N Contracts

AUGUST 29, 2023

In this post, we’ll examine how NASA assesses risk and how you might use their approach at your financial institution to evaluate risks better and understand their consequences. Are you ready to manage risk like an astronaut?

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N Contracts

JANUARY 30, 2024

Ncontracts, which provides integrated vendor, risk, and compliance management solutions, helps community banks confidently manage their enterprise risk and vendor management workload. BRENTWOOD, Tenn.,

Compliance 101

Compliance Banking 101

Norman Marks

MARCH 4, 2024

Professor Mark Beasley has been a professor for 30 years and is a leader of the North Carolina State University’s Enterprise Risk Management Initiative. He was a board member of COSO for 7 years, has been a member of the member of the United Nation’s Internal Control Advisory Group for the last 7 years, and […]

Compliance 85

Compliance 85

Norman Marks

APRIL 4, 2024

I congratulate José David Pino for his brave attempt to call attention to ineffective risk management in his article for the IIA’s magazine, On the Frontlines: How Mature is Your Risk Management?

Compliance 45

Compliance 45

Audit Board

SEPTEMBER 5, 2023

AuditBoard recently commissioned The Harris Poll to survey over 1,200 employed Americans on the use of AI-powered tools in the workplace compared to the presence of basic risk management controls. The survey results draw attention to a major risk tied to AI – a human cognitive bias known as the Dunning-Kruger effect.

Technology 98

Technology 98

N Contracts

JANUARY 22, 2024

What is fourth-party vendor risk and how do you protect your bank, credit union or other financial institution from it? Build a strong vendor management program.

Banking 83

Banking 83

Audit Board

SEPTEMBER 14, 2023

The importance of robust vendor risk management, or “VRM”, practices has been illustrated by a number of cyberattacks and data breaches that have originated from vendors and gone on to significantly impact the organizations using their services. What is Vendor Risk?

Compliance 52

Compliance Start-ups Accounting Firms Technology 52

Norman Marks

AUGUST 12, 2022

I have been talking (OK, preaching) about the need to manage the likelihood of achieving objectives (i.e., success) rather than limiting yourself and the organization by managing or mitigating risks. You need to take risks if you ever want to achieve objectives; the key is taking […].

Compliance 80

Compliance 80

Audit Board

AUGUST 8, 2023

Enterprise risk management is a methodology of risk management, taking a top-down approach to the risk management process, and taking into account the organization and senior management’s business objectives and strategic objectives.

Compliance 52

Compliance Start-ups Technology Marketability 52

Norman Marks

APRIL 11, 2024

Multiple news organizations reported this month that the UK’s Lloyds Banking Group is going to make significant cuts in its risk management function. It’s shocking, but it’s the truth. Background: Lloyds is one of the largest banks in the UK with revenue of £28 billion and next income of just under £5 billion. It has […]

Banking 45

Banking 45

Audit Board

OCTOBER 19, 2023

New service offerings leverage AuditBoard’s connected risk platform and EY’s solutions to address dynamic risk assessment and controls testing needs for enterprises. This expansion comes as the volume and complexity of risks, as well as the cost of associated regulatory compliance, continue to rise.

Compliance 111

Compliance Technology 111

Mckinsey and Company

MARCH 9, 2022

Senior executives at leading companies reveal their commitment to move from defensive risk management to a forward-looking stance based on strategic resilience.

Corporate Finance 106

Corporate Finance Finance 106

Audit Board

AUGUST 16, 2023

Effective risk management takes a proactive and preventative stance to risk, aiming to identify and then determine the appropriate response to the business and facilitate better decision-making. What Are Risks? Nevertheless, we choose to take on those risks, and may benefit from doing so.

Start-ups 52

Start-ups Compliance Technology Specific Risk 52

Audit Board

SEPTEMBER 21, 2023

Financial risk management is a function of enterprise risk management (ERM) that has to do with handling, identifying, and treating financial risks. Healthy cash flow, diversification, and competent financial management all play a hand in an effective financial risk management strategy.

Market Risk 52

Market Risk Start-ups Marketability Compliance 52

JPAbusiness

MARCH 14, 2023

Every business, regardless of industry and size, faces risk, and each of these risks has the potential to have a positive or negative effect on a business. Risk management might sound like a ‘dry topic’, but it’s critical to business success.

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Norman Marks

DECEMBER 23, 2022

First, I will review the answers about auditing risk management. Q1: Does your internal audit function audit the organization’s management of risk? The results from my recent survey (thanks to the 75 internal audit practitioners who responded) are interesting. You can see the results of the earlier survey here.)

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Mckinsey and Company

SEPTEMBER 19, 2022

As software-related vulnerabilities continue to grow, companies must manage their software cyber risks to innovate faster and create safer, more secure digital products.

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Audit Board

APRIL 7, 2022

As the importance of risk management continues to grow in a volatile risk environment, organizations are seeking to examine risk metrics from their key risk indicators (KRIs) to gain insights into top risks and forecast future risks. What are the risks we want to mitigate?

Start-ups 98

Start-ups Compliance Banking Technology 98

Norman Marks

JULY 8, 2022

In my last post, I outlined (at a very high level, with no detail) what I considered effective risk management entailed: When setting objectives, goals, and strategies, consider the things that might happen (both positive, opportunities, and negative, risks) and set achievable (if a bit of a stretch) objectives that will achieve the purpose of […]. (..)

