Banks, credit unions, financial service providers, and other companies within the financial sector confront a variety of risks and vulnerabilities. Operational risks. Liquidity risks. Market risks. Credit and lending risks. Risks associated with legal and regulatory compliance. Technology and IT-related risks. Cybersecurity risks. Data governance risks. There is no shortage of threats in the financial […]
Read MoreHow Can Banks and Credit Unions Mitigate Risks?
March 22nd, 2023 by iTechProcesses that Expose Your Bank to Risk
March 21st, 2023 by iTechBanks and other financial institutions such as credit unions, lenders, and financial service providers face a rich and expansive risk landscape. This necessitates the development of a comprehensive risk mitigation strategy that is architected around the banking institution’s unique operational processes, strategies, and procedural processes. But before you can begin developing a winning risk management […]
Read MoreWhy is Compliance Important for Financial Services?
March 16th, 2023 by iTechCompanies specializing in financial services are subject to strict regulatory oversight. In fact, aside from the healthcare space, the financial sector is one of the most highly-regulated industries in existence. Compliance is extremely important for financial services providers because non-compliance can spell major trouble, resulting in major monetary fines and even legal penalties. Compliance and […]
Read MoreHow Do You Manage Operational Risk in a Bank?
March 15th, 2023 by iTechFinancial institutions such as banks, credit unions, and others in this business sector must manage a very complex and multi-faceted risk management landscape. Operational risk represents a major area of focus for bank leadership and financial institution policymakers, but the right technology can go a long way toward facilitating effective risk management in this business […]
Read MoreMitigating Compliance Risks in the Banking Industry in 2023
March 13th, 2023 by iTechThe banking industry and the greater financial sector face a host of legal and regulatory compliance risks, with a handful of new threats arising in 2023. Regulatory bodies and organizations involved in financial sector oversight are routinely issuing new directives and imposing new requirements that are designed to elevate bank accountability and improve the industry […]
Read MoreWhat is Operational Risk in a Bank?
March 3rd, 2023 by iTechBanks and financial institutions have a broad and rather complex risk management landscape, with operational risk accounting for a fairly sizable portion of the risk equation. But what is operational risk in a bank, credit union, or other financial services provider? And how do these companies manage operational risk in a manner that allows for […]
Read MoreHow is Digital Transformation Changing Risk Management for Financial Institutions?
March 2nd, 2023 by iTechDigital transformation accounts for the most significant high-tech movement in the business world, with the COVID-19 pandemic driving the advancement of numerous technologies such as the cloud, communications tech, collaboration platforms, AI, and machine learning, amongst many others. But as with all advancements, there are pitfalls and challenges that must be considered and this is […]
Read MoreHow Can Big Data Play a Role in Financial Risk Management?
February 28th, 2023 by iTechBig data is one of the most significant trends in digital transformation today, with more and more companies leveraging the power of big data and complementary technologies such as machine learning and artificial intelligence (AI). As with all digital transformation projects, big data must be taken into consideration as financial companies develop and refine their […]
Read MoreEverything You Need to Know About Regulatory Reporting for Financial Institutions
February 23rd, 2023 by iTechRegulatory compliance is a very real concern for financial institutions and other companies within this industry. Subject to some of the world’s most stringent oversight, business leaders in the financial sector must navigate a complex regulatory landscape with numerous requirements for achieving compliance. What’s more, companies that operate within this business space rely upon trust […]
Read MoreWhat are the Top Compliance Concerns for Financial Services?
February 22nd, 2023 by iTechWhat are the Top Compliance Concerns for Financial Services? Financial services providers are subject to stringent regulatory oversight and as such, compliance is a major concern that must be addressed as business leaders develop their organization’s risk management strategies. To effectively address compliance concerns, financial services providers must have a solid understanding of their regulatory […]
Read MoreWhat is Financial Regulatory Compliance?
