Governance, Risk, and Compliance (GRC) have evolved significantly in recent years. Organizations across industries are adopting advanced technologies and integrated frameworks to manage risks efficiently. Among the key areas of GRC, Operational Risk Management (ORM) has gained prominence due to the increasing complexity of business operations, regulatory scrutiny, and digital transformation. In this blog, we...
Operational Risk Management: A Vital Pillar for Business Resilience In today’s interconnected and dynamic business landscape, risks are an inherent part of operations. Among these, operational risk often goes unnoticed until it manifests in the form of system breakdowns, process failures, or human errors. The ability to identify, mitigate, and manage these risks is essential...
Introduction On a seemingly ordinary Friday, July 20, 2024, the world experienced a digital hiccup that would reverberate through industries and economies. A faulty update from cybersecurity giant CrowdStrike resulted in a widespread Blue Screen of Death (BSOD) on countless Windows systems. This incident, while seemingly isolated, serves as a stark reminder of the fragility...
Introduction In today’s dynamic business environment, managing operational risks is essential for ensuring the smooth functioning and sustainability of any organization. Operational risk management helps identify, assess, and mitigate risks that could disrupt operations. In this blog, we will explore the basics of operational risk management, its key components, and practical tips for effective risk...
In today’s fast-paced and highly regulated business environment, the convergence of artificial intelligence (AI) and compliance has become inevitable. As organizations grapple with increasingly complex regulatory frameworks and evolving risk landscapes, the role of AI, particularly Generative Intelligence, has emerged as a game-changer in the realm of risk management. In this blog, we explore how...
Introduction Open Pages Dashboard, a versatile tool for data visualization and management, offers a range of features to streamline various aspects of application development. Among these features, Object-Relational Mapping (ORM) stands out as a powerful mechanism for simplifying database interactions. In this blog post, we’ll delve into ORM within the context of Open Pages Dashboard,...
Operational risk management (ORM) is the process of identifying, assessing, and mitigating risks that can stem from various internal processes, people, systems, or external events. These risks can significantly impact an organization’s reputation, financial stability, and overall performance. The goal of ORM is not just to minimize the impact of these risks but also to...
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....
Operational risk management is the process of identifying, assessing, and mitigating the risks associated with an organization’s operations. Operational risks are those risