iTech Blog - Solutions & Insights From Tech Industry Leaders

Many 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 […]

Until 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 […]

Business 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 […]

Risk 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 […]

Recent 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 […]

Governance, 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. […]

An 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 […]

Understanding 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 […]

Risk 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 […]

Enterprise 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 […]

Recent 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 […]

Risk 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 […]

IT 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 […]

Regulatory 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 […]

Compliance 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 […]

The 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 […]

A 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 […]

An 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 […]

In 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 […]

Third-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 […]

Compliance 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 […]

Compliance 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 […]

Digital 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 […]

Compliance 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 […]

Risk 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 […]

  Recent 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. […]

Operational 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 […]

In 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 […]

As 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 […]

An 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 […]

Recent 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 […]

Increasingly, 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, […]

Increasingly, 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 […]

Governance, 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 […]

Recent 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 […]

Environmental, 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. […]

Issues 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 […]

In 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 […]

The 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 […]

Developed 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! […]

If 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 […]

Independent 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, […]

Third-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 […]

Organizations 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 […]

Third-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 […]

Third-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 […]

Third 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 […]

Governance 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 […]

Governance 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 […]

Enterprise 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 […]

Without 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 […]

Risk 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 […]

  ESG (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 […]

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 […]

A 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, […]

IT 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 […]

Operational 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 […]

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. […]

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 […]

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 […]

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 […]

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 […]

  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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

    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, […]

A third-party risk assessment is a function of third party risk management (TPRM) and is an attempt to quantify the risk associated with a third party vendor that will be providing a product and or service to your organization.   Why is Third Party Risk Assessment important?  External relationships pose a significant cybersecurity threat to a business […]

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?  […]

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 […]

There are many ways to handle risks, what remains constant is the importance of having a plan for dealing with them. Learn how to make your company’s issue management process more effective.  Business is all about solving problems not creating them. However, you’re bound to encounter problems during any project. Now, it is possible to anticipate […]

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 […]

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 […]

What is Data Privacy?  Before we learn about data privacy management software we have to understand what Data Privacy is. Data Privacy or Information privacy is a part of the data protection area that deals with the proper handling of data focusing on compliance with data protection regulations.  Data Privacy revolves around how data should be collected, […]

OpenPages Is A Risk Market Technology Awards Winner  ITech is excited to announce that OpenPages has once again found its name being mentioned among the best GRC solutions available. The risk management industry declared in February that IBM OpenPages with Watson won the best user interface innovation category in the Risk Market Technology Awards.   The Markets Technology Awards, part of the Risk Awards, recognizes the achievements of technology […]