February 21st, 2023 by iTechWhat is Financial Regulatory Compliance? Regulatory oversight affects virtually every industry and business space to some degree, but there are a handful of industries that are subject to extremely stringent oversight. This includes the financial sector, which stands alongside the healthcare space as one of the most highly-regulated areas of business. Regulatory compliance has a […]
Read More(How to Avoid the) Complete Breakdown of SOX Compliance Requirements
February 1st, 2023 by iTechThe Sarbanes-Oxley Act, better known as SOX, was enacted in 2002 thanks to the efforts of congressmen Michael Oxley and Paul Sarbanes. This piece of legislation came on the heels of numerous high-profile scandals in the financial sector. SOX serves to create a sense of accountability and transparency for publicly-traded companies with compliance requirements that […]
Read More5 Tips to Meet IT SOX Compliance Requirements
January 31st, 2023 by iTechSOX compliance is a very real component of the risk management landscape for publicly-held companies in all business sectors and industries. Introduced in 2002, SOX – formally known as the Sarbanes-Oxley Act – is among the few corporate regulatory burdens that can lead to imprisonment, particularly in cases involving willful non-compliance. That comes in addition […]
Read MoreAvoid Fines With This SOX Compliance Checklist
January 18th, 2023 by iTechThe issue of SOX compliance has become a very real consideration in the corporate risk management landscape over the past couple decades. This should come as no surprise when you consider all that’s at stake: SOX non-compliance can lead to fines in the millions and even jail time. But a comprehensive SOX compliance checklist can […]
Read MoreThe Cost of SOX Compliance Software vs Non-Compliance Penalties
January 17th, 2023 by iTechThe 2002 Sarbanes-Oxley Act or SOX has a significant impact on companies in a number of different industries, with compliance-conscious business leaders considering SOX as they formulate their risk management strategies. SOX compliance is one of the few regulatory requirements with penalties that extend beyond monetary fines to include imprisonment. With so much at stake, […]
Read MoreTips on How to Start Correcting Non-Compliance
January 4th, 2023 by iTechBusinesses both large and small have focused more of their attention toward risk management since the arrival of the COVID-19 pandemic. In doing so, many discovered great vulnerability in the areas of legal and regulatory compliance. Heavily-regulated industries such as banking, investment, manufacturing, and healthcare have long had their operations and policies molded by laws […]
Read MoreWhat Are Some of the Consequences for Non-Compliance?
January 3rd, 2023 by iTechLegal and regulatory non-compliance are an increasingly relevant concern in the business world, with fines and penalties being very significant in some cases. The reality is that the true cost of non-compliance isn’t just monetary penalties, non-compliance consequences may extend beyond the monetary and into other realms such as exclusion from professional organizations or even […]
Read MoreHow to Avoid Fines for HIPAA Non-Compliance – Technology and Cloud HIPAA Violations
December 28th, 2022 by iTechHIPAA violations are a primary area of concern in the healthcare sector, with fines set at a maximum of $50,000 per violation or $1.5 million per calendar year for a Tier 4 violation. In fact, the Health Insurance Portability and Protection Act (HIPAA) has emerged as a significant consideration in the IT world as an […]
Read MoreThe True Cost of Non-Compliance
December 27th, 2022 by iTechLegal and regulatory non-compliance have become very real risk management concerns for companies in a broad range of industries, from healthcare, to finance, manufacturing and beyond. In fact, the COVID-19 pandemic has brought the entire risk management landscape into much clearer focus for business leaders since it exposed numerous vulnerabilities that had previously gone unrealized. […]
Read MoreThe Benefits of Using Top Compliance Solutions Companies
November 30th, 2022 by iTechRecent years have seen a marked increase in the number of companies that are implementing risk management solutions as they become more cognizant of the many threats and vulnerabilities that their organizations confront. Events such as the COVID-19 pandemic really drove home a harsh reality: even the most profitable, well-established companies can be taken down […]
Read MoreHow Compliance Software Companies Benefit Financial Institutions
November 29th, 2022 by iTechAside from the healthcare space, the financial sector is one of the most highly-regulated industries, and as such, business leaders are left to consider strategies for effectively achieving and maintaining full regulatory compliance. There are a broad range of regulatory compliance software companies that offer comprehensive digital solutions for financial institutions (amongst others). But acquiring, […]
Read MoreAddressing Data Security Challenges With Risk and Compliance Solution Companies
November 23rd, 2022 by iTechData management is a common area of concern when it comes to risk management and regulatory compliance. Business leaders in all industries and sectors will need to confront the issue of data management sooner rather than later if they are to avoid regulatory fines, penalties, and even some serious legal troubles. From a regulatory compliance […]
Read MoreHow Compliance Solution Companies Can Help You Overcome Common Compliance Challenges
November 22nd, 2022 by iTechLegal and regulatory compliance has emerged as an increasingly relevant risk management concern for companies both large and small across all industries and business sectors. In fact, 2022 saw lots of news coverage of non-compliance incidents involving well-known corporations that were slapped with tremendous fines and penalties totaling in the millions and even billions of […]
Read MoreHow Environmental Compliance Services Help You Maintain ESG Compliance
November 16th, 2022 by iTechEnvironmental, social and corporate governance — also known as ESG — is a term used to describe an increasingly popular movement in the business and investing world. In fact, it is a movement that has corporate leaders making fairly aggressive changes to their business strategy in an attempt to reduce non-compliance issues, while simultaneously making […]
