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…
COVID-19 Vendor Risk Considerations for Financial Institutions Missed Part 1 of this series? Learn about the 6 due diligence questions that should be part of your COVID-19 vendor risk response. The combined impact of COVID-19 and market recession has many institutions asking the question, “Where can we cut costs?” Organizations are not only struggling to face daily challenges, but are also looking down the road to plan for…
Managing Third-Party Risk Related to COVID-19 As organizations navigate the uncharted territory of supporting business resilience during a global pandemic, continuity planning and risk management have become prime concerns. Even as many are grappling to figure out a “new normal” for protecting employees, serving customers, and maintaining core operations, assessing new risks related to COVID-19 is key to making strategic business decisions in these difficult economic circumstances. One significant risk area that institutions need…