article thumbnail

What Is Reputational Risk For Banks?

LogisManager

What Is Reputational Risk For Banks. In today’s world, technology enables consumers to instantly share their opinions on corporations. In the banking industry, managing reputational risk is a complex and ongoing discipline. Just like any business, banks face a myriad of risks.

Banking 52
article thumbnail

Unlocking the Truth: Navigating 20 Myths About Business Continuity

Erwood Group

It encompasses a holistic approach, safeguarding an organization’s people, processes, facilities, technology, vendors, and communications. In times of crisis, a comprehensive business continuity plan ensures that every facet of the organization is resilient. Myth 2: Business Continuity Plans Are Only for Large Enterprises.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

An Introduction to FFIEC: BCM’s Gold Standard

MHA Consulting

Collectively, these guidelines make up the FFIEC Business Continuity standard, whose purpose is to make sure the banks and other financial institutions that are required to follow it can continue to operate even if they are hit with a disruption. The FFIEC standard can be found here, and it’s completely free. Not even close.

BCM 74
article thumbnail

When You Can’t Rely on a Crystal Ball, Elevate and Invest in Resilience

Fusion Risk Management

The Impact of Ineffective Resilience Capabilities is Severe Imagine a bank that experiences a catastrophic outage in its IT systems , preventing customers from accessing their accounts for several days. This is exactly what recently happened with TSB Bank and Applied Materials. million customers. But how do you get started?

article thumbnail

Ukraine-Russia Conflict Sanction Impacts

Fusion Risk Management

This list is not exhaustive and continues to evolve, but the core areas where sanctions have been applied include: Financial Institutions. The United States and its allies announced that certain Russian banks would be shut off from the Society for Worldwide Interbank Financial Communications (“SWIFT”). Trade Compliance/Supply Chain.

Banking 52
article thumbnail

Everything You Need to Know About Business Continuity Plans

Erwood Group

Everything You Need to Know About Business Continuity Plans. Business Continuity Plans. Chances are if you’re visiting this page, you are new to the concept of Business Continuity Plans (BCPs) and business continuity overall. Definition of Business Continuity Plan.

article thumbnail

Operational Resilience for Financial Services: The View from APAC

Pure Storage

Concepts like service recovery time objectives (SRTOs) are mandated and regulations recognize that recovery plans must prioritize the order in which functions are restored in the event of a protracted and staged recovery process. Financial firms will be required to demonstrate these capabilities through plans, testing, and reports.