Read MoreAdvantages of Compliance Consulting Services
November 15th, 2022 by iTechToday’s business is faced with a slew of regulatory compliance requirements and with each of those regulations comes the potential of non-compliance — a risk management challenge that can seem overwhelming due to the sheer volume of the compliance requirements. Regulatory compliance can impact virtually any and every aspect of a company and its operations. […]
Read MoreAddressing Privacy and Data Challenges with Regulatory Compliance Services
November 9th, 2022 by iTechAs technological proliferation expands, so too does the amount of data that is generated. Contact forms. eNewsletter subscriptions. This has led to an increasing awareness in the realm of data privacy — a point that has led to the formation of countless laws, rules, and regulations that impact companies across all industries. Today’s business is […]
Read MoreHow Compliance Services Can Help You Avoid Large Penalty Fines
November 8th, 2022 by iTechTechnological proliferation has led to a sharp rise in the amount of data that is generated, collected, and stored across all industries and business sectors. This has made data management a very real concern for companies both large and small. To compound matters, we have also seen a dramatic increase in the number of regulatory […]
Read MoreAdvantages of Regulatory Compliance Consulting for Banks
November 2nd, 2022 by iTechBanks and other financial institutions are subject to strict regulatory oversight, with a number of independent and government-based organizations establishing laws and regulations that affect nearly every aspect of daily operations. Achieving and maintaining regulatory compliance is a major lift in the financial sector, with banks required to closely evaluate and monitor their practices, policies, […]
Read MoreHow Compliance Consulting Firms Help You Maintain SOC 2 Compliance
November 1st, 2022 by iTechData management is an increasingly common concern for businesses in all industries and sectors, as regulatory oversight becomes more stringent and consumers become more aware of how their data is handled. But there are a number of strategies that can be leveraged to achieve and maintain compliance with data handling regulations such as SOC 2 […]
Read MoreAvoiding Compliance Risks With a Compliance Consulting Agency
October 26th, 2022 by iTechRecent years have seen a significant rise in the number of regulations that are being issued and enforced by both private and government regulatory organizations. From environmental regulations and personal privacy protections to rules governing how documents and records are handled, these regulations have a broad impact. In fact, virtually every agency is subject to […]
Read More5 Things That Show You Need Compliance Consulting
October 25th, 2022 by iTechCompliance consulting has gained tremendous popularity in recent years amongst businesses both large and small, across all industries and business sectors. As an increasingly important component of an organization’s risk management strategy, more and more business leaders are recognizing the importance of achieving and maintaining compliance both in the legal and regulatory sphere. Many companies […]
Read MoreTips for Finding the Best Risk Management Consulting Firms
October 19th, 2022 by iTechRisk management consulting firms can bring significant benefits to your business, whether you are a new, up-and-coming startup venture or a massive enterprise with offices or shops spread across the globe. That said, not all consultants are created equal and the best firm for one business may be a really poor fit for another. This […]
Read MoreBenefits of Enterprise Risk Management Consulting
October 18th, 2022 by iTechEnterprise risk management consulting has seen a significant rise in popularity in recent years thanks to factors such as an increase in cybersecurity threats and the COVID-19 pandemic. That latter made many realize the true fragility of their company’s risk landscape, prompting business leaders to take action to manage and mitigate risk. To say that […]
Read MoreWhy the Risk Management Consulting Market is Booming and Why You Should Care
October 12th, 2022 by iTechThe risk management consulting market has seen a meteoric rise in popularity in recent years. This surge in popularity was largely driven by the COVID-19 pandemic, which prompted many company leaders to realize the true extent of their company’s vulnerabilities. But how does this impact you as a business? A booming risk management consulting industry […]
Read MoreTackling IT Risk Challenges With Risk Management Consulting Firms
October 11th, 2022 by iTechCybercrime and other digital threats have taken on a life of their own, especially in recent years, with cyber criminals becoming more and more sophisticated and advancing their malicious trade in a manner that poses some serious threats to businesses both large and small. Cybercriminals aside, an organization’s IT division faces other threats and risks […]
Read MoreAvoiding Poor Data Governance With Data Risk Management Services
October 5th, 2022 by iTechMany fail to realize it, but for a vast majority, a company’s most valuable asset is their data. That’s right. Data. Information. At its very core, binary code. Data is at the core of virtually every operation. Customer data. Sales and financial data. Machinery and equipment data output. Inventory. Records and documents. Data makes the […]
Read MoreWho Needs Risk Management Consulting Services?
October 4th, 2022 by iTechUntil relatively recently, many business leaders regarded risk management to be more of a proactive and even semi-optional sort of endeavor. But the COVID-19 pandemic changed that perception in a dramatic manner. Suddenly, companies realized that they were vulnerable in ways that they had failed to realize previously. The fragility of their business — and […]
Read MoreBenefits of Using Top Enterprise Risk Management Service Companies
September 28th, 2022 by iTechBusiness leaders have become increasingly conscious of risk management issues on the heels of the COVID-19 pandemic; an event that drove home the fragility of corporate success. This has prompted many to consider seeking guidance from some of the top enterprise risk management service companies. But actually finding the right risk management service provider can […]
Read MoreWhat are Risk Management Services?
