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Volume 27, Issue 3

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October 8, 2013

Avoiding Challenges with Governance Risk and Compliance

Since the financial collapse of 2008, new banking regulations have been put into place to prevent a similar crisis from reoccurring.  With these new regulations, banks are re-evaluating the way they enforce governance, risk and compliance (GRC) processes.  The purpose of GRC is to help these institutions identify and protect against unknown risks, monitor practices more closely and improve their overall operations.

While an effective GRC strategy benefits the financial institution by helping saving both time and money, the challenges associated with implementing GRC can often seem overwhelming.  GRC entails changing the processes an organization is accustomed to, and as we all know, change is not easy to embrace.  As such, GRC implementation can present challenges, such as adapting the new processes and re-training the employees to do the same, leading to a new learning curve for the entire organization.  As a first step, it is important for banks to fully understand the new regulations and their impact before changing their processes. Incorrect interpretations of these new regulations can lead to confusion and even reputational damage in some instances.

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http://www.corporatecomplianceinsights.com/avoiding-challenges-with-governance-risk-and-compliance/