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Insights and news for GRC & ESG
Modernize Risk Modeling in the Cloud
In today’s rapidly evolving financial landscape, firms are confronted with a slew of challenges that test their resilience and adaptability. The intersection of economic volatility, political uncertainty, cultural shifts, and public health crises has created
Understanding the Risks and Mitigation Strategies for Bias and Fairness in AI and Machine Learning
The evolution of artificial intelligence (AI) and machine learning has brought about transformative changes across various industries, offering unparalleled efficiencies and capabilities. However, these advancements are not without their challenges. Key among them is the
Mastering Model Risk Management: Navigating Regulatory Frameworks and Challenges in the EU Financial Sector
In the rapidly evolving financial services industry, Model Risk Management (MRM) has emerged as a critical area of focus for institutions aiming to safeguard their operations and ensure regulatory compliance. This comprehensive exploration delves into
Mastering Model Risk Management in Finance: Strategies for Safeguarding Your Institution
In recent years, the financial sector has seen a notable increase in the use and complexity of models designed to optimize operations, manage risks, and drive strategic decisions. This trend is evidenced by the growth
EY Announces Strategic Partnership with Empowered Systems to Revolutionize Risk, Compliance, and Governance Solutions
Dover, Del., 10 April 2024 – Ernst & Young LLP (EY), a global leader in assurance, tax, transaction, and advisory services, is thrilled to announce a pioneering partnership with Empowered Systems, renowned for its EmpoweredNEXT
Managing and Mitigating Third-Party Risk: A Comprehensive Guide
In today’s interconnected business landscape, the practice of outsourcing production or services has become a staple for enterprises seeking to leverage specialized skills and cost efficiencies. However, this strategy introduces a layer of complexity in
Mastering Third-Party Risk Management: A Comprehensive Lifecycle Guide
Third-party relationships are not just a convenience; they are a necessity. From cloud service providers to supply chain partners, third-party vendors play a pivotal role in the operations of modern enterprises. However, as the reliance
The Evolution and Essentiality of Vendor Risk Management in Modern Business
In the ever-expanding digital marketplace, the practice of Vendor Risk Management (VRM) has evolved from a simple check-list task to a complex and strategic imperative for businesses aiming to scale. This transformation is propelled by
Ensuring Financial Stability: Navigating Vendor Risks in Uncertain Economic Times
In the ever-evolving landscape of finance and banking, the specter of economic downturns looms large, presenting a challenge that institutions must navigate with foresight and strategy. The unpredictability of financial downturns necessitates a proactive approach,
Maximizing Vendor Management in Financial Institutions: Integrating the Three Lines Model for Effective Risk Management
The strategic integration of a robust vendor management program within financial institutions has become paramount. As organizations increasingly rely on a diverse ecosystem of third-party vendors, fintech companies, consultants, and other partners, it’s imperative that