September 27th, 2022 by iTechRisk management is a critical consideration for companies large and small, across all business sectors and industries. But effectively managing threats and risk factors is a tremendous challenge that leaves business leaders seeking risk management services. To complicate matters, there is no single recipe for success when it comes to risk management efforts. The threats […]
Read MoreWhat to Look for in a GRC Consulting Services Provider
September 21st, 2022 by iTechRecent years have seen a dramatic increase in the number of business leaders who have realized the importance of governance, risk, and compliance — also known as GRC — as part of a company’s overarching risk management strategy. But with this realization comes an appreciation of GRC’s complexity. While the three GRC concepts are fairly […]
Read MoreThe Importance of Choosing a Good GRC Consulting Company
September 20th, 2022 by iTechGovernance, risk, and compliance — better known as GRC — are key components of an effective business risk management strategy. But putting those concepts to work for your organization can be a challenge. It entails the development of new GRC-friendly policies and protocols. There is the task of evaluating your compliance and identifying risk factors. […]
Read MoreWhat is GRC Consulting?
September 14th, 2022 by iTechAn increasing number of companies are turning to governance, risk, and compliance (GRC) consulting as part of a broader and more proactive risk management strategy. Many have attributed this shift to the COVID-19 pandemic because this event highlighted the need to adopt a more aggressive stance on risk management. The reality is that legal and […]
Read MoreUnderstanding the Role of GRC Consultant During GRC Implementation
September 13th, 2022 by iTechUnderstanding the Role of GRC Consultant During GRC Implementation As more and more companies develop an increasing awareness of the issues surrounding governance, risk, and compliance (GRC), we are seeing an increase in the popularity of tools such as GRC software systems. These comprehensive, feature-rich software platforms can include a multitude of integrations and there […]
Read MoreWhich Type of Risk Managing Software is Right for Your Business?
August 3rd, 2022 by iTechRisk management practices encompass a very broad scope and aptly so because threats tend to loom at every angle. Risk mitigation is equally complex, especially when it involves individuals from many different company divisions or departments. Identifying risk factors and coordinating an effective response can be tremendously challenging. But there is help and it comes […]
Read MoreWhat is Enterprise Risk Management Software for Banks
August 2nd, 2022 by iTechEnterprise risk management (ERM) software is a distinct niche in the field of risk management software, with some unique features and functionalities that are crucial for the minimization of risk for banks, lenders and other companies operating within the financial sector. The financial sector faces some of the most dramatic risks and vulnerabilities in the […]
Read MoreWhat’s the Difference: Vendor Risk vs. Third Party Risk vs Supplier Risk Management Software
July 27th, 2022 by iTechRecent years have seen a dramatic rise in awareness when it comes to the risk management sphere. In response, software developers identified an opportunity to create risk management software platforms that would aid in vulnerability identification, evaluation and response. Much of this software has been specialized to target one specific type of risk: relationships with […]
Read MoreThe Complete Guide to Integrated Risk Management Software
July 26th, 2022 by iTechRisk management software has evolved into an increasingly-important and rapidly-growing component of today’s modern business strategy. Integrated risk management — also termed IRM — is one aspect of an organization’s broader risk management strategy. Yet it’s rather difficult to formulate and initiate IRM initiatives due to the very broad and comprehensive nature of integrated risk […]
Read MoreIT Compliance Software: Understanding Its Purpose and Benefits
July 20th, 2022 by iTechIT compliance software — also called IT regulatory compliance software — has gained a great deal of popularity in recent years as companies become increasingly aware of their technology-specific regulatory requirements. In fact, many now regard IT compliance as a critical component of a company’s risk management strategy. The tools in an IT compliance software […]
Read MoreWhat Types of Business Need Regulatory Compliance Management Software?
July 19th, 2022 by iTechRegulatory compliance management is a key component of a company’s overall risk mitigation strategy. But managing an organization’s many compliance burdens can get complicated and overwhelming in very short order. This is especially true for those in the healthcare space, the financial sector and other heavily-regulated industries. Enter: regulatory compliance management software. Virtually every company […]
Read MoreWhat Should I Look for in Compliance Software Vendors?
