ERM Meaning
ERM stands for enterprise risk management. The ERM meaning is defined by the Committee of Sponsoring Organizations (COSO) as the combination of culture
Operational Risks
Operational risks are vulnerabilities to financial loss due to failures in processes, systems, and the people using those processes and systems.
Risk Management Software
Risk management software allows a company to easily identify, track and deal with threats that might damage the firm’s overall success.
Federal Reserve Definition
The Federal Reserve, also called the Fed, is the central banking system of the U.S., and the Federal Reserve Bank definition is any one of the 12 regiona
Risk Analysis
Risk analysis is the part of that overall process that deals with the analysis of information about the potential loss.
Risk Mitigation
Risk mitigation refers to defined strategies to minimize or avoid exposure to loss.
Third-Party Risk Management
While relationships with third parties can be beneficial, they also need to be overseen to make sure they do not result in damages that can affect your
Risk Management
Risk management is necessary for any business, helping to protect it against risks that may occur as a result of accidents, disasters, emergencies and
Risk Management Planning Template
Every business is vulnerable to some amount of risk and every project the business works on can bring its own additional set of risks. That’s why it’s
Recovery Time Objective
The Recovery Time Objective (RTO) is the maximum, tolerable length of time a computer, system, network or application can be down after a failure
Continuity Of Operations Planning
Continuity of Operations Planning (COOP) is an effort taken within individual executive departments and agencies to ensure essential functions continue
What Is Risk Management?
Risk management is important for every company and is, in fact, such a crucial part of doing business that there are several industries and government
Vendor Definition
In terms of financial institutions, a vendor is an entity that provides a product or service the bank uses to conduct its business. Vendors play an essent
Inherent Risk
Inherent risk is the risk that exists naturally when there are no safeguards in place to avoid trouble.
Strategic Planning Processes
Strategic planning processes in a financial institution begin when a bank forms and continue as long as the bank is in operation.
Mitigation Definition
Mitigation is defined as the action of reducing the severity or seriousness of something. When it comes to banking, risk is mitigated in several ways,
OFAC, Cyber Risk & Third-Party Vendors: What You Need to Know
Bankers know they shouldn’t do business with parties sanctioned by the OFAC - as the agency has reminded us in its most recent statement on sanctions and
5 Ways Intelligent Branch Planning Can Save Your Bank Millions
Here are 5 clear ways that intelligent branch planning can save your bank or credit union millions of dollars, with the numbers to prove it.
Cybersecurity 101: How to Get Senior Management to Spend More on Cybersecurity
They say nothing is certain in life but death and taxes, but I’d also add cyberattacks to that list. Here are five tips for making the case for why your
5 Scary Stories Guaranteed to Give You the Compliance Creeps!
Whether you're a Compliance Officer or a President, here are 5 scary banking stories from October guaranteed to give you the compliance creeps...
Vendor Management Framework
A vendor management framework is a logical system for developing a vendor management program. The framework includes recommendations for creating
Business Continuity Planning Checklist
A business continuity checklist is a concise list of tasks that must be done to create an adequate business continuity plan (BCP). The BCP is a plan for
COSO ERM Framework
The COSO ERM framework is comprised of the components and principles of effective enterprise risk management.
Vendor Risk Management
Vendor risk management is a process that aims to deal with the risks associated with working with vendors. This process begins when the company is first
Risk Management Strategies
Risk management strategies are systematic approaches to treating risks. Through risk assessment, a financial institution can identify the
Operational Risk Management
Operational risk management is a continuous process by which a financial institution manages risks within its business functions.
Contract Management Software
Contract management software automates processes for managing the creation, execution, and analysis of contracts. This software can handle a range of
RTO Meaning
RTO is defined as the maximum tolerable length of time that a computer, system, network or application can be down after a failure or disaster occurs.
Risk Management In Healthcare
Risk management is essential in any business, but risk management in healthcare, it can involve components unique to the medical community.
Risk Management Planning
While you may think that common sense could help businesses avoid risk, there are several risk management standards in place making this process more