Enterprise risk management technology | What is it?

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?  

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?

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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GRC vs Integrated Risk Management 

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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Enterprise Risk Management Framework, What is it?

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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What is a Risk Management Framework?

    Risk Management Framework, in simple terms, provides a balance between taking risks and reducing them while achieving business objectives.  NIST Definition of Risk Management Framework  According to NIST the Risk Management Framework provides a process that integrates security, privacy, and cyber supply chain risk management activities into the system development life cycle. The risk-based approach to control selection and specification considers effectiveness, […]

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What is Third Party Risk Management? 

Third-party risk management (TPRM) is a type of risk management that deals with identifying and minimizing risks in relation to using third parties. TPRM can also be referred to as vendor risk management.  TPRM is designed to help organizations discover unexpected risks. This is done by giving organizations information on how third parties conduct operations and what ways an organization is using the third party.  Why is Third-Party Risk Management Important?  […]

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What are iTech Preconfigured Solutions (iPS)?

Why were iTech Preconfigured Solutions (iPS) developed? Issue management can be daunting for organizations. This is why issue management solutions like OpenPages are popular among many organizations.  While the OpenPages standard solutions can definitely make issue management easier, implementation time is less than ideal. As the old saying goes time is money and the longer […]

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What is Regulatory Compliance Management Software?

Today’s compliance managers need powerful and effective Regulatory Compliance management software. In a business environment defined by sustained market volatility and ever-increasing regulations. Companies need the ability to integrate enterprise-wide risk management processes and multiple regulations. Firms are witnessing a dramatic increase in active first-line users. Sometimes tens of thousands—scattered across the organization while using […]

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Why You Need a Business Continuity Management System 

Start using a business continuity management system today to prepare your enterprise for business continuity and protect employees in the face of disruptive events. Businesses are increasingly suffering from external and internal disasters due to a lack of business continuity planning. Unprepared organizations can suffer financial losses, negatively trending reputations and a large list of […]

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