Policies and procedures are the underpinning elements by which an organization establishes IR rules of conduct. Both serve to drive compliance, but do so through starkly different methods. One puts to paper the guidelines and rules that every organization expects its employees, and every other person connected to the company, to follow. The other, procedure, presents a step-by-step process for any company activity or function, thus establishing standards. The best example of the two in action is within organizations connected to the medical industry, such as a hospital.
Risks are inevitable in business. Businesses must reduce their exposure to risks and find ways to mitigate them to remain competitive in business. Identification and acknowledgement of risks that affect the operations, profitability, security, or reputation of the business is the first step. Developing strategies to mitigate these risks is the next and the most essential step! Risk mitigation is an important step in risk management that includes identifying the risk, assessing the risk, and mitigating the risk.
Etymologically, the word resilience has roots in the Latin term resiliere, which means ‘to rebound’. In similar vein, operational resilience describes an organization’ stability to cope with change or misfortune. The ongoing global pandemic, COVID 19 is an extreme form of misfortune, but its impact has been so universal that it has laid bare each organization’s level of operational resilience and sparked renewed interest in the topic.
In this day and age, data is the most important asset that businesses need to protect.
All businesses, big or small, have access to more data than ever. This includes customer data, suppliers’ data, accounting data, and more.
We are thrilled to announce that peer-to-peer business software review platform G2 has again placed VComply as a High Performer in the GRC Platform category in their Winter 2021 announcement. Organizations rely on research firms like G2 to help them analyze and compare business software products, and we are excited about the recognition.
The tick mark has grown to become a symbol of the internal auditor’s raison d’être, but the primary role of internal audit is not, in fact, defined by stationery and workpapers. The Institute of Internal Auditors (IIA) notes that:
Every business has some inherent risks that it must deal with. As the name suggests, a risk register forms a central repository for all risk-related information for an organization. This includes the type of risks, the impact they may have on an organization, and the risk management plans of the company.
Today, data is everywhere. With ecosystems and infrastructures going digital, access to personal and sensitive data has proliferated across the board, giving rise to the need for adherence to data compliance standards.
Business continuity risk refers to threats that disrupt the functioning of a business. These threats maybe any untoward incidents or disasters that negatively impact an organization.
The purpose of compliance in banking is to detect and prevent any abnormality, criminality, and noncompliance in the bank’s functioning. Banks must operate with integrity and follow regulations, internal policies, and applicable laws.