How to Ensure Regulatory Compliance in Manufacturing Industry?

Unlike market risk, operational risks are largely linked to the internal processes and policies of an insurance company. On occasions, losses arising from the organization’s operational risks may exceed those stemming from credit losses. 

The insurance industry lately is facing consistently increasing regulatory obligations along with the rising demand to adopt new technologies and exceed customer expectations.
With rising inflation, perpetual war, and the constant loom of a major recession, the insurance industry is facing the heat to navigate through uncertainty and chaos.

COSO framework (The Committee of Sponsoring Organizations) is an integral name in the world of risk management. With the explosion of cyber threats, and exponentially increasing uncertainty from multiple aspects, organizations were in dire need of an integrated risk management framework that could navigate them through the intricacies and uncertainties and that’s how COSO has come into existence.

A compliance officer in any organization across any industry ensures that the processes across your organization are transparent and compliant with all the industry regulations and guidelines. An insurance compliance officer is expected to stay up-to-date with all the changing rules and regulations and keep the organization updated to avoid lawsuits or legal complications. 

No business is risk-proof, and financial services are no exception. While you cannot make your business completely risk-proof, you can take measures to mitigate the risk and safeguard your business. Risk assessment and analysis are the first steps in understanding your risks and their impact on your business. Once you know this, you can take appropriate measures to mitigate the risks.

How do you put it across to your board members and persuade them to have GRC tech in your annual budget? Let’s dive in to understand how GRC software can help in cost savings.

The banking industry is going through a tectonic shift and 2023 is set to become one of the most exciting years in the banking events. The market downturn and economic volatility, the emergence of fintech and neo-banking,  all have set the notion for unprecedented and uncertain times ahead.

Implementing any new technology is challenging, and a lot depends on the nature of the business. But if you know the right steps, you can achieve the best possible outcome from the technology you are implementing.

A robust compliance program is one of the most critical aspects for an organization to succeed in a modern business environment. Experts believe that compliance and governance programs built on the foundations of values, beliefs, and ethics are critical.