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Bank Regulation and Supervision Increases in 2024: Regulators Announce New Proposals

2023 was indeed a poster year for disruptions. Evolving bank regulations and supervision will drive banking and financial services firms to tread consciously in 2024.   Let’s explore the latest banking and supervisory regulations impacting banking and financial institutions’ governance, risk, and compliance (GRC) agenda this year.   Basel III Endgame:   Post the 2009 financial catastrophe,… Continue reading Bank Regulation and Supervision Increases in 2024: Regulators Announce New Proposals

A Guide to Model Risk Governance

The world survived turmoil from geopolitical shifts, soaring inflation, great resignation, and three years of compounding crises from the COVID-19 pandemic. There is no escape for businesses across industries from the state of ‘permacrisis’ or extended periods of instability and insecurity. Most model-reliant businesses in banking, financial services, and insurance (BFSI) are predisposed to intermittent… Continue reading A Guide to Model Risk Governance

Recapping 2023 ESG Trends for BFSI Companies

Growing concerns about climate change and rising carbon emissions have not singled out the global banking, financial services, and insurance (BFSI) sector. Being the financial watchdog of the economy, BFSI companies have a serious ethical obligation towards sustainability. Emerging ESG trends are proof of this shift. Moreover, moving towards a sustainable economy can help banking… Continue reading Recapping 2023 ESG Trends for BFSI Companies

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

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

10 Common Pitfalls to Avoid When Implementing Model Risk Management in Financial Services Companies

Financial services companies routinely confront a variety of risk factors, threats, and vulnerabilities as part of their risk management and mitigation efforts. In fact, the financial sector is amongst the most highly targeted by criminals and it’s amongst the most highly regulated in terms of regulatory compliance. Beyond all of this, there is also the… Continue reading 10 Common Pitfalls to Avoid When Implementing Model Risk Management in Financial Services Companies

The Importance of Continuous Support in Financial Controls Management: Tips for Evaluating Providers

Companies in all industries and business sectors ought to have a well-established risk management strategy in place. Within that strategy, financial controls management plays a critical role. The reason? Criminals of all kinds — including cybercriminals — tend to target a company’s financials and/or data.  Most business leaders recognize the importance of financial controls management,… Continue reading The Importance of Continuous Support in Financial Controls Management: Tips for Evaluating Providers

Best Practices for Implementing an Effective Operational Risk Management Program for Financial Institutions

Banks and other financial institutions face a slew of risk management challenges, many of which are in-built and inescapable components of their core business model. Unfortunately, this means that there are many threats that can never be fully neutralized and even more vulnerabilities that are impossible to eliminate. What’s more, the financial space is one… Continue reading Best Practices for Implementing an Effective Operational Risk Management Program for Financial Institutions

Developing an ERM Framework for Your Financial Institution

Enterprise risk management — or ERM — is a topic of very real strategic consideration for financial institutions such as banks, lenders, and credit unions. Risk is an in-built and unavoidable aspect of the lending and banking business models. But even with an inherent element of risk and vulnerability, these companies must implement proactive measures… Continue reading Developing an ERM Framework for Your Financial Institution