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 customer expectations, cybersecurity threats, and competitive pressures. In such a dynamic and demanding environment, incidents are inevitable. Incidents are unplanned events that disrupt the normal functioning of a system or […]
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 and drawbacks that can compromise the quality and accuracy of risk analysis and reporting. In this blog post, we will discuss why financial organizations should move from spreadsheets to operational […]
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 resilience of digital services providers, including financial institutions and other critical entities, in the face of cyber threats and other disruptions. Implementing a comprehensive policy management solution is crucial for […]
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 challenging, especially if organisations are still following paper, word or PDF format. Paper-based SOPs are prone to errors, loss, damage and outdated information. They also make it difficult to track […]
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, it is essential for the financial institution to digitize their standard operating procedure (SOP) to enhance their efficiency, agility, and compliance. A SOP is a set of written instructions that […]
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 enhance the UK financial system’s resilience against operational disruptions. Operational resilience necessitates firms embracing the notion that disruptions are inevitable. The underlying assumption is that business disruptions and failures will […]
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 role in keeping our economies running, especially in key sectors such as finance, and improves the functioning of the internal market. However, as digitalization and connectivity continue to increase, so […]
