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As federal regulators take over Silicon Valley Bank in the wake of its collapse, many finance sector resilience professionals are looking at its riskmanagement strategies to figure out what went wrong. When the SVB collapse was announced on Mar.
Understanding Operational Resilience In an era marked by escalating threats such as natural disasters , geopolitical tensions , cyberattacks, and social unrest, an organization’s ability to adapt, react, and maintain operations is crucial.
Operational resilience has become a defining priority for organizations in sectors like finance and insurance, especially in the UK and Europe. The concepts within operational resilience have merit even in pharmaceutical, healthcare, and manufacturing. What are impact tolerances in operational resilience?
Unlike one-size-fits-all security strategies, resilience requires an approach that accounts for regulatory complexities, interdependent infrastructure, and a highly digitalized economy. This blog explores key security challenges and provides actionable strategies for organizations looking to build true resilience.
Million Crashes Later: Why CrowdStrike’s Blunder Is Your RiskManagement Wake-Up Call Last Updated: July 30, 2024 On July 19, 2024, the world got a brutal wake-up call. Planes were grounded, banks were frozen, and hospitals were in chaos. Here’s where things went wrong: Vendor RiskManagement? The price tag?
Operational resilience is the ability of an organization to deliver critical business operations, even during disruptions. Unlike organizational resilience, which focuses on the broader capacity of an organization to adapt and survive, operational resilience focuses on maintaining critical operations.
Are you ready for the new Bank of England, PRA, and FCA regulatory requirements? Resilience dominates the agenda for organisations globally. The impending UK regulatory requirements reflect the societal need for better operational resilience. appeared first on Fusion RiskManagement. Take the assessment now!
Episode 154: What We Can Learn from the Silicon Valley Bank Failure and Leadership in RiskManagement The Silicon Valley Bank failure sent a strong ripple effect through the financials of several prominent companies, and instilled some fear that other banks might fail as well.
One of the tools that central banks use to help combat inflation is to raise interest rates. However, there is concern from central banks that doing so can lead to additional market pressures and unintended consequences. The post Economic Impact of Russia Sanctions appeared first on Fusion RiskManagement.
In today’s world, organizations face unprecedented challenges that require a new approach to resilience. 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.
The National Credit Union Administration (NCUA) has recently released its priorities and areas of focus for the 2023 examinations, which include Interest Rate Risk, Credit Risk, and Information Security Risk. Easily organize and analyze data to prioritize resource allocation and address OCC and regulatory risk categories.
It’s Time for a New Model of Compliance Because a Resilient Organization is a Compliant One. And just like that, the first milestone on the Bank of England, Prudential Regulation Authority (PRA), and Financial Conduct Authority (FCA) operational resilience regulatory timeline came and went. The Old Model of Compliance.
Collectively, these guidelines make up the FFIEC Business Continuity standard, whose purpose is to make sure the banks and other financial institutions that are required to follow it can continue to operate even if they are hit with a disruption. This is true even if they are unable to reach full alignment with the standard.
An increasingly key theme year over year, resilience is at the root of the latest Excellence in RiskManagement India report from Marsh and RIMS—and the RIMS Risk Forum India 2021 virtual event , where the report was officially released today. Doing so increases the ability to develop effective responses.
There are even emerging regulatory requirements on the horizon such as the Digital Operational Resilience Act (DORA) that will extend regulatory reach to some technology and data service providers. Investing in Risk and Resiliency is the Right Thing to Do. Or, as so well articulated by the great British writer C.
Just like a compass helps chart a course, create a roadmap, and deliver you to your destination, Fusion assists our customers on the path to a robust, connected resilience capability. The need for an operational resilience sherpa was front and center at Fusion’s recent annual customer summit, Compass 2022.
As riskmanagers, compliance with these new sanctions tests the bounds of third-party programs – as guardians of companies, risk practitioners can’t do business with sanctioned parties and operate lawfully. One of the core pillars of being a more resilient organization is the ability to adapt and respond in the face of change.
There are some tips that professional services firms can use to help define a risk-based sanctions approach that OFAC expects. These include: Remember to build a resilient culture; it is not enough to just check the box. Leverage technology to help you define your risk assessment and resiliency methodology.
In this blog, we will explore three ways to prepare for the future: engaging your Risk Committee and Board of Directors with the Risk Maturity Model, using riskmanagement to anticipate and mitigate potential risks, and optimizing vendor spending while enhancing your security.
In this blog, we will explore three ways to prepare for the future: engaging your Risk Committee and Board of Directors with the Risk Maturity Model, using riskmanagement to anticipate and mitigate potential risks, and optimizing vendor spending while enhancing your security.
In an era of constant change, the risks and threats to global organizations never sleep. Today’s practitioners recognize that they need dynamic riskmanagement , operational resilience, and business continuity (BC) programs – and they need to be agile in implementing them.
Unfortunately, I googled my bank when I was living in the UK and found myself on a fake login page. The next day, all of my money was transferred out of my bank account! It was a horrible situation and a stressful few days before finding out the bank was going to reimburse the funds.
In addition to the presentation, I have offered four E-Book’s for free download on the following topics: Business Continuity and RiskManagement. Unfortunately, I googled my bank when I was living in the UK and found myself on a fake login page. The next day, all of my money was transferred out of my bank account!
