Many organizations set the foundation for an effective risk management program using the âthree lines of defense.â This widely used model is designed to coordinate risk and control management across the enterprise through appropriately mapping out responsibilities for day-to-day management (first line), monitoring and oversight (second line), and independent assurance (third line). (more…)
The FDIC recently released a letter outlining common deficiencies noted in financial institutionsâ contracts with technology service providers. Quantivateâs compliance attorney, Brian Witt of law firm Farleigh Wada Witt, has provided an overview below. On April 2, 2019, the FDIC issued a letter (FIL 19-2019 Technology Service Provider Contracts) to all FDIC-supervised institutions that describes FDIC examiner observations about gaps in banks' contracts with technology service providers and inadequate management of…
In todayâs uncertain business environment, governance, risk, and compliance (GRC) management is more important than ever. Why? As youâll see in this this roundup of GRC statistics, many organizations are facing serious challenges in enterprise risk management, regulatory compliance, cybersecurity, vendor management, and other areas. And with regulators and examiners scrutinizing companiesâ risk and compliance management practices more closely, it pays to be prepared. Browse through these recent statistics and benchmarks for an overview…
Disaster Recovery Journal (DRJ) hosts two annual conferences for business continuity, disaster recovery, and risk management professionals. The DRJ Spring 2019 Conference, "Managing Risk in an Uncertain World," wrapped up last week. Quantivate's Vice President of Enterprise Risk Management (ERM) Services, William "Bill" Hord, is a regular speaker at DRJ conferences and delivered a presentation on ERM challenges. Read his recap of the conference below. (more…)
Given recent headlines about regulators cracking down on insufficient risk management programs, many banks and other financial institutions are taking a closer look at their own risk and compliance management practices. A recently released regulatory survey from The Risk Management Association, a non-profit professional group, revealed some of the biggest challenges banks are facing in managing risk. The survey focused on six categories, including enterprise risk management, compliance, and the regulatory environment, among others.…