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Gergory Caruso

FEBRUARY 20, 2024

Reducing business risk is not merely about safeguarding profitability, it’s about building a foundation of trust and security. While ambitious growth may beckon, remember, calculated risks are still risks.

Business Valuation 52

Business Valuation Banking 52

Mckinsey and Company

APRIL 13, 2023

Amid persistent complexity, bank leadership teams need to urgently revisit their approaches to credit risk management.

Banking 89

Banking 89

Henry Horne

SEPTEMBER 13, 2022

For many, managing compliance risks can seem like a daunting task. As such, here are some tips to consider when evaluating your approach to compliance risks management. Don’t miss: Materiality in accounting Begin With a Risk Assessment Compliance risks can’t be managed if you aren’t aware of your actual risks.

Compliance 52

Compliance 52

Audit Board

JULY 26, 2023

The latest extension to AuditBoard’s modern connected risk platform enables IT risk and security leaders to better manage their threat landscape, quantify risks, and improve cyber resilience. We’ve purpose-built AuditBoard ITRM to help customers more easily manage this critical work and improve their cyber resilience.”

Compliance 52

Compliance Technology 52

ThomsonReuters

MAY 27, 2022

See how organizations are developing strategies to mitigate different forms of supply chain risk in our free on-demand webinar, Impact of sanctions and export controls on global supply chains. Managing supply chain issues through uncertainty. Mitigating Supply Chain Risk: Best Practices.

Compliance 96

Compliance Technology Marketability 96

Mckinsey and Company

OCTOBER 25, 2023

Costly and disruptive, nonfinancial risks are an ever-present concern in the financial services industry. A defined risk appetite strategy can mitigate the problem.

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Mckinsey and Company

AUGUST 22, 2022

The sooner banks start their journey and establish an effective approach to model risk management of cybersecurity solutions, the quicker they will be able to manage risk and establish controls.

Banking 86

Banking 86

Norman Marks

MAY 30, 2023

The management team at Silicon Valley Bank failed to take precautions against rising interest rates that would devalue their assets. Was that a risk management failure? I call it a management failure. They knew or should have known of the risk and taken earlier action.

Banking 45

Banking Compliance 45

Norman Marks

NOVEMBER 6, 2023

For many years, the ERM Initiative of North Carolina University, in partnership with the AICPA & CIMA, has surveyed organizations about their assessments of the maturity of “risk oversight[1]” at their organizations. The two authors, Professors Mark […]

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N Contracts

APRIL 18, 2023

Risk management is a critical aspect of banking operations, but it doesn’t always come easily. Others find the ongoing nature of risk management challenging. But there’s one area where I find more resistance than any other: risk management controls. For newcomers, it can be intimidating.

Banking 52

Banking 52

N Contracts

JUNE 20, 2023

As environmental, social, and governance (ESG) issues continue to gain prominence, some financial institutions are looking for ways to integrate ESG considerations into their vendor risk management processes.

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Norman Marks

JUNE 12, 2023

to share my views on how the global risk management standard, ISO 31000:2018, should be improved. It’s a standard that I prefer to COSO’s 2017 Enterprise Risk Management Framework (although I prefer the principles in the ISO 31000:2009[1] version[2]). I was pleased to receive a request from Peter Blokland, PhD.

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Audit Board

OCTOBER 2, 2023

AuditBoard’s modern connected risk platform praised by customers for time-to-value, ease-of-use, and innovative capabilities. com , a streak that has reached 16 and 15 quarters respectively. com , a streak that has reached 16 and 15 quarters respectively.

B2B 59

B2B Compliance Marketability Technology 59

Audit Board

JANUARY 9, 2023

The good news is that companies are well aware of these concerns and see the need to improve their risk management positions in the coming year. According to a recent report from Protiviti , companies of every size — from established blue chip businesses to small startups — plan to strengthen their risk management processes in 2023. .

Technology 52

Technology Compliance Marketability 52

Norman Marks

JUNE 22, 2023

Earlier this year, IIA Norway shared Good Practice Guidelines for the Enterprise Risk Management Function. They explain: The target group for these guidelines is organisations that would like to either establish an Enterprise Risk Management function or develop their existing risk management function further.

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Audit Board

OCTOBER 16, 2023

Modern ERM teams are tasked with identifying and reporting on the top risks that might prevent their organization from achieving its business objectives. Yet, there is growing evidence that these ERM programs are not doing enough to protect their businesses from operational risk events linked to their unique risk profiles.

Start-ups 52

Start-ups Banking Technology Compliance 52

Audit Board

MARCH 22, 2023

Enterprise risk encompasses regulations, finance, operations, technology, reputation, strategy, and many more — and losing control over any one of these risk areas could mean disaster. Lately, with the increased focus on strong governance requirements, there is more scrutiny over risk management programs.

Compliance 52

Compliance Treasury Technology Finance 52

Mckinsey and Company

FEBRUARY 2, 2024

In the coming year, the payments industry will be confronted with high levels of risk, intensifying regulatory scrutiny, and significant changes in global standards.

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