable, although we tend to forget that until something jolts us out of our routine. The pace of the world is now at light speed with the changes of globalization, digitalization, risk, competitive velocity, and regulation creating new challenges for organizations every day. Navigating change requires lucid leadership, and it starts from the top. Developing a methodology to continuously understand your organization’s challenges, define those problems, and…
Compliance is a monumental challenge for financial institutions. Compliance management requirements and the regulatory landscape are constantly shifting, making it paramount for organizations to develop and implement agile compliance processes to meet their obligations. As compliance management has grown more complex, expecting the CCO and other compliance officers to manually analyze high volumes of information and keep pace with changes to the business and regulatory landscape inevitably leads to problems. Issues slip through cracks,…
As organizations become more complex, establishing efficient governance, risk, and compliance (GRC) processes takes priority. Organizations need to shift to digital and automated GRC management methods, but to do so effectively, they must identify the specific issues they intend to address and develop a coherent strategy for adopting GRC technology. To facilitate a smooth transition to automated GRC processes, companies need to follow three steps to optimize their investment in new technologies: Examine the…