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The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.

Risk and Compliance Imperative for Financial Institutions

Anand Iyer
Thursday, September 8, 2011
Anand Iyer
Financial Institutions are facing ever increasing challenges in risk and compliance management. Rapid regulatory changes; changes in risk management principles, electronic banking and payment products; and increasing regulatory scrutiny result in bigger risks and compliance needs.

An integrated approach can be adopted by financial institutions to manage the key constituents of governance, risk and compliance (GRC) programs. This integrated approach would help reduce overall business risks, ensure better compliance, reduce cost and also establish competitive advantage in the market place

Financial Risk and Compliance Imperatives

Banks and financial institutions are in the business of taking financial risks. The higher the risk they take, the larger the expected profits and returns. However, unbridled risk, without effective risk management can be disastrous for any bank or financial institution.

Also, in recent times, the global financial services landscape has seen an increase in regulatory requirements, necessitating a greater focus on the way financial organizations manage their governance, risk and compliance initiatives. Some of the factors influencing the current financial services GRC environment and associated spend are:

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