Category: GRC

In today’s unpredictable business landscape, disruptions can happen anytime, often with staggering consequences. In 2024, IBM’s Cost of a Data Breach Report revealed that a data breach costs companies a record-breaking average of  $4.88 million. Recent events like the COVID-19 pandemic and the Crowdstrike related event have demonstrated how unexpected disruptions can halt operations, disrupt… Continue reading Business Continuity vs. Disaster Recovery: Key Differences Every Business Should Understand

Do not read this blog if you’re absolutely certain every risk in your business is perfectly under control. If every compliance step is flawlessly followed and there are zero gaps in your risk management, then skip this. But if you’re like most organizations, where even the most diligent teams sometimes miss critical details, keep reading.… Continue reading Role of a Risk Control Matrix in Ensuring GRC Compliance: A Complete Guide

“The best way to predict the future is to create it.” – Peter Drucker In today’s uncertain world, businesses are realizing they need strong supply chain strategies to stay in control of their operations. Events like the pandemic, political issues, and economic changes have exposed weaknesses even in well-established supply chains. In fact, 88% of… Continue reading 10 Strategies to Build Effective Supply Chain Risk Management in 2024 and Beyond

Previously, we discussed the key differences between third-party and vendor risk assessments, focusing on external risks. Now, let’s turn our attention to the details of vendor risk assessment, which centers on managing the risks posed by your direct suppliers. A vendor risk assessment  is a critical process for identifying and mitigating potential risks posed by… Continue reading Vendor Risk Assessment: What is it and How to Conduct It?

Have you ever wondered what sets a vendor risk assessment apart from a third-party risk assessment? It’s easy to confuse them because they sound so alike. In fact, people often mix them up, but they aren’t quite the same. Understanding the difference can change how well your business handles outside risks. Think of it like… Continue reading Difference Between Third Party Risk Assessment and Vendor Risk Assessment

“Failing to prepare is preparing to fail.” This quote from Benjamin Franklin reminds us why being proactive is so important. It matters even more when managing risks in business. Last year, 76% of companies faced major disruptions. These disruptions led to financial losses, downtime, and damage to their reputation. That is why having a strong… Continue reading Mastering Operational Risk Management with IBM OpenPages: A Simple Approach

Complying with financial compliance regulations is harder than before. Businesses are in danger of non-compliance with financial regulations such as AML (Anti-Money Laundering), FATCA (Foreign Account Tax Compliance Act), and IFRS (International Financial Reporting Standards), which can lead to costly mistakes and lost time. According to the survey, financial crime compliance in North America cost… Continue reading Simplifying Financial Compliance Regulation for 2024 with IBM OpenPages

In July 2024, CrowdStrike encountered a situation no company wants to experience. What began as a service outage soon became a much larger issue when it was revealed that they had not fully met industry compliance standards. The potential fines they faced were as high as $46 million. But the financial impact wasn’t the only… Continue reading The Serious Consequences of Non-Compliance: Lessons from the CrowdStrike Outage