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Overcoming Operational Resilience Implementation Barriers

Castellan

Take for example one of the current most highly publicized changes, the United Kingdom’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)’s new requirement that financial services organizations comply with new operational resilience regulations. It’s not just financial services that struggle.

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5 Steps to Implement Enterprise Risk Management (ERM)

Reciprocity

The two fundamental components of ERM are (1) the evaluation of significant risks, followed by (2) application of adequate responses. Mitigating or reducing the risk by internal controls or other risk-prevention measures. When establishing an ERM program, risk mitigation is a paramount concern. ERM’s Ultimate Objective.

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5 Steps to Implement Enterprise Risk Management (ERM)

Reciprocity

The fundamental components of ERM are evaluating significant risks and applying adequate responses. Operationally Critical Threat, Asset, and Vulnerability Evaluation (OCTAVE), developed by the Carnegie Mellon University, provides a self-directed methodology customizable to your organization’s size. Step 2: Assess the Risks.

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Cyberrisk Management Tips for Businesses Amid the Russia-Ukraine War

Risk Management Monitor

According to experts ranging from independent cybersecurity professionals to officials at the Cybersecurity and Infrastructure Security Agency (CISA), organizations at greatest risk right now include critical infrastructure , banks and other financial services firms, and of course key service providers in Ukraine or Russia.

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The Colonial Pipeline Hack: Failure in Risk Management

LogisManager

For example, a forensic finding made during an evaluation of Colonial Pipeline noted numerous known and preventable vulnerabilities, such as unpatched and outdated systems, that likely led to the security breach. Steven is a frequent speaker in the Energy , Financial Services and Cyber industries. Data Governance.

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What Is Reputational Risk For Banks?

LogisManager

The world is also more dependent than ever to maintain financial stability amidst rising inflation and the inherent unpredictability brought on by the pandemic. Reputational risk in banking and financial services is associated with an institution losing consumer or stakeholder trust. Fraud & corruption.

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Silicon Valley Bank (SVB) Failures in Risk Management: Why ERM vs GRC

LogisManager

They evaluate their vendor and partner communities to identify the third parties they depend on the most and map them to the business risks, controls, and testing that rely on them. By taking a risk-based approach, they have been able to mitigate potential financial risks associated with third-party vendors.

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