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How Financial Institutions can benefit from Incident Management Solution?
Financial institutions, such as banks, insurance companies, and investment firms, face various challenges in their daily operations. They have to deal with complex regulations, high …
From Spreadsheets to Success: Advantages of Operational Risk Management Software for Financial Organizations
Many financial organizations still rely on spreadsheets to manage their operational risk data. While spreadsheet is a powerful and versatile tool, it has some limitations …
Building Resilience: The Crucial Role of Policy Management Solutions in Compliance with the Digital Operational Resilience Act(DORA)
A policy management solution is of utmost importance from a Digital Operational Resilience Act (DORA) regulation perspective. The DORA regulation aims to ensure the operational …
How to Choose the Right SOP Digitization Solution?
Standard operating procedures (SOPs) are essential for any business that wants to ensure quality, consistency and compliance in its processes. However, managing SOPs can be …
Why is it Important for the Financial Institution to Digitize its Standard Operating Procedure?
The financial sector is undergoing a rapid transformation due to the emergence of new technologies, changing customer expectations, and increasing regulatory demands. In this context, …
6 Simple Steps for Implementing an Operational Resilience Framework
On March 29, 2021, the Bank of England (BoE), Prudential Regulation Authority (PRA), and Financial Conduct Authority (FCA) jointly issued policy and supervisory statements to …
Digital Operational Resilience Act (DORA) – A Brief Overview
The use of information and technology is essential in the modern era as it supports complex systems used for daily activities. It plays a critical …
Operational Resilience Program – Steps to Conduct a Failure Modes and Effect Analysis (FMEA)
Basel defines Operational Resilience as a bank`s ability to deliver critical operations even at times of disruption. This would mean that the bank should have …
Impact Tolerance – Setting Impact Tolerance is a Vital Step to Build and Enhance Operational Resilience of an Organisation.
Impact Tolerance is quantifying the level of disruption, a critical business service can accommodate or absorb, before such disruption creates a significant impact or harm …
Improve your Organisation’s Decision Making and Response Mechanism through an Integrated Risk & Resilience Approach
During last twelve to twenty four months we have all experienced extraordinary uncertainty primarily due to natural calamity, COVID-19 pandemic, unstable global economy, political differences …
Operational Resilience Programme – Digitize your BIA (Business Impact Analysis) – An Important Step
Let’s first try and understand what is a BIA? Business Impact Analysis is a methodology which allows to predict the impact of disruption on your …
Synopsis of the Operational Resilience guideline of MAS- Monetary Authority of Singapore
Operational disruptions, if not recovered speedily, may compromise the ability of financial institutions (“FIs”) to meet their business obligations, resulting in financial and reputational damage, …
The What and Why of BPMN – Business Process Model and Notation
The Business Process Model Notation (BPMN) is a graphical representation for specifying business processes in a business process model. The objective of BPMN is to …
Key Highlights of APRA`s Discussion Paper on Strengthening Operational Risk Management
Events of recent years like COVID-19, cyber-attacks, flood and storms etc. has reinforced the importance of managing and responding to operational risks. To ensure that …
An Integrated Risk and Resilience Framework – A Better Approach to Manage Uncertainty
Businesses across the globe have, in the last couple of years, seen exceptional uncertainty due to political tensions, economic turmoil, COVID-19 pandemic and others. Markets …
The Seven Steps to Implementing an Effective Risk Management Process
Risk Management Process is a methodology by which risks are formally identified, measured and treated to ensure that risk is avoided, transferred or mitigated. As …
Simple steps to Automate and Standardise your Risk & Control Self Assessment (RCSA)
Risk and Control Self Assessment process is a widely accepted methodology used by banks, financial companies, insurance companies and others to identify and assess the …
Key Risk Indicators -A Powerful Tool to Anticipate Your Risk Within the Enterprise
In simple terms, Key Risk Indicator (KRI) is a metric used to measure the level of exposure to risk. These are indicators that denote the …
Hongkong’s Regulations for Operational Resilience
On 22nd December, 2021 HKMA (Hong Kong Monetary Authority) came up with a Supervisory Policy Manual for Operational Resilience to provide Authorized Institutions (AI) with …
Irelands’ Financial Service Sector Guidance on Operational Resilience
The Central Bank of Ireland`s objective of this guidance is to communicate to industry how to prepare for, respond to and recover and learn from …
New Operational Resilience Regulation for Financial Institutions in United States (USA)
The Federal Reserve, the Central Bank of the United States in August 2021 has released a paper intended to help community banks assess threats when …
Process Mapping is an important step in building an Operational Resilience Framework
The Covid -19 pandemic has clearly shown two trends within firms: The intensified use of technology and Operations can be managed through digital work force …
What is Game-Based Employee Onboarding? Tips and tricks to implement the right gamification strategy
Learning begins with joining. Effective Onboarding contributes to a newbie commencing with confidence, feeling supported, and acclimatizing much sooner. Conversely, employees who spend weeks and …
Strategies for Improving Banks’ Operating Efficiency
Banks occupy a place of pride because of its structure of undivided attention and contemporary functions. They have come an extended way from merely performing …
Get started with Digital Identity Verification
In a growing interconnected digital economy, identity verification of an individual’s real-world identity against their digital one has become ever critical in fraud detection. The …
Growing Importance of Operational Resilience in the Digital Era
Operational Resilience assumes that things will go wrong, and it will force organizations to plan on how to recover from the disruption. It is a …
Why are organizations jumping onto the AI-enabled Identity verification bandwagon?
Who has not experienced being asked to show some kind of government ID, be it to receive your courier, or check into a hotel, or …
What is Identity Proofing?
As per the Digital Identity Guidelines published by NIST, a US agency, Identity Proofing is verifying the claimed identity of an applicant by authenticating the …
New Amendment to KYC Regulation by RBI – 10th May, 2021
In Jan 2020, Reserve Bank of India amended the KYC norms allowing banks and other lending institutions to use Video based Customer Identification Process (VCIP) …
5 Steps to a Successful Execution of a Digital Transformation Project
Digital Transformation is bringing about a radical shift in the way you run your business, deliver services or manage your customers. The objective of digital …