July 13th, 2022 by iTechCompliance software platforms are playing an increasingly important role in companies’ risk management strategies. Recent years have seen a surge in the number of businesses that are seeking compliance management software solutions. This is, in large part, due to the ever-increasing number of regulations that are impacting companies in a variety of business sectors. Recent […]
Read MoreUsing Compliance Management Software to Keep Up With Constant Changes in Compliance Regulations
July 12th, 2022 by iTechThe regulatory compliance landscape is constantly changing and evolving, with new laws and regulations perpetually being developed. Existing regulations are often modified too, adding yet another element of complexity to the equation. Certain industries and business sectors — namely, the financial sector, the tech sector, manufacturers, and the health care industry — are subject to […]
Read MoreHow to Choose the Best Risk Management Software Vendors for Your Business
July 6th, 2022 by iTechA well-architected risk management and mitigation strategy will usually fall woefully short of expectations if you lack the right tools. Enter: the risk management software solution.These software platforms are equipped with a variety of features and functionalities to help companies identify, evaluate, monitor, and take action when risks and vulnerabilities are identified. Many risk management […]
Read MoreHow IT Risk Management Software Can Help You Maintain Compliance Through New Changes in Technology
July 5th, 2022 by iTechAn increasing number of companies — from small startups to major corporations — are taking proactive measures to identify and mitigate risk in all areas of their business. These efforts are not in vain as a single incident can ultimately result in a business being forced to close its doors. This is especially true in […]
Read MoreWhy Your Enterprise Risk Management Software Should Incorporate Artificial Intelligence
June 29th, 2022 by iTechIn recent years, the business world has collectively honed their focus on risk management, with more and more companies realizing the importance of a well-developed risk management strategy. The reason for this shift is largely rooted in the COVID-19 pandemic, which prompted many companies to revise and re-examine their operations. Others are subject to stringent […]
Read MoreThird-Party Risk Management Software for Financial Institutions
June 28th, 2022 by iTechThird-party risk management (TPRM) is a major consideration for financial institutions such as banks and lenders and the reason is clear: criminals view these businesses as a prime target with a sizable potential payout. Financial institutions are at the top of the list when it comes to “targetability” by criminals; this makes a well-developed risk […]
Read MoreWhat is Compliance Risk Management
June 22nd, 2022 by iTechCompliance risk management has become a central component of today’s modern business strategy. Not only are there an increasing number of regulatory bodies coming into existence, but we are also seeing more and more social pressure for companies to operate in an ethical, environmentally-friendly, and socially-responsible way. This means that even where there is no […]
Read MoreTypes of Compliance Risk Part 2
June 21st, 2022 by iTechCompliance risk represents a very real concern for companies both large and small. In today’s corporate landscape, risk management is a crucial component of a winning business strategy. But even smaller and mid-sized companies are realizing the importance of compliance risk mitigation. In order to effectively address those risks, you must have a firm grasp […]
Read MoreDigital Transformation and How it Affects Data Compliance
June 15th, 2022 by iTechDigital transformation is probably among the most-heard terms in today’s technology lexicon and for good reason. We are in an age of fast-evolving and rapidly-advancing technology that holds the potential to profoundly transform an organization’s operations. But what constitutes digital transformation? And how does it affect data compliance? These are important questions because data compliance […]
Read MoreHow to Use Compliance Software to Make Your Business Stronger
June 14th, 2022 by iTechCompliance software offers an extremely useful toolset, providing companies with the framework they need to achieve and maintain compliance, whether it is regulatory compliance or legal compliance. An increasing number of companies are turning to these software platforms as the collective awareness surrounding compliance increases beyond the most heavily-regulated fields such as health care and […]
Read MoreHow Risk Management Services Can Help You With Data Governance
June 8th, 2022 by iTechRisk management is a critical component of any good business strategy, especially in today’s technology-centric society, where many risks surround digital assets such as a company’s data. In fact, data represents a major source of risk for most businesses. Fortunately, though, risk management services can help promote more effective data governance practices. Risk management efforts […]
Read MoreWhat Are The Different Types of Compliance Risk?
