According to an analysis by Atlas VPN, credit card fraud cases surged by 104.7% when you compare Q1 of 2019 and 2020. Likewise, Julie Conroy, a research director at Aite Group, reported that by the end-2020, credit card fraud losses in the US amounted to a staggering $11 billion! These facts make it clear that the digital payment ecosystem is rife with vulnerabilities. After all, security gaps can emerge at various points of handling, storage, and transmission, such as at POS devices, e-commerce apps, Wi-Fi hotspots and personal computers.

The importance of good corporate governance for an organization’s success has been a topic discussed across. However, even though organizations keep in mind the principles, the different models and all the aspects of good governance, there is always scope for error and that is why issues in corporate governance are in abundance. Especially accountability issues. By now, we know how important accountability and transparency is in corporate governance. Let us look at some of the steps you could take against potential issues that you may have to face.

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Risk management is the process of identifying, assessing, and managing risks in an organization. In times of uncertainties, the organization looks to risk managers to make crucial decisions about risk management and mitigation. Risk officers are required to bring all stakeholders on the same page and decide on the organization’s risk appetite. Risk appetite and risk tolerance are the two essential concepts in risk management around which misconceptions and confusion are prevalent.