Industry websites are brimming with dos and don’ts and successes and failures pertaining to building more resilient operations, creating resilient cultures, and architecting the systems that support them. But where are firms in their journey to implementing more resilient operations?
The National Credit Union Administration (NCUA) has recently released its priorities and areas of focus for the 2023 examinations, which include Interest Rate Risk, Credit Risk, and Information Security Risk. Easily organize and analyze data to prioritize resource allocation and address OCC and regulatory risk categories.
Pandemics were on national risk registers and scenario exercised with national agencies in the UK and US just a couple of years prior; Russia annexed Crimea in 2014, setting itself up to be able to effectively target a resource rich Ukraine; and in borrowing so much during lockdown, we couldn’t avoid a state of rising inflation this year.
Kristalina Georgieva, Managing Director, International Monetary Fund (IMF) said it best in the concluding remarks at Davos — “The overlaying of crisis upon crisis has taught us one thing, think of the unthinkable. How is the concept of compound crisis affecting resilience? . And remember Covid?
The last year has seen such attacks hit Bank of America , Home Depot, T-Mobile , Okta , and Citrix. To help, a new class of tools has appeared on the market: Third-party cybersecurity riskmanagement (TPCRM) platforms can help manage both assessment and ongoing monitoring.
If you ask most resilience students or apprenticeship trainees what their ultimate career goal position might be, heading up the global resilience team for financial services market leaders would likely be high up there. However, once you have reached those lofty echelons, you have a massive challenge on your hands.
Episode 127: Strategic Communication Methods for DE & I This episode is brought to you by Fusion RiskManagement, Building a More Resilient World Together. Just like our banks, we need to make a deposit before we can make a withdrawal. Just like our banks, we need to make a deposit before we can make a withdrawal.
Episode 127: Strategic Communication Methods for DE & I This episode is brought to you by Fusion RiskManagement, Building a More Resilient World Together. Just like our banks, we need to make a deposit before we can make a withdrawal. Just like our banks, we need to make a deposit before we can make a withdrawal.
This means that management will need to address what their new business model will be. Business Continuity and RiskManagement will hopefully be given the respect it deserves. Many professionals in senior roles did not understand, nor even care to understand business continuity and organisational resilience strategies.
This means that management will need to address what their new business model will be. Business Continuity and RiskManagement will hopefully be given the respect it deserves. Many professionals in senior roles did not understand, nor even care to understand business continuity and organisational resilience strategies.
Episode 127: Strategic Communication Methods for DE & I This episode is brought to you by Fusion RiskManagement, Building a More Resilient World Together. Just like our banks, we need to make a deposit before we can make a withdrawal. Just like our banks, we need to make a deposit before we can make a withdrawal.
In 2011, when extreme flooding crippled factories in Thailand, the country’s central bank estimated that the supply-chain disruptions lowered Thailand’s GDP growth rate by 76 percent, dropping it from the forecasted 4.1 percent as a result of the floods, according to estimates by the United Nations Office for Disaster Risk Reduction.
As part of our Latin America focus for this edition of FS-ISAC Insights, we spoke with Homero Valiatti, Superintendent of Information Security at Itaú, Brazil's largest bank and the largest financial institution in the southern hemisphere. How are you managing the uptick in attacks on the supply chain?
How Banks Benefit from the New Digital Operational Resilience Act by Pure Storage Blog We’ve all seen how ransomware can bring businesses, local governments, and other organizations to their knees. DORA closes a critical gap in data management for banks. The key metric of success was a low cost of ownership.
These requirements can apply in third-party risk scenarios but also more broadly across the enterprise where risk for misconduct exists. The Digital Operational Resilience Act (DORA) in the EU takes it a step further and opens the door for provisions for criminal prosecution.
Operational resilience has been top of mind for regulators and financial services firms for the past few years. The old way of managingrisk and resilience programs is no longer effective or efficient, and regulators have taken note. The DORA centers around five principles that can lead to operational resilience.
Operational Resilience for Financial Services: A Perspective from the U.S. We took a global look at the subject of OR in our white paper, “ Strengthening Operational Resilience in Financial Services ,” and two blogs that focused on requirements in Europe and APAC. FFIEC has a much broader and even less specific mandate than CISA.
The Bank of England, as part of their operational resilience policy statement , continually outlined the need for institutions to ensure that they can continue to deliver their important business services during severe (or extreme) but plausible scenarios. So, what is the current reality related to the conflict in Ukraine?
5 Key Takeaways from the EU’s Digital Operational Resilience Act (DORA) by Pure Storage Blog In our recent white paper, “ Strengthening Operational Resilience in Financial Services , ” we explore how operational resilience (OR) has emerged as one of the most important issues in the financial industry.
I visited many organizations throughout 2022 and observed varying maturity levels in programs on their journey to addressing regulatory and policy requirements related to Operational Resilience. In 2023, we will continue to see more non-financial services companies adopt operational resilience concepts and frameworks.
Operational Resilience for Financial Services: The View from APAC by Pure Storage Blog Across the globe, regulators and business leaders in financial services are increasingly paying attention to the area of operational resilience (OR).
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