Maintaining Vendor Compliance

January 12th, 2022 by

The 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. […]

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What is a Vendor Management Policy?

January 5th, 2022 by

Organizations 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 […]

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Integrated Risk Management Framework. What is it?

December 15th, 2021 by

What 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 […]

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Compliance and risk management. What is the difference between the two? 

December 8th, 2021 by

Regulations 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 […]

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What is policy management?

December 1st, 2021 by

What 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 […]

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What is an IT Governance Framework?

November 17th, 2021 by

What 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 […]

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What is Regulatory Compliance in HealthCare

November 10th, 2021 by

  Regulatory 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 […]

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Understanding the vendor risk management matrix

November 3rd, 2021 by

What 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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Enterprise risk management technology | What is it?

October 27th, 2021 by

What 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 […]

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What is regulatory compliance in banking?  

October 20th, 2021 by

Regulatory compliance in banking deals with banks and the way in which they must adhere to all local laws and regulations wherever they operate. Note that data protection regulations are not the entirety of the full scope of compliance in the financial services industry, though they are a key part.  Furthermore, different countries have different regulations regarding the data of their citizens/the data non-governmental organizations process and store, which […]

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What is compliance risk management?

October 13th, 2021 by

Compliance risk management refers to the practice of identifying potential risks in advance, analyzing them, and taking precautionary steps to reduce the risk. Organizations are attempting to spot risks off in the distance and mitigate them before they ever get the chance to cause any trouble.  However, even if you had unlimited resources which is unrealistic, know that no company can achieve perfect compliance with all regulatory burdens. Some mistakes are bound to happen eventually. The goal is […]

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What is an Issue Management Process?

October 6th, 2021 by

There is an easy, fast, and painless way to address issues as they arise. It is also known as an issue management process. The issue management process outlines the preferred approach for identifying, analyzing, and managing issues as they arise. It is typically a formalized procedure that is created, reviewed, and approved for use. The […]

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GRC vs Integrated Risk Management 

September 29th, 2021 by

What is GRC   GRC (governance, risk, and compliance) is an organizational strategy for managing governance, risk management, and compliance with industry and government regulations. GRC also refers to an integrated suite of software capabilities for implementing and managing an enterprise GRC program.  GRC’s set of practices and processes provides a structured approach to aligning IT with business objectives. GRC […]

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Principles of Risk Management

September 22nd, 2021 by

There are core principles of risk management that regardless of the type of risk, are at the forefront of risk managers’ brains. Reinforcing these principles can help demonstrate how a robust risk management program supports achievement of the organization’s mission and vision. Risk Management Defined  Risk management is the process of minimizing or mitigating the […]

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Enterprise Risk Management Framework, What is it?

September 15th, 2021 by

Enterprise Risk Management Framework, What is it?  Enterprise risk management (ERM) frameworks are types of risk management frameworks that relay crucial risk management principles. You can use an ERM framework as a communication tool for identifying, analyzing, responding to and controlling internal and external risks. An ERM framework provides structured feedback and guidance to business units, executive […]

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