Getting stakeholder agreement on a coordinated approach to governance, risk, and compliance (GRC) management is no easy task. Budget, buy-in, departmental silos, and existing processes and tools (or lack thereof) can all stand in the way of pursuing GRC program maturity. Yet, apart from these challenges, many organizations fail to consider the return on investment from and business benefits of an integrated, technology-enabled GRC program. In this series, we’ll explore some of the most…
The Business Value of ERM Technology for Banks In Part 1 of this series, we explored how banks can build a business value case for enterprise risk management (ERM). For many institutions, extracting that value will be difficult without the digital transformation that a technology-enabled ERM program facilitates. Technology for governance, risk, and compliance (GRC) management has come a long way — from spreadsheets and office software, to cobbled-together solutions that don’t connect across…
Is your bank risk-ready? Research from The Disaster Recovery Journal indicates that only 36% of firms have a formal ERM program in place headed by a chief risk officer or similar role. Yet stakeholders — from boards to regulators — increasingly expect banks’ risk management function to focus on enterprise-wide strategic goals, rather than a “tick-the-box” approach to avoiding major risk events or maintaining compliance. Here’s a common scenario: A C-level bank executive is…
Taking Credit Union Risk Management to the Next Level Credit unions and other financial institutions face increasingly complex regulatory and risk environments. And traditional management methods — often manual, spreadsheet-based, and disconnected — result in siloed data and inconsistent processes. This type of approach can’t align risk management activities across your institution, and doesn’t equip credit unions to manage, monitor, and act on risk and compliance in real time. “It amazes me how much…
Effective policies can be the glue that holds your organization together. They define how the business should operate by outlining clear boundaries and expectations for individual and process behavior. Having well-crafted policies can significantly reduce risk and decrease confusion, especially in times of significant change. The process of maintaining your policies; keeping them up to date; and ensuring that every employee has seen, attested to, and been trained on those policies can be a…