June 7th, 2022 by iTechRecent years have seen a dramatic rise in the number of organizations that are focusing on risk management, specifically as it relates to regulatory compliance. The reality is that we are only seeing an increase in the number of regulatory bodies that exist, especially in industries such as finance, investment, technology, and health care. […]
Read More5 Key Things to Look for in Operational Risk Management Software
June 1st, 2022 by iTechOperational risk management is critical for today’s most competitive companies, especially those with particularly unique or complex operations. This risk can arise from many sources, such as inefficient processes, equipment or systems, external events, and employee actions/inactions. Operational risk management software can play an instrumental role in a company’s broader enterprise risk mitigation strategy. But […]
Read MoreWhy Risk Management Software is Critical to Business Growth
May 31st, 2022 by iTechIn a competitive, fast-paced business world, effective risk management is critical for growth and long-term success. This is true regardless of industry, business size or perceived vulnerability. But to see the maximum benefit, you need a comprehensive risk management strategy, along with the resources to implement mitigation measures. Enter: risk management software. The right risk […]
Read MoreGRC Software Pricing – Everything You Need to Know
May 25th, 2022 by iTechAs governance, risk management, and compliance (GRC) becomes an increasingly prominent part of many companies’ overall business strategy, more organizations are seeking out tools to aid in their efforts. Enter: GRC software systems. GRC software can successfully streamline and centralize a company’s GRC-related efforts, providing a wide variety of useful features, tools, and functionalities. But […]
Read MoreGRC Decisions That Are Guaranteed to Backfire
May 24th, 2022 by iTechAn increasing number of companies are integrating governance, risk management, and compliance (GRC) principles into their overarching business strategies. But many organizations lack real practical experience when it comes to implementing a GRC framework, resulting in the potential for some major snafus. Unfortunately, many organizations underestimate the complexity of GRC frameworks. Let’s explore a few […]
Read MoreHow GRC Solutions Make Your Business More Profitable
May 4th, 2022 by iTechRecent years have seen an increased focus on GRC — governance, risk management, and compliance — outside of the enterprise arena. Small businesses and midsize companies are also beginning to integrate GRC frameworks as part of their overall business plan. The reason: when implemented properly, GRC principles hold the potential to increase profits and reduce […]
Read MoreWhy Cybersecurity Relies on Good GRC Practices?
May 3rd, 2022 by iTechIncreasingly, issues surrounding governance, risk management, and compliance — also known as GRC — are being addressed by companies outside the enterprise realm. As more consider GRC as part of their broader business strategies, there is an increasing collective awareness of the strong link to cybersecurity. In fact, a solid approach to governance, risk management, […]
Read MoreWhen to Start Looking for GRC Companies?
April 27th, 2022 by iTechIncreasingly, companies of all sizes and in all industries are actively addressing issues of governance, risk management, and compliance (GRC). With a company’s reputation in the balance and potentially-hefty fines and penalties at stake, it should come as no surprise that business leaders are paying greater attention to these important issues. GRC can impact virtually […]
Read MoreWhat is GRC Software? – Benefits and How it Works
April 26th, 2022 by iTechGovernance, risk, and compliance (GRC) management is an increasingly common concern amongst companies of all sizes, particularly at the enterprise level where monitoring and compliance-related actions tend to be the most aggressive. Publicly-traded companies, in particular, experience a tremendous burden when it comes to meeting the various compliance and risk standards for their industry or […]
Read MoreESG vs Sustainability
April 20th, 2022 by iTechRecent years have seen a dramatic increase in corporate eco-consciousness — a trend that has been mirrored at virtually every level of society as well. The data supports this idea too. According to an October 2021 study, 69% of respondents said they were actively doing everything within their control to minimize their carbon footprint. That […]
Read MoreHow to Manage ESG Compliance
April 19th, 2022 by iTechEnvironmental, Social, and Governance (ESG) is becoming an increasingly critical component of the modern company’s business strategy. In fact, ESG-related reports are now deemed mandatory by the U.S. Securities and Exchange Commission (SEC) — the agency that initially developed the ESG criteria. The SEC has even developed a task force to address cases of non-compliance. […]
Read MoreThe Time to Create an ESG Policy is Now
April 13th, 2022 by iTechIssues surrounding the climate and global warming are highly politicized in many regions, with everyone from Hollywood starlets to Presidential candidates taking up firm positions on the topic. But no matter where your personal beliefs surrounding these controversial issues happen to fall, one thing is clear: issues related to the environment and sustainability are an […]
Read MoreUnderstanding ESG Governance
April 12th, 2022 by iTechIn today’s eco-conscious world, sustainability matters. It matters to all stakeholders from employees to clients along with investors and everyone else in between. In fact, recent years have seen a distinct movement toward sustainable investments. This, in turn, prompted the U.S. Securities and Exchange Commission (SEC) to develop the Environmental, Social, and Governance (ESG) criteria […]
Read MoreWhy the SEC’s New ESG Task Force Makes Managing ESG RIsks Even More Important
April 6th, 2022 by iTechThe U.S. Securities and Exchange Commission (SEC) and the Environmental, Social, and Governance (ESG) Division of Enforcement announced that they would be creating a 22-person task force composed of members from the federal organization’s regional offices, headquarters and “specialized units.” The task force’s objective is to monitor climate- and ESG-related issues and companies’ compliance with […]
Read MoreMandatory ESG Reporting is Around the Corner
April 5th, 2022 by iTechDeveloped by the U.S. Securities and Exchange Commission (SEC), the Environmental, Social, and Governance (ESG) criteria is used to gauge a company’s sustainability and conduct risks. The data points that determine an organization’s sustainability are then documented in reports that are now considered mandatory. ESG reporting isn’t necessarily new, however, making these reports mandatory is! […]
Read MoreWhat is a Third party Risk Management Framework?
