Category: Operational Risk Management

Recent years have seen a marked increase in the number of companies that are implementing risk management solutions as they become more cognizant of the many threats and vulnerabilities that their organizations confront. Events such as the COVID-19 pandemic really drove home a harsh reality: even the most profitable, well-established companies can be taken down… Continue reading The Benefits of Using Top Compliance Solutions Companies

Legal and regulatory compliance has emerged as an increasingly relevant risk management concern for companies both large and small across all industries and business sectors.  In fact,  2022 saw lots of news coverage of non-compliance incidents involving well-known corporations that were slapped with tremendous fines and penalties totaling in millions and even billions of dollars.… Continue reading How Compliance Solution Companies Can Help You Overcome Common Compliance Challenges

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… Continue reading 5 Key Things to Look for in Operational Risk Management Software

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 must-have… Continue reading Understanding ESG Risks

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… Continue reading Enterprise risk management technology | What is it?

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… Continue reading What is Operational risk management?

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 the achievement of the organization’s mission and vision. Risk Management Defined  Risk management is the process of minimizing or mitigating… Continue reading Principles of Risk Management

In today’s modern world, businesses rely increasingly on third-party vendors and partners. This collaboration brings incredible benefits but has a hidden cost: increased cybersecurity risks.  Think about it: how many third-party tools and services do you use daily, personally, and professionally? Now imagine that number multiplied by hundreds, even thousands, for larger organizations.  Here’s the alarming part: … Continue reading Third-Party Risk Assessment – What is It?