Introduction As technology evolves rapidly, the imperative to safeguard and fortify our financial systems also intensifies. The Digital Operational Resilience Act (DORA), a new EU regulation, is a landmark initiative that seeks to enhance the security and reliability of the financial sector. DORA sets standards for Information and Communications Technology (ICT) risk management, incident reporting,...
Introduction In the ever-evolving world of finance, organizations face a myriad of challenges in ensuring transparency, compliance, and risk mitigation. Financial Controls Management (FCM) emerges as a critical component in the arsenal of tools designed to navigate these challenges and maintain the integrity of financial operations. FCM encompasses a set of processes, policies, and technologies...
Introduction As the impacts of climate change become increasingly evident, the financial sector is waking up to the reality that physical climate risks pose a significant threat to economic stability. Extreme weather events, rising sea levels, and other climate-related phenomena can have profound implications for businesses and economies worldwide. In this blog, we explore the...
In today’s complex business landscape, managing various operations efficiently is crucial for organizational success. Enterprise Resource Planning (ERP) systems serve as the backbone of modern businesses, integrating different functions and streamlining processes across departments. ERP software comprises several modules, each dedicated to specific business functions, collectively working to enhance productivity, facilitate decision-making, and optimize resource...
Why Risk Management and Compliance Matter for Fintech Startups Startups in the financial technology sector are driving a revolution in the financial services industry through the creation of innovative products and services that align with shifting customer preferences and needs. Nonetheless, as these fintech enterprises grow and extend their influence, they encounter heightened regulatory scrutiny...
Introduction: The Need for Ethical AI Systems In recent years, artificial intelligence (AI) has become an integral part of our lives, impacting various aspects of society, from healthcare to finance to transportation. While AI has the potential to bring about significant advancements and improvements, it also raises concerns about ethics and fairness. Ethical AI systems...
Introduction : The Importance of Internal Audit Management in Today’s Business World Internal audit management is a crucial function within organizations that ensures compliance, risk management, and operational efficiency. It involves the systematic examination and evaluation of an organization’s processes, controls, and risks to provide assurance to management and stakeholders. The role of internal audit...
Introduction to Operational Risk Management: What it is and Why it Matters Operational risk management is the process of identifying, assessing, and mitigating risks that arise from the day-to-day operations of a business. It involves understanding and managing the potential for losses resulting from inadequate or failed internal processes, people, and systems, or from external...
Introduction In the context of Operational Risk Management (ORM), financial risk refers to the potential for losses due to the failure of financial controls, such as internal controls for financial reporting, financial misconduct, or the impact of financial events on the organization’s operations. Financial risk can arise from a variety of sources, such as credit...
Non-financial risk refers to the risk that a company faces that is not directly related to its financial performance, such as operational, reputational, strategic, and compliance risks. Operational risks refer to risks associated with the company’s internal processes, people, and systems. This could include risks associated with fraud, errors, system failures, or supply chain disruptions....
Timus Consulting is a leading EnterpriseTech and Business Consulting firm, providing an extensive array of services including Governance, Risk Management, and Compliance (GRC) solutions, Software Development, Enterprise Resource Planning (ERP) solutions, Cloud Consulting, Artificial Intelligence (AI) solutions, and Managed Services.
