Risk and Compliance's Blog (28)

How Risk Managers are Using Technology to Enhance Risk Tracking

We easily live in one of the most exciting eras ever. The rapid pace of technological development we have experienced has went beyond anything that used to be possible. If you go back a century, the pace completely changes. Think about it  there would be a new notable technology maybe once a decade. The reason progress was so slow is simple – everything had to be done manually. All the calculations had to be done by hand, all the…

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Added by Risk and Compliance on January 24, 2020 at 3:53pm — No Comments

Elements of Effective Compliance Management

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Added by Risk and Compliance on January 2, 2020 at 1:00pm — No Comments

Regulatory Change Management Lessons From change Management

While regulatory change management and enterprise change management may be different domains, there is a lot that regulatory change managers can learn from enterprise change management. The basics of both remain the same, even if regulatory change is a bit more complicated to manage.  

Identify the nature of change 

In addition to failures related to…

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Added by Risk and Compliance on December 27, 2019 at 11:48am — No Comments

The Advantages of Risk Management Software

There is an app for everything these days. People used to joke about how there’s an app for everything except for falling in love, but you can’t even say that anymore. Risk management, like everything else in our lives, has similarly been completely transformed by technology. What used to be a simple process that was done through noting down some…

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Added by Risk and Compliance on December 17, 2019 at 5:00pm — No Comments

The Future of Audits and Audit Management

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Added by Risk and Compliance on December 9, 2019 at 1:59pm — No Comments

Understanding the rise of Regtech

Since the 2008 financial crisis, private banks have been confronted with a growing flow of regulatory requirements relating to customer identification, the fight against money laundering, the fight against the financing of terrorism, prevention of corruption, compliance with tax compliance, etc. In other words, regulators require banking institutions an ever-deeper knowledge of their customers…

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Added by Risk and Compliance on November 29, 2019 at 6:50pm — No Comments

Improving Regulatory Change Management in 3 Steps

Managing regulatory change is a major headache for businesses operating in industries where the regulatory framework fluctuates. The problem is that the regulations define what the business can and cannot do, and when they change, the business must change how it operates. This makes it difficult to make long-term plans and strategies, because there is always a risk that the chosen strategy may no longer be viable if the regulatory framework…

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Added by Risk and Compliance on October 30, 2019 at 3:16pm — No Comments

Making Audit Management Simpler

Audit management can be a messy business because audit managers do not have the right tools. Most audit managers must use general-purpose software like Excel and Word to accomplish the task, which further complicated the matter. There are many strategies which can be used to streamline the audit management process and it is important for all audit managers to be aware of these strategies and tools. …

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Added by Risk and Compliance on October 22, 2019 at 4:45pm — No Comments

The Perils of Regulatory Change Management

Managing regulatory change has long been a headache for businesses in heavily regulated industries. Managing this change requires quite an investment. The business must hire regulatory experts who can interpret the regulations and tell the business how it will need to change itself to comply with the changes. The problem is that this process can be rather slow and is error prone because it is being handled…

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Added by Risk and Compliance on October 15, 2019 at 6:46pm — No Comments

Audit Management is a Challenging Process

Managing audits is tougher than one would think. While audits themselves are tough, managing them all throughout the organization can be even tougher. There are solutions which help make the process more efficient, but before we look at how to improve audits it is important that we understand the problems that plague audits. 

Obstacles to efficient audit…

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Added by Risk and Compliance on October 9, 2019 at 1:41pm — No Comments

The Perils of Inefficient Enterprise Risk Management

Enterprise risk management isn’t something a lot of us think about. It isn’t really a glamorized job role or department, which is why most people do not know how essential it is for businesses. If a risk management department does its job well the business operates smoothly, without facing any bumps. However, if a risk management department fails to do its job it…

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Added by Risk and Compliance on October 4, 2019 at 1:19pm — No Comments

The Future of Regulatory Change Management

We are living in times of change. The advent of information technology led the whole world around us to change, and artificial intelligence is now promising to bring even more profound changes. We are not near fully working artificial intelligence right now however we are making some very interesting progress in its direction. We may not have an artificial intelligence, but we have started successfully developing the pieces of technology which will be the prerequisites of artificial…

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Added by Risk and Compliance on September 27, 2019 at 4:02pm — No Comments

Function of the Compliance Management

Although compliance with criminal regulations is one of the functions carried out by compliance management, it is not the only one. Keep in mind that criminal compliance is only one of the parties associated with this figure, but it should be noted that its function goes beyond. The objective of compliance management figure is that an…

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Added by Risk and Compliance on August 27, 2019 at 1:16pm — No Comments

Challenges of Enterprise Risk Management and their Solutions

Enterprise Risk Management is a major part of risk management framework which organizes, plans, controls and leads the functions of an organization in order to reduces the possible risks that may affect the organization. Many organizations claim that they find ERM easy and implements it in the easiest way but it’s not the actual story. It requires a rare combination of organizational hierarchy and strong…

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Added by Risk and Compliance on August 20, 2019 at 2:00pm — No Comments

Understanding the need of enterprise risk management software

Most people do not understand why organizations need dedicated erm software solutions to manage enterprise risk, but that is only because most people do not understand how vital enterprise risk management can be. Managing risks is simple in our personal lives and for small businesses, because only a few risks need to be worried about. There is no need to quantify and assess these risks, because it…

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Added by Risk and Compliance on August 16, 2019 at 6:07pm — No Comments

Can we improve audits?

Auditing is an essential part of most organizations, yet it can be incredibly inefficient. Businesses conduct audits because they need audits to find out about problems within their own organization. The question we have now is – can we improve the problems that plague auditing? Is audit management software the answer? Let’s take a look at the role of…

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Added by Risk and Compliance on August 16, 2019 at 3:37pm — No Comments

How to prepare yourself for the GRC in 2025

We can see a lot of benefits from GRC in a world of businesses. Most of the organizations in today’s world are being seen transforming their systems to GRC and those who are already having GRC tools implemented into their organizations are upgrading their systems to the most modern and latest ones. We have seen immense benefits from GRC solutions in managing risk, audit, compliance, documentation, change management etc. We are also very sure the…

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Added by Risk and Compliance on August 15, 2019 at 7:14pm — No Comments

Goals and Outcome of Audit Management

Most people fear the word audit- because most of them don’t work in auditing. When we hear that audits are going on in our company, we know that the auditors will be checking everything to make sure things are being done right. We are afraid that they may find a mistake we made and then we will get in trouble because of it. While auditing may seem like a scary process to go through, it is an essential process. Audits allow management to discover key areas of concern and highlight any…

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Added by Risk and Compliance on August 9, 2019 at 3:30pm — No Comments

How Regulatory Change Management Software Helps Banks Succeed

Almost every business in the country is bound by regulations. There are regulations that govern the way a business can treat its employees, the way it can operate in its environment, and so on. Different industries have varying amounts of regulation. There are industries where regulation is minimal, and businesses are generally not worried about regulatory bodies breathing down their neck. Then there are industries where everything is governed by regulations – where there are so many…

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Added by Risk and Compliance on July 15, 2019 at 2:09pm — No Comments

Benefits of Converting Manual Risk Management to Automated

Implementing a risk management process into an organization is important role for any organization. For having a successful risk management framework, you don’t need to be substantial to be effective, but it just needs to investment of time, money and energy. Good risk management doesn’t have to be effective resourceful, but it needs to have good synchronization and bonding with other departments,…

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Added by Risk and Compliance on June 12, 2019 at 12:43pm — No Comments

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