{"id":125744,"date":"2021-08-02T07:59:23","date_gmt":"2021-08-02T07:59:23","guid":{"rendered":"https:\/\/evertise.net\/?p=38391"},"modified":"2021-08-02T07:59:23","modified_gmt":"2021-08-02T07:59:23","slug":"five-tips-to-simplify-governance-risk-and-compliance","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2021\/08\/02\/five-tips-to-simplify-governance-risk-and-compliance\/","title":{"rendered":"Five Tips To Simplify Governance, Risk, and Compliance"},"content":{"rendered":"<p><span id = wx_e_38391><\/span><\/p>\n<p><span style=\"font-weight: 400\">Navigating the financial services market might raise far more difficult questions than satisfying solutions, depending on the mood of the times. Who can stay on top of institutional compliance in the face of shifting political landscapes, new or changing banking rules, and continuing program management? Here are five great tips for<\/span><a href=\"https:\/\/insights.diligent.com\/grc\/\"><span style=\"font-weight: 400\"> GRC<\/span><\/a><span style=\"font-weight: 400\"> (Governance, Risk, and Compliance):<\/span><\/p>\n<h2><b>1.<\/b><span style=\"font-weight: 400\">\u00a0 \u00a0 \u00a0 <\/span><b>Look at the big picture.<\/b><\/h2>\n<p><span style=\"font-weight: 400\">GRC (governance, risk, and compliance management) is not a new concept. Financial institutions have had to comply with banking regulations since the beginning of the industry. <\/span><a href=\"https:\/\/insights.diligent.com\/esg\/\"><span style=\"font-weight: 400\">GRC<\/span><\/a><span style=\"font-weight: 400\"> management has evolved throughout time to encompass a variety of facets of a financial institution\u2019s operations, including:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Compliance<\/span><\/li>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Risk<\/span><\/li>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Business continuity<\/span><\/li>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Audit<\/span><\/li>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Third-party risk management<\/span><\/li>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Incident management<\/span><\/li>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Operational risk<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">All of these components are typically managed by various teams. Financial organizations frequently employ a combination of technology to gain insight into numerous aspects of compliance operations, such as spreadsheets, emails, papers, and shared drives and files.<\/span><\/p>\n<h2><b>2.<\/b><span style=\"font-weight: 400\">\u00a0 \u00a0 \u00a0 <\/span><b>Make the most of your data.<\/b><\/h2>\n<p><span style=\"font-weight: 400\">You\u2019ll need data to back up your judgments, even if you have an enterprise-level view. It\u2019s difficult to interpret dangers and capitalize on possibilities if you don\u2019t use data efficiently. Multiple documents and technologies make data analysis difficult, but having such data is vital to modernizing GRC activities. The data does not lie; it tells the truth.<\/span><\/p>\n<p><span style=\"font-weight: 400\">One example of the danger in this area is a financial organization that exclusively secures data using a software security solution. Inventorying all software and solutions regularly, doing vulnerability scans, and testing controls are all<\/span><a href=\"https:\/\/www.infoentrepreneurs.org\/en\/guides\/manage-risk\/\"><span style=\"font-weight: 400\"> ways to appropriately manage risk in this area<\/span><\/a><span style=\"font-weight: 400\">. These activities will aid in the prevention of a data breach that could result in increased reputational problems in the future.<\/span><\/p>\n<h2><b>3.<\/b><span style=\"font-weight: 400\">\u00a0 \u00a0 \u00a0 <\/span><b>Encourage more internal collaboration.<\/b><\/h2>\n<p><span style=\"font-weight: 400\">In any organization, fostering cross-departmental collaboration can be difficult. However, when it comes to governance, risk, and compliance, this is especially crucial for financial institutions. The benefits of prioritizing the dismantling of organizational silos will be reflected in a more effective risk management and compliance program overall. Significantly improved internal collaboration:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Multiple areas are involved in risk assessments.<\/span><\/li>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Management of incidents<\/span><\/li>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Controlling and preventing fraud<\/span><\/li>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Review of policy<\/span><\/li>\n<\/ul>\n<h2><b>4.<\/b><span style=\"font-weight: 400\">\u00a0 \u00a0 \u00a0 <\/span><b>Risks and controls must be properly mapped.<\/b><\/h2>\n<p><span style=\"font-weight: 400\">The best way to prevent gaps in your governance, risk, and compliance program is to appropriately map each risk to control.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While identifying risk is simple, determining the appropriate control to go along with it is a different story. Still, every risk necessitates a countermeasure, and every countermeasure necessitates a test. If not, you have a hole in your plan and will need to decide whether you want to take the risk.<\/span><\/p>\n<h2><b>5.<\/b><span style=\"font-weight: 400\">\u00a0 \u00a0 \u00a0 <\/span><b>Integrate technology to make things easier and more innovative.<\/b><\/h2>\n<p><span style=\"font-weight: 400\">The greatest approach to apply and streamline the best practices described above is through technology. Technology can drive innovation in two other areas of institutional compliance: third-party risk management and process automation, in addition to making daily GRC administration easier.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Institutions must gather sources of evidence to demonstrate proper management of the partner or vendor in third-party risk management (which is a big part of what banks must do from a regulatory standpoint). Technology systems can be set up to ask for certain papers that require annual maintenance regularly.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p><span><\/span>Navigating the financial services market might raise far more difficult questions than satisfying solutions, depending on the mood of the times. Who can stay on top of institutional compliance in the face of shifting political landscapes, new or changing banking rules, and continuing program management? Here are five great tips for GRC (Governance, Risk, and [&hellip;] <a href=\"https:\/\/ipsnews.net\/business\/2021\/08\/02\/five-tips-to-simplify-governance-risk-and-compliance\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":310,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[],"class_list":["post-125744","post","type-post","status-publish","format-standard","hentry","category-ips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Five Tips To Simplify Governance, Risk, and Compliance - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ipsnews.net\/business\/2021\/08\/02\/five-tips-to-simplify-governance-risk-and-compliance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Five Tips To Simplify Governance, Risk, and Compliance - Business\" \/>\n<meta property=\"og:description\" content=\"Navigating the financial services market might raise far more difficult questions than satisfying solutions, depending on the mood of the times. 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