VComply Editorial Team

What is a Risk Management Plan?

Every organization faces certain types of risks in business. Any factor that threatens an organization's ability to achieve its goal is considered a business risk. The major categories of risks to consider are: strategic risks, compliance risks, financial risks, and operational risks. Another important way to categorize risk is based on the source of the risk and see whether they are internal or external risks.
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What You Need to Know About Banking Compliance

Compliance is one of the most important challenges for any banking institution operating in today’s market. Non-compliance has consequences, and in 2020 alone, several banks received major fines amounting to $11.39 billion. U.S. banks Goldman Sachs, Wells Fargo, and JP Morgan Chase paid upwards of $7.50 billion toward this total tally, indicating that even the sector leader isn’t immune. Naturally, any form of negligence within this realm of operation can lead to big losses, especially considering how strict legislation has become in the sector.
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What is Compliance Risk Management?

Compliance risks are defined as the risks that result from violations of laws, regulations, codes of conduct, or organizational standards of practice. Compliance risk management is a part of compliance management and it helps identify, assess, and monitor and manage risks that might cause because of non-compliance. Compliance requirements differ from sectors to sectors. The government and regulatory agencies specify rules and regulations based on which companies in a particular sector should do business. For example, banks and financial institutions face the most complicated regulatory environment.
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