People expect that their personal data and financial information will remain protected at all times, especially when it comes to the data they provide to credit unions, banks, and other financial institutions. It’s easy to see why this is the case. A single data breach can send massive volumes of extremely sensitive personal and financial… Continue reading The Future of Data Privacy in Credit Unions: Trends and Predictions
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Category: GRC
AI can Help You Turn Digital Risk Management into Strategic Advantage
In any organization, digital risk has rapidly emerged as one of the most pervasive and rapidly growing risks. A recent survey by Gartner indicates that digital risk is the foremost strategic business priority for corporate directors in 2022 and 2023. The dependence on digital technologies has accelerated, driven by investments made during and after the… Continue reading AI can Help You Turn Digital Risk Management into Strategic Advantage
How to Evaluate and Choose a Data Privacy Management Solution for Your Credit Union
Data often represents a credit union’s lifeblood — its most valuable asset, so to speak. A financial institution’s data may be directly linked to mission-critical operations, ROI, and overall profitability. Credit unions collect a diverse variety of data points, including personal data and financial data. These data types can be quite valuable and members of… Continue reading How to Evaluate and Choose a Data Privacy Management Solution for Your Credit Union
How to Measure the Effectiveness of Your Credit Union’s Internal Audit Process
Credit unions — like banks and other financial institutions — are subject to strict regulatory oversight which carries significant reporting and auditing requirements. These regulations are intended to maximize efficiency and improve accountability in an industry that was largely unregulated until the early 2000s when a number of major banks failed. Internal Audits can go… Continue reading How to Measure the Effectiveness of Your Credit Union’s Internal Audit Process
The Importance of IT Governance in Mergers and Acquisitions for Investment Banks and Brokerage Firms
Brokerage firms and investment banks are subject to strict regulatory oversight and a host of legal requirements. This makes for a rather complex equation when it comes to risk management and IT governance. But things get even more complicated when you add mergers and acquisitions into the mix. This complex nature leaves many business leaders… Continue reading The Importance of IT Governance in Mergers and Acquisitions for Investment Banks and Brokerage Firms
How to Build a Business Case for Implementing Enterprise Risk Management Software?
Enterprise risk management software can be a challenging sell when it comes to convincing company leadership, stakeholders, and other decision-makers to make an investment in this technology. You’re dealing with a threat or vulnerability that, to date, hasn’t caused any major issues and so, there is the hope that the status quo will prevail and… Continue reading How to Build a Business Case for Implementing Enterprise Risk Management Software?
How to Evaluate the Return on Investment for ERM?
Enterprise risk management software — or ERM — has gained an ever-increasing amount of popularity amongst companies in all industries and business sectors in recent years. Many point to the COVID-19 pandemic as the primary impetus for the rise of enterprise risk management software, alongside technologies such as the cloud, machine learning, artificial intelligence, and… Continue reading How to Evaluate the Return on Investment for ERM?
Policy Management Tools and Technologies for Credit Unions: A Comprehensive Guide
Financial institutions such as credit unions and banks are tasked with maintaining extremely strict policies and operational protocols. This uniformity and standardization make it far more difficult for “insiders” to commit crimes such as theft and fraud. But actually implementing and maintaining these policies, processes, and protocols is much easier said than done. Enter: policy… Continue reading Policy Management Tools and Technologies for Credit Unions: A Comprehensive Guide
Why Financial Services Companies Need a Robust Third-Party Risk Management Solution
Financial services companies are amongst the most highly-targeted type of business when it comes to the criminal element, including cybercrime. Businesses operating within the financial space are also highly vulnerable to regulatory compliance-related challenges, which translate into some very serious — and costly — third-party risk management and mitigation issues. For a financial services company,… Continue reading Why Financial Services Companies Need a Robust Third-Party Risk Management Solution
Common Financial Control Management Challenges and How Custom IRM Solutions Can Help
Financial institutions such as banks and credit unions are faced with a complex and diverse risk management and mitigation landscape — one that is exceedingly difficult to manage. You have stringent legal and regulatory compliance requirements and complex security requirements, and you must do business in a way that allows you to maintain the public’s… Continue reading Common Financial Control Management Challenges and How Custom IRM Solutions Can Help