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The method by which a firm manages the risk of conducting business with people outside the organization is known as third-party risk management. It is typically used to evaluate third parties in the sales force or distribution network, as third parties can be a significant source of risk. For instance, most bribery charges do not include cash subsidies from corporations to government officials; the payment is made via a third party.

Companies with international operations cannot escape risks by r

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In this week’s blog post, we are sharing insights based on our latest interview with Sagi Brody is a thought leader and CTO at Opti9, a leading hybrid cloud solutions provider in North America. He is an expert in all aspects of the cloud and interconnection industries, specialising in digital evolution, data recovery, and compliance. He is a renowned industry leader and is highly sought after to provide insight and guidance on the latest cloud technologies and best practices.

Our topic for today

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Hi Global Risk Community member,

This is an invitation for our CPE webinar How to Utilize Security Ratings in Third-Party Risk Management on Thursday December 14th at 1pm Eastern.

Security ratings can help you grade your security performance, as well as that of your third party vendors, by analyzing how well information is protected from external threats and breaches. Attend this webinar to learn how to use security ratings in TPRM, including how to:

  • Grade your security performance and under
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Hello Global Risk Community member,

Our partner, The Protecht Group, will be hosting a webinar on controls assessment and assurance on December 8th.

When you are in a moving vehicle, do you think about all of the controls that have been designed and implemented to keep you safe? Traffic controls exist in the form of speed limits, traffic lights, guardrails, stop signs, school zone signs and more. Furthermore, as the environmental factors change, so do these controls.

Your orga
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An Effective Complaints Management

For years, a statistic has been widely circulated in the customer service profession. According to Lee Resources, for every client that files a complaint, 26 other consumers experienced the same experience but fled rather than complain.

The number of non-complaining customers may be more or fewer, but the point is that not all disgruntled consumers express their dissatisfaction. When people take the initiative to reach out and complain, it's because they desire you to understand that you messed

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Undersexed

A couple of weeks ago I ran a masterclass on “How to run an impactful risk workshop”. One of the questions asked at the end of the session was:

“Coming from an organisation that’s been running an Enterprise Risk Framework for many years and successfully lifting Risk Maturity, there are subtle hints of Risk Management fatigue. Would love some tips on how we can keep things lively!”

On the one hand I would like to question how mature the organisation’s risk culture is if there are signs of fatigue.

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The US trade and tech wars against China continued under President Joe Biden, who escalated export controls related to technology. The US wants to cut China’s access to advanced semiconductors and the equipment used to manufacture them in order to [allegedly] prevent their use for military purposes. The restrictions follow the CHIPS and Science Act, passed in August 2022 which showers $52 billion in subsidie

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Challenges in Compliance Management

Banking, Financial Institutions, and Insurance (BFSI) is a highly regulated business with many compliance-related tasks that must be carried out correctly for appropriate and risk-free activities. With the growth in linked activities across different firms, it has become increasingly challenging to succeed in the market using simple compliance management solutions.

How Should You Handle an Ever-Increasing Number of Regulatory Compliances?

When the frequency of compliance activities was minor, it w

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Some company has multiple offices in the city. Their branches are spread all across the country. Managing day-to-day business activity becomes easier using business or enterprise software. Development of this software is done with a software Development Company keeping the business needs and requirements in mind. Software testing is one of the most essential phases in the software development life cycle. It assures the quality of the software products. The evaluation of the software is done by Q

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5 Essential Qualities of a Successful CFO

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 Historically, the post of Chief Financial Officer (CFO) has functioned as a steward of financial expertise, moral integrity, and shareholder value, selecting criteria to analyze organizational development and ensuring value.

Due to inflation, a greater number of rules, and more governance obligations, the CFO position is now present in practically every company. However, the final quarter of the 20th century was distinct. Prior to 1978, less than 10% of American corporations employed chief finan

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Challenges in Third Party Risk Management

Ahead of the 14th Edition Third Party Risk Management And Oversight For Financial Institutions in NYC, February 27-28, 2023, we have performed on the best practices followed by major US Banks in mitigating Third-Party Risk and managing vendor relations effectively.

In the world of finance, there’s always risk involved. But when it comes to working with third parties, that risk can be amplified. That’s why effective TPRM is essential for financial institutions. By understanding both the risks and

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14th Edition Third Party Risk Management And Oversight For Financial Institutions, February 27-28, NYC

In the wake of the 2008 financial crisis, financial institutions have been under increased scrutiny from regulators. One area of focus has been third party risk management (TPRM). As a result, best practices in TPRM have been evolving and changing over the last decade. In this blog post, we will explore some of the latest best practices in TPRM for financial institutions. From due diligence to c

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9 Steps of Risk Control Self Assessment

The Risk Control Self-Assessment, an operational risk assessment method, is employed to recognize and analyze operational risks and evaluate the effectiveness of the firm's procedures in handling such risks. Simply put, it gives several perks to enterprises, ranging from improved control efficacy to increased business efficiency. However, an RCSA must be incorporated into the company's operational framework for risk management rather than being a stand-alone effort.

Self-Assessment may play a vit

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The idea that audit plans should be risk based is so old and widely accepted that we give no second thought to it. And yet in my 16 years of risk across 4 continents I have seen 100s of audit plans and I can assure you NONE of them were risk based. They were opinion and feelings based, some even had colors and qualitative words describing perceived risk exposure, some were materiality based and yet none were risk based because they were disconnected from the underlying organisational risk profil

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Step by step video guide to implementing risk management 1 and 2. Let me know in the comments if this helped you and what would you add to the list.

Despite the fact that risk management is a decision making tool, you should probably get Risk Management I sorted first, to keep the auditors, rating agencies and regulators at bay. It’s RM1, so keep it as simple and as quick as possible, this is less than 10% of the overall effort.

A1. Develop a short risk management policy structured around ISO31000

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The global cell culture sampling device market is segmented on the basis of devices, application and end-user. On the basis of devices global cell culture sampling device market is segmented into culture systems, biosafety equipment incubators, sterilizer, pipetting instruments, cryostorage equipment and centrifuges. On the basis of application global cell culture sampling device market is further sub-segmented into drug development, gene therapy, cancer research, and biopharmaceuticals. Biophar

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The growing FinTech industry and the presence of the tech-savvy youth population are driving the growth of Saudi Arabia Islamic Finance Market in the forecast period, 2022-2027.
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