March 30th, 2022 by iTechIf you’re in the process of developing a risk mitigation strategy, the chances are good that you have encountered a third-party risk management (TPRM) framework. But what is this framework? Who was it designed for? And what are its benefits? These are all valid questions. But before delving into the workings of a third-party risk […]
Read MoreTips for Effective Third-Party Risk Management
March 29th, 2022 by iTechIndependent contractors, vendors, and other third-party service providers play a crucial role in today’s business world. In fact, for many organizations, these third parties are instrumental to success. But as with all good things, there is a downside. In the case of third-party service providers, the downside is risk — risk of compromised trade secrets, […]
Read MoreThird-Party Vendor Risk Management for Financial Institutions
March 23rd, 2022 by iTechThird-party vendor risk management for financial institutions is a key area of concern due to the sensitive and high-risk nature of this business niche. The practice of third-party risk management (TPRM) encompasses the analysis and mitigation of risks that are associated with third parties such as contractors, vendors, and other non-employees who work with an […]
Read MoreThird Party Risk Management Best Practices
March 22nd, 2022 by iTechOrganizations of all sizes and in all sectors can benefit from working with third-party service providers, vendors and contractors. The advantages are numerous, ranging from filling skill gaps and facilitating one-time projects to reducing overhead and achieving significant financial savings. But there are some risks associated with bringing these individuals into the fold. This is where […]
Read MoreKey Things to Look for in Third-Party Risk Management Software
March 16th, 2022 by iTechThird-party risk management (or TPRM) continues to increase in popularity because more and more organizations are seeking cost-effective ways to get the job done without the overhead associated with using in-house resources. This has spurred a rise in the number of companies that are turning to third-party risk assessment software platforms. But with many options […]
Read MoreWhy is Third-Party Risk Management Important?
March 15th, 2022 by iTechThird-party risk management — also known as TPRM — refers to the practice of identifying and mitigating the risks that arise in connection with vendors, contractors, and other third-parties whom a company leverages in the course of their business. The extreme competitiveness of many industries and business sectors has made independent service providers a critical […]
Read MoreHow to Make Third Party Risk Management Painless
March 9th, 2022 by iTechThird party risk management — also known as TPRM — has gained significant popularity in recent years as business leaders become increasingly comfortable with outsourcing various functions within their companies. But not every experience with a third party service provider is going to go smoothly and there is an inherent risk associated with pulling new […]
Read MoreHow to Decide Which Governance Risk and Compliance Tools are Right for Your Business
March 8th, 2022 by iTechGovernance risk and compliance (GRC) is a multi-disciplined concept that holds the potential to affect nearly every aspect of a company’s operations. This includes compliance and regulatory matters, enterprise risk management, along with policies and procedures. A robust, well-thought-out GRC strategy is essential for success in today’s ever-evolving business world. But regardless of how much […]
Read MoreWhat to Look for in Governance Risk and Compliance Vendors?
March 2nd, 2022 by iTechGovernance risk and compliance (GRC) can impact virtually every company process and policy. From risk mitigation to ensuring full compliance with laws and regulations, GRC is a complex discipline to be certain. With a company’s reputation and millions of dollars at stake for just a single fine, governance risk and compliance is not something that […]
Read MoreUnderstanding Enterprise Governance Risk and Compliance
March 1st, 2022 by iTechEnterprise governance risk and compliance is — or should — be a major concern for organizations in all business sectors. Forbes called the 2021 jump in cybercrime “alarming,” with data breaches surpassing the prior year’s figure by October 2021. Meanwhile, The Insurance Journal reported that cybercriminals took in over $1.3 billion in “ransoms,” with 2021’s […]
Read MoreGRC 101: What is a Governance Risk and Compliance Framework?
February 23rd, 2022 by iTechWithout a doubt, it is a difficult challenge to navigate today’s business world. Many different steps and risks are associated with even the most basic pursuits. Never mind, trying to expand. What was once commonplace for businesses: achieving goals, sustaining performance, and increasing resiliency are now arduous, with issues arising at every turn. A range […]
Read MoreGovernance, Risk and Compliance 2022 & Beyond
February 22nd, 2022 by iTechRisk is everywhere, especially for modern businesses. Now, understanding that there is risk associated with everything is paramount to risk management. Everything from the core of your business to what your employees do outside of work constantly gets scrutinized. Thus, more often than not, business owners find themselves mitigating risks instead of acting in the […]
Read MoreUnderstanding ESG Risks
February 9th, 2022 by iTechESG (Environmental Social Governance) includes metrics that measure social responsibility, environmental sustainability, governance, and shared values. It is becoming increasingly important to businesses, with more than 500 firms now routinely reporting ESG data. Investors, employees, and customers are demanding more transparency from companies to assess their sustainability credentials. ESG risk management is becoming a […]
Read MoreEnterprise risk management technology | What is it?
