Risk refers to threats an organization faces -- loss of earnings, loss of reputation, or harm of any kind.  These articles explore the challenges of preventing, identifying and mitigating risk. Risk can come in many forms, including financial issues, legal liabilities, strategic or leadership errors, or accidents and natural disasters. Today,  IT- and data-related risks are growing concerns. The following articles about risk look at the issue from many angles, especially from that of compliance officers and risk managers.

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How to Account for Emotional Intelligence in Third-Party Risk Management

Third-party risk management (TPRM) has grown in prominence as organizations increase their reliance on external parties, from cloud providers to credit card processors. As more enterprises invest in this critical business function, certain best practices are becoming key to a successful TPRM program. The authors of this article, a consultant and third-party risk manager for the international retailer AutoZone and...

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How Has the Omicron Variant Impacted Third-Party Risk Management?

The Omicron variant has now spread around the world and, in many regions, has brought about revamped restrictions. Those factors are leaving their mark on third-party risk management, which continues to require nimble and dynamic handling. Travel restrictions, nationwide lockdowns and worldwide instability have resulted in complex supply chain disruptions that highlight multiple underlying risk factors between business relationships. While...

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When Investigators Pile On, Make Sure You Navigate These Pitfalls

When businesses do wrong in the current climate of regulatory enforcement, they often find themselves under scrutiny from federal, state and local agencies. In this eventuality, one can take some steps (and avoid others) to mitigate the impact. All companies dread the idea of a federal, state or local regulator investigating their business practices. These days, instead of a single...

Gartner Executive Poll Finds More Are Worried About Ransomware Than Pandemic

Gartner Executive Poll Finds More Are Worried About Ransomware Than Pandemic

The threat of new ransomware models was the top concern facing executives in the third quarter of 2021, according to Gartner's Emerging Risks Monitor Report. Concerns about ransomware topped pandemic-related concerns, including supply chain disruptions, according to the survey of 294 senior executives across industry and geography. “The negative impact of evolving ransomware attacks is seen as so severe by...

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Proposed Inter-Agency Guidance Would Rewrite the Book on Third-Party Risk Management and Raise the Bar for SOC 2 Compliance

The Fed, OCC and FDIC took an unprecedented step this summer in proposing a joint third-party risk management and information security framework that could apply broadly across the financial industry. In 2013, the Office of the Comptroller of the Currency (OCC) provided guidance to national banks for assessing and managing risks associated with third-party relationships. Shortly thereafter, the Federal Reserve...

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As ESG Pressures Mount, Ensure Your Risk and Compliance Efforts Support Your Mission

Navex Global VP Karen Alonardo has worked in the ESG space for decades. She has a simple message for companies just beginning to report: Start small and focus on what matters. Environmental, social and governance (ESG) is finally in the spotlight with the recent increase in investor interest. According to the 2020 biennial “Report on U.S. Sustainable and Impact Investing...

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Machine Learning Governance in Financial Services: A New Perspective on Core Principles

Financial institutions can leverage machine learning to make an array of functions faster, more accurate and more efficient. But deployment is just the first step. In the end, machine learning governance makes or breaks the efficacy of any system. In today’s banking and financial services world, we are rebuilding many finance, risk, actuary, forecasting and macroeconomic models using Python, R...

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