Previously, we discovered a tapestry of trends impacting the U.S. consumer products industry in 2024. The year will be known for growing consumer awareness and resistance to rising prices. However, priorities don’t just end with matching customers’ product value, innovation, and sustainability expectations! Companies in the consumer products industry have regulatory and legal obligations to… Continue reading 2024’s Top Risks in Consumer Products Industry: Uncovering Legal Risks (Part 2)
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FDIC Risk Review 2024: A Nuanced Approach to Risk for U.S. Community Banks
Rising interest rates and an uptick in liabilities drive banking and financial institutions into liquidity risks. We have witnessed the repercussions of misaligned liquid asset portfolios and funding resources, leading banks into epic insolvencies and meltdowns. Federal agencies issued regulatory updates to tighten lending functions. They increased the asset reserves threshold to prevent another sorry… Continue reading FDIC Risk Review 2024: A Nuanced Approach to Risk for U.S. Community Banks
Internal Audit and its Growing Role in Emerging Technologies – Part 2
In part 1 of this blog, we delved into the current business challenges and the role of internal audit in addressing them. Through doing so we highlighted improved practices we’ve observed, and identified critical areas where internal audit can proactively address cloud computing and smart devices. In part 2, we will focus on cyber security… Continue reading Internal Audit and its Growing Role in Emerging Technologies – Part 2
Top 5 Operational Risks Every Financial Institution Should Be Aware of
Operational risks account for a fairly significant portion of an average company’s risk management landscape but the equation changes rather dramatically when it comes to the financial sector. Banks, credit unions, lenders, and others in the financial space must confront a great deal of operational risk simply due to the very nature of their business… Continue reading Top 5 Operational Risks Every Financial Institution Should Be Aware of
The Benefits of Integrating Enterprise Risk Management (ERM) and Internal Audit Management for Credit Unions
An enterprise risk management strategy or ERM offers a host of benefits to companies in all industries and business sectors. But the advantages increase exponentially when you integrate enterprise risk management practices with internal audit management activities within your credit union or other financial institution. What is Enterprise Risk Management? And What Are the Benefits… Continue reading The Benefits of Integrating Enterprise Risk Management (ERM) and Internal Audit Management for Credit Unions
Enterprise Risk Management Software Implementation Best Practices
Enterprise risk management software implementation can be very complex, especially when you consider the large number of third-party integrations that are commonly required. Without these integrations, your enterprise risk management (ERM) platform may fall short of reaching its full potential, especially when it comes to return on investment (ROI). The complexity and broad scope of… Continue reading Enterprise Risk Management Software Implementation Best Practices
Key Highlights of IBM OpenPages with Watson v9.0.0 Release
IBM’s OpenPages with Watson stands out as a highly integrated governance, risk, and compliance platform, empowering businesses to address their risk and compliance challenges effectively. IBM OpenPages with Watson v9.0.0 comes with exciting new capabilities and enhancements. Such as the integration of custom machine learning models and notable updates in workflows and dashboards of individual… Continue reading Key Highlights of IBM OpenPages with Watson v9.0.0 Release
How Leading Financial Services Companies are Managing Model Risk in 2023
Financial services companies face a complex risk management landscape, with model risk being one key area of concern. Model risk is a bit unique because it is a risk factor that is essentially exclusive to the financial sector and companies that are applying risk management principles in a financial context. In the world of finance,… Continue reading How Leading Financial Services Companies are Managing Model Risk in 2023
The Role of Policy Management in Preventing Financial Fraud in Banking
Financial institutions such as banks and credit unions face a very high level of risk. This risk is inherent and built into the banking business model, making for a complex risk management and mitigation landscape. Fortunately, good policy management practices can position a bank to prevent financial fraud and theft. Understanding the Prevention of Financial… Continue reading The Role of Policy Management in Preventing Financial Fraud in Banking
How to Streamline Your Regulatory Compliance Process in the Insurance Industry
The insurance industry is amongst the most heavily-regulated industries, perhaps only behind the financial sector when it comes to the sheer number of regulatory bodies and the pervasiveness of the regulations that they are required to follow. Streamlining your regulatory compliance process in the insurance industry can be challenging, especially when you consider the dynamic… Continue reading How to Streamline Your Regulatory Compliance Process in the Insurance Industry