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Where are my vulnerabilities? Organizations that embrace, invest in, and elevate resilience as a strategic priority are able to more proactively sense issues, analyze vulnerabilities, and adapt to the evolving environment. This is exactly what recently happened with TSB Bank and Applied Materials. Where are my strengths?
This interconnected environment introduces vulnerabilities that can lead to IT disruptions, inefficiencies, increased costs, and regulatory risks. High-profile outages, such as those faced by Bank of America and other global institutions, emphasize the critical importance of operational resilience and compliance.
In banking, for example, the FDIC, the Office of the Comptroller of the Currency (OCC), or the Consumer Financial Protection Bureau (CFPB) are stringent regulators that can impose high fines for compliance issues. In June 2020, the OCC warned banks about compliance risks related to the COVID-19 pandemic. FDIC), a primary U.S.
While traditional industries such as banking, insurance, healthcare, and telecoms have borne the brunt of regulation in the past, todays digital age is fueling a risk in regulation that touches all entities, large or small. Improving Compliance GRC helps organizations identify areas where they are non-compliant and vulnerable.
With DORA, there is a significant change for the financial sector because organizations are now mandated to ensure the resilience, continuity, and availability of their information and communication technology (ICT) systems while upholding stringent data security standards.
This interconnected environment introduces vulnerabilities that can lead to IT disruptions, inefficiencies, increased costs, and regulatory risks. High-profile outages, such as those faced by Bank of America and other global institutions, emphasize the critical importance of operational resilience and compliance.
While traditional industries such as banking, insurance, healthcare, and telecoms have borne the brunt of regulation in the past, todays digital age is fueling a risk in regulation that touches all entities, large or small. Improving Compliance GRC helps organizations identify areas where they are non-compliant and vulnerable.
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