Risk Assessment

How to Choose a Risk Management Solution?

Gartner research shows that only the better-prepared enterprise firms developed contingency plans much before situations worsened in the wake of the unprecedented Coronavirus pandemic. With obvious management and operational risks, and additional cybersecurity risks (there was a 273% rise in cyber attacks in Q1 alone), risk management has become essential for enterprises to both survive and thrive.
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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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