February 8th, 2022 by iTechWhat is Enterprise risk management? Enterprise risk management (ERM) is the process of planning, organizing, directing, and controlling the activities of an organization to minimize the harmful effects of risk on its revenue as well as reputation. Enterprise risk management includes financial risks, strategic risks, operational risks, and risks associated with accidental losses. ERM can […]
Read MoreWhat is a supplier risk assessment?
February 2nd, 2022 by iTechA supplier risk assessment can help an organization understand and manage its risks while helping ensure the quality of its products and services. It is a vital part of supplier risk management and can help you avoid suppliers that might not be the best fit for your company. If you’re looking for a new supplier, […]
Read MoreWhat is IT Governance?
January 26th, 2022 by iTechIT governance is a critical aspect of an organization’s overall enterprise risk management process. It is a process of establishing IT policies that determine the proper use of IT assets, and it forces an organization to think about the role of IT in its business. Through IT governance, an organization can identify and measure its […]
Read MoreWhat is Operational risk management?
January 19th, 2022 by iTechOperational risk management (ORM) is a continual recurring process that includes risk assessment, risk decision making, and the implementation of risk controls, resulting in the acceptance, mitigation, or avoidance of risk. (ORM) is a way to get a holistic view of a company’s risk footprint throughout the supply chain—and everyone across the organization has a […]
Read MoreMaintaining Vendor Compliance
January 12th, 2022 by iTechThe rules organizations must adhere to so they can maintain compliance is often hard for organizations to keep up with. Regulations seem to change monthly and the cost of being compliant keeps rising. Business operations that deal with sensitive data store this information digitally where cybercriminals are patiently waiting to pounce at the slightest vulnerability. […]
Read MoreWhat is a Vendor Management Policy?
January 5th, 2022 by iTechOrganizations are connected to more vendors now than ever before. In fact, the number of third-party relationships an organization can have can be over 5,000. Organizations can find themselves on the hook for huge fines and other negative consequences, if they fail to meet compliance regulations and or suffer an attack. This is true even […]
Read MoreIntegrated Risk Management Framework. What is it?
December 15th, 2021 by iTechWhat is integrated risk management? Integrated risk management (IRM) is a set of practices and processes supported by a risk-aware culture and enabling technologies, that improve decision making and performance through an integrated view of how well an organization manages its unique set of risks. What is an integrated risk management framework? Integrated Risk Management […]
Read MoreCompliance and risk management. What is the difference between the two?
December 8th, 2021 by iTechRegulations are increasing across the globe and it’s forcing boards of directors to participate in all matters of the company’s business. This is especially true in the areas of compliance with the law and industry regulations. Huge variations in the economic climate during the last few decades have also raised expectations of stakeholders who want to invest in companies with a formidable reputation for regulatory compliance. Increased compliance regulations and stakeholder […]
Read MoreWhat is policy management?
December 1st, 2021 by iTechWhat is policy management and why is it important? Policy Management refers to the creation, communication, and management of all the policies and procedures implemented by an organization. Policies are the foundation of governance, risk, and compliance (or GRC) strategy. Every business consists of various departments, and policy management governs the creation and distribution of policies, so other parts of the organization don’t create their […]
Read MoreWhat is an IT Governance Framework?
November 17th, 2021 by iTechWhat is a governance framework? A governance framework is essential for modern governance and legal operations; it directs how people interact with the organization, with regulators, and with stakeholders to closely guide and monitor operations. Governance frameworks give support and create structure for an organization’s compliance operations. It is through governance that companies and other […]
Read MoreWhat is Regulatory Compliance in HealthCare
November 10th, 2021 by iTechRegulatory compliance in healthcare involves a broad range of practices. However, patient safety, the privacy of patient information, and government reimbursement for healthcare expenditures make up the bulk of compliance issues in healthcare. Healthcare professionals access patients’ health records electronically on a routine basis. This makes maintaining patient privacy a vital component of the healthcare industry. Failure to protect all that […]
Read MoreUnderstanding the vendor risk management matrix
November 3rd, 2021 by iTechWhat is vendor risk management? Vendor risk management (VRM), or third-party risk management, is the management, monitoring, and evaluation of risks that result from third-party vendors and suppliers of products and services. What is a vendor risk management matrix? A vendor risk management matrix is a valuable tool in your vendor risk management framework. With […]
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