The first step in implementing effective risk management (fraud risk and cybersecurity risk) program is context analysis to establish the current state against the best practice or aspiration levels. Which level is our organisation’s risk maturity? What gaps should our risk management agenda close? What will it take to close the gaps? How ready is our organisation for fraud and cyber risk management? Is your risk management agenda progressive? Many risk and anti-fraud professionals just recommend the implementation of fraud risk management programs without readiness assessment and an understanding of the current state. In this TUNA – turbulent, uncertain, novel,…
Revisit your business model from software to ecosystem
“… I am tired of this institution. I am moving on. I do not care how many years I have been here. They are no different from money lenders. I want a financial institution that will be a business partner and make my life easier… grow my wealth”. The banking industry is under pressure: Today’s customers want more! Every bank must re-invent and offer more bespoke value-adding solutions. As a financial institution leader, you have a choice — let your customers switch to a competitor OR transform your offerings by giving customized value-adding services that customers adore using an ecosystem…
Be prepared for uncertainties, implement actionTEAM GRC software
Do not get ready. Stay ready. Automate your risk management, strategy execution, and performance management system to gain a distinctive advantage. actionTEAM is a Governance, Risk, and Compliance software that gives you the skills to quickly identify, prioritize, and manage top business risks proactively affecting your business. Whether you are a seasoned risk expert or a novice, our risk software will transform your risk management processes to win. The software contains three modules to transform your risk management processes for governance effectiveness in the areas of strategy execution, risk management, and compliance management. The system comes with two tools: Tool…
Role of the board in Business Continuity Planning and Disaster Recovery (BCP/ DR)
No company should get ready. It should stay ready. That way, there are no surprises. The case of fire at one of Toyota offices in Kampala that led to loss of a brand-new car worth over US $100,000 to fire is still. Indeed, many disasters have happened and caused some businesses to collapse altogether. The easiest solution to such risk management is insurance. However, one must insure risk which is transferable. Risks like loss of goodwill, reputation, intellectual property and inconveniences are not transferable and therefore cannot be solved by insurance. Accordingly, Insurance cannot pay for lost time, goodwill and…