What is Integrated Risk Management? Integrated Risk Management (IRM) is an essential approach in modern business that combines processes, technologies, and a risk-aware culture. This integration enhances decision-making and performance by offering a comprehensive view of an organization’s risk profile. Understanding IRM’s significance requires grasping its structured approach, known as the Integrated Risk Management Framework… Continue reading Integrated Risk Management Framework. What is it?
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Compliance and risk management. What is the difference between the two?
Regulations are increasing across the globe and it’s forcing boards of directors to participate in all matters of the company’s business. This is especially true in the areas of compliance with the law and industry regulations. Huge variations in the economic climate during the last few decades have also raised expectations of stakeholders who want to invest in companies with a formidable reputation for regulatory compliance. Increased compliance regulations and… Continue reading Compliance and risk management. What is the difference between the two?
What is policy management?
What is policy management and why is it important? Policy Management refers to the creation, communication, and management of all the policies and procedures implemented by an organization. Policies are the foundation of governance, risk, and compliance (or GRC) strategy. Every business consists of various departments, and policy management governs the creation and distribution of policies, so other parts of the organization don’t create their… Continue reading What is policy management?
What is an IT Governance Framework?
What is a governance framework? A governance framework is essential for modern governance and legal operations; it directs how people interact with the organization, with regulators, and with stakeholders to closely guide and monitor operations. Governance frameworks give support and create structure for an organization’s compliance operations. It is through governance that companies and other… Continue reading What is an IT Governance Framework?
What is Regulatory Compliance in HealthCare
Regulatory compliance in healthcare involves a broad range of practices. However, patient safety, the privacy of patient information, and government reimbursement for healthcare expenditures make up the bulk of compliance issues in healthcare. Healthcare professionals access patients’ health records electronically on a routine basis. This makes maintaining patient privacy a vital component of the healthcare industry. Failure to protect all that data… Continue reading What is Regulatory Compliance in HealthCare
Understanding the vendor risk management matrix
What is vendor risk management? Vendor risk management (VRM), or third-party risk management, is the management, monitoring, and evaluation of risks that result from third-party vendors and suppliers of products and services. What is a vendor risk management matrix? A vendor risk management matrix is a valuable tool in your vendor risk management framework. With… Continue reading Understanding the vendor risk management matrix
What is regulatory compliance in banking?
Regulatory compliance in banking deals with banks and how they must adhere to all local laws and regulations wherever they operate. Note that data protection regulations are not the entirety of the full scope of compliance in the financial services industry, though they are a key part. Furthermore, different countries have different regulations regarding the data of… Continue reading What is regulatory compliance in banking?
What is an Issue Management Process?
There is an easy, fast, and painless way to address issues as they arise. It is also known as an issue management process. The issue management process outlines the preferred approach for identifying, analyzing, and managing issues as they arise. It is typically a formalized procedure that is created, reviewed, and approved for use. The… Continue reading What is an Issue Management Process?
Principles of 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
What is a Risk Management Framework?
Risk Management Framework, in simple terms, provides a balance between taking risks and reducing them while achieving business objectives. NIST Definition of Risk Management Framework According to NIST the Risk Management Framework provides a process that integrates security, privacy, and cyber supply chain risk management activities into the system development life cycle. The risk-based approach to control selection and specification considers effectiveness, efficiency, and… Continue reading What is a Risk Management Framework?