Risk Management Articles

Latest risk management articles to help you better understand the complex world of Risk management. If you would like to submit your articles of interest, do write to manoj.jain@riskpro.in and we will surely include your articles in this section.

Return on Investment (ROI) on Risk Management Projects

Come January / February and the whole organisation is busy preparing their annual budgets. Executives manage to have a justification for each and every item on the budget, especially business growth.

Role of Operational Risk Management Committee

Operational risk is a fairly new concept when it comes to managing it as a separate risk type. However, the losses due to operational lapses are age old and existing ever since the business processes came into picture.

Integrated Risk Management Policy : An Overview

When planning to document an Integrated Risk Management (IRM) Policy, the Risk Management Department or RMD should ensure that it is all encompassing and really paves the way for long term risk management initiatives. Given below are some of the sections that might form part of the IRM policy.

1. Purpose and scope

Unauthorized acts considered a form of frauds

Unauthorised acts are those which are executed without any documented authority for that person. Unauthorized acts are normally undertaken with a view to achieve personal or business gain and often undertaken without any regard to the internal policies and procedures.

Regulatory Risk and Compliance Risk

As per recent surveys, regulatory and compliance risk is one of the greatest strategic challenge facing global businesses. This is a finding by Ernst & Young in their recent survey. And this does not come as a surprise because there is an ever increasing regulatory burden on companies not just to remain compliant with the regulations, but also to have an upper edge when it comes to competition.

Governance, Risk and Compliance (GRC) Consulting

Today, increasing number of services and consulting firms are creating a new subset of services by combining various service lines into a package known as Governance, Risk and Compliance (GRC). GRC consulting is created to pitch for a very unique set of clients who are interested in achieving something more than risk management. These clients are looking for an overhaul of their governance structures, best practices with respect to risk management and want to ensure that everything in their house is in order.

Insurance as an excellent risk mitigant

When we talk of insurance, we normally associate the activity with loss reduction methods that companies employ and the size of insurance normally is related to the types of losses and expected size of losses.

But few of us realize that taking insurance is not a simple exercise. It involves extensive review and mapping of past losses to the loss types, the types of insurance covers available in the market and the level of insurance required to be purchased. The premium or commercial terms is the last thing to be considered.

Combating Financing of Terrorism (CFT) : What you must know

What is Terrorism?
Terrorism is defined as the calculated use of violence (or the treat of violence) against civilians, in order to attain goals that are political or religious or ideological in nature, which is done through intimidation or coercion or instilling fear.

What is financing of terrorism?

Anti Money Laundering (AML) What you must know

What is Money Laundering?
Money Laundering is the process by which criminals attempt to hide and disguise the true origin and ownership of the proceeds of their criminal activities, thereby avoiding prosecution, conviction and confiscation of the criminal funds. The term „Money Laundering‟ is also used when the funds are used for terrorist financing, though the origin of the funds may be legitimate.

How is Money Laundering defined under PMLA 2002?
Section 3 of the Prevention of Money Laundering Act (PMLA) 2002 defines the „Offence of Money Laundering‟ as:

Fraud Risk Management : Article 2

Before frauds can be detected and or prevented, there has to be a very strong fraud governance and framework in place. Without this important piece of governance, people who know of fraudsters, people who witness frauds, or witness unusual behaviour, patterns etc will not be able to convert these warning signals into fraud detection incidents.

Written down policies and procedures make it so easy for all employee to understand what to expect and how to react in fraud situations. These policies lay down the expectation of the Board of Directors and Senior Management.


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