Blog
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Proactive vs. Reactive Risk Management Strategies
In a difficult economic climate, a company’s odds of survival depend on how skillfully it manages risk. A well-rounded risk management strategy can help companies stay in business because they can navigate key risks and prepare themselves for potential effects from internal and external conditions. Understanding what sound risk management practices are, however, is no […]
Tags: Risk Management
July 29, 2024
Substantive Testing vs. Control Testing: How Do They Compare?
Financial integrity is the foundation of business success and investor confidence. Major financial scandals, like Enron or WorldCom, highlight the critical importance of thorough financial examination. So, companies need reliable methods to verify their financial health and regulatory compliance. Behind every reliable annual report and earnings statement stands a solid verification process. This post breaks […]
Tags: Audit Management
What is the Importance of Internal Controls in Corporate Governance Mechanisms?
At the core of business management are the rules, practices and processes that define how your organization is directed, operated and controlled. This system, known as corporate governance, is aimed at creating more ethical business practices by aligning the interest of your organization’s stakeholders. In today’s business environment, the more ethical-and transparent-your organization is about […]
June 17, 2024
What Are the Top Operational Risks for Banks?
What Are the Top Operational Risks for Banks? Key Takeaway: Bank operational risks include cybersecurity threats, third-party vendor risks, internal and external fraud, and system failures. These risks arise from failed internal processes, human errors, or external events. They require comprehensive risk management frameworks that combine identification, assessment, and control strategies. Quick Navigation Key Terms […]
Tags: Financial Services, Risk Management
June 10, 2024
What is Technology Risk?
Technology risk (or IT risk) is the chance that technology failures, such as cyberattacks, service outages, or outdated equipment, could disrupt business operations. If not managed properly, these risks can lead to financial losses, reputational damage, regulatory penalties, or strategic setbacks. This article explores common types of technology risks, the importance of technology risk management, […]
Tags: Risk Management, Technology
June 7, 2024
Embracing Our Roots: The Next Era of ZenGRC
Today, RiskOptics becomes ZenGRC, a name that reflects our legacy, our vision, and our unwavering commitment to our valued customers and partners. This transformation is more than a simple rebranding; it’s a celebration of our roots, our innovations, and our promise to continue leading the Governance, Risk, and Compliance (GRC) industry with clarity and confidence. […]
June 1, 2024
5 Most Common Types of Internal Accounting Controls
Accounting is a core function in every business. Organizations need accounting teams to track revenue and expenses, evaluate financial performance, create budgets and financial projections, and maintain compliance. Skilled accountants provide up-to-date financial information to support decision-making. Unfortunately, the word “accounting” is often followed by the word “scandal,” especially given examples such as Enron, WorldCom, […]
May 31, 2024
ZenGRC: Simplifying Governance, Risk, and Compliance for Tomorrow’s Business Challenges
At ZenGRC, our mission is to make GRC simple, and it’s been that way since the inception of ZenGRC in 2009. With an in-house team of GRC experts and a development model focused on customer and industry challenges, we pride ourselves on being collaborative, innovative, and transparent. However, it is not just about state-of-the-art […]
Tags: Compliance, GRC, Risk Management
May 24, 2024
Evidence Collection for TPRM
Today almost every organization outsources at least some part (if not many parts) of its operations to third parties. That means those organizations must govern the risks of those third parties — but obtaining the assurance you want from your third parties is a daunting task. Ultimately, as businesses scale up and use more third […]
April 11, 2024
What is the Difference Between PA DSS and PCI DSS?
The PCI-DSS 4.0 security standard for credit card transactions went into effect at the end of March 2024, and supplanted the Payment Application Data Security Standard (PA-DSS) as the primary security standard for all retail transactions. That said, it’s still important to understand the distinction between PA-DSS and PCI-DSS, as many organizations may still be […]
April 7, 2024
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