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Not just survive, but thrive, through risk management

The ability to identify and manage risks effectively is often the difference between a company thriving and simply surviving in today’s rapidly evolving business landscape.

DEREK SMITH: The intersection of infosec and compliance

The saying “Trust is good, but control is better” is ever more pertinent as the digital frontier expands at an unprecedented rate, especially for financial institutions in developing countries. Yet, in the pursuit of compliance, we often overlook a critical point: compliance is more than just a regulatory requirement; it is a strategic asset that fosters innovation, trust, and growth.

Combining law and ethics to give exemplary conduct

While legality and ethics intersect frequently in the business world, they can also diverge in critical ways that shape a company’s foundation and future. Legality to compliance with laws and regulations, while ethics pertains to moral principles that govern behaviour. For companies looking to succeed while maintaining their integrity, understanding both is vital.

DEREK SMITH: Companies must adapt to governance changes

This year, governance, risk and compliance (GRC) will continue to evolve rapidly, driven by technological advances, evolving regulatory environments and changing economic conditions. Gartner projects $205bn in end-user spending on risk management and cyber security in 2024, an increase of 14.3 percent from 2015. GRC programmes will become ever-more important as the regulatory landscape becomes more complex.

DEREK SMITH: The balance anti-money laundering officers strike

In an era where financial crime is as innovative as the technology that battles it, the role of the compliance officer in the anti-money laundering (AML) domain has never been more pivotal or pressured.

DEREK SMITH: Corporate culture must emphasise compliance

Businesses must have a solid corporate culture to gain a competitive advantage. For a thriving business, it enhances employee performance, increases engagement and forms the backbone of a compliance programme. Conversely, a poor corporate culture, or total absence of one, restricts access to elite talent as well as leading to non-compliance with business norms, laws and societal expectations.

DEREK SMITH: Develop cyber security plan to meet your need

As technology becomes an essential feature in every business, there is a growing need to ensure its safe use. Companies store crucial data and depend on technology for their day-to-day operations. With the continuous evolution of cyber threats and stringent regulations, companies need a firm security plan. However, every firm has unique needs, so more than just a generic solution might be required.

DEREK SMITH: Combine AI with human expertise on compliance

Regulatory compliance is undoubtedly a key component of trust between institutions and consumers in the financial services industry. Thus an important question facing corporate governance professionals in the era of fintech (financial technology) innovation is whether to invest in Artificial Intelligence (AI) for compliance or rely on the traditional expertise of risk and compliance professionals.

DEREK SMITH: Privacy policies and notices both boost data protection

Data protection is of the utmost importance in today’s data-driven world. As technology advances and businesses collect more data than ever before, it is increasingly important to understand the difference between data privacy policies and privacy notices in order to protect individual rights and to maintain compliance with regulatory requirements.

DEREK SMITH: Linking climate risk, compliance and actuarial science

THIS summer, my compliance intern is an actuarial science major. In several instances, both she and I have been asked, "Why would an actuarial science major choose the area of compliance for their summer internship at an insurance company?"

DEREK SMITH: Artificial intelligence key to governance risk battle

For companies to operate ethically, comply with regulations and mitigate risks effectively, Governance, Risk and Compliance (GRC) strategies are vital.

DEREK SMITH: Uniting to battle modern slavery

In celebration of June 19, an historic date in history that marked the abolition of slavery in Texas, financial crime professionals are grappling with a different but uncomfortably similar problem: Modern day slavery and human trafficking.

DEREK SMITH: How social responsibility is affecting financial institutions

In recent years, environmental, social and governance (ESG) factors have become increasingly important for financial institutions. The ESG approach goes beyond traditional financial metrics, instead focusing on sustainability, responsible investment and ethical practices. This article aims to explore two negative, and two positive, aspects of ESG and how it can impact financial institutions.

DEREK SMITH: ‘Peace of mind’ on data security

Individuals, companies and governments alike are increasingly concerned about data security and privacy as the digital landscape continues to expand.

DEREK SMITH: Data protection key to corporate success

The value of data in today’s commercial world has grown exponentially.

DEREK SMITH: Data protection and privacy difference not readily obvious

Data privacy and data protection have distinct meanings and implications, but they are often used interchangeably. Business leaders must understand the differences between these two concepts, and how they impact their operations, as they increasingly rely on data for decision-making. The next three articles, including this one, will provide the necessary clarification and insights on data privacy and protection tools over the following month.

DEREK SMITH: Compliance is critical to corporate success

A compliance programme is an indispensable element for any company as it helps to prevent, detect and remedy potential violations of law and corporate policies.

DEREK SMITH: Silicon Valley Bank’s failure shows risk management key

As a governance, risk and compliance professional, I must emphasise the importance of establishing a solid risk management framework to protect against possible catastrophic corporate failures. The current business environment is constantly evolving, and new risks are emerging. Therefore, adopting a robust risk management strategy is essential to protecting businesses from future uncertainties.

DEREK SMITH: Good corporate governance critical to sustainable growth

CORPORATE governance incorporates the principles and practices that guide how a company is directed, managed and controlled. It is critical for building long-term value for all stakeholders, including shareholders, employees, customers, suppliers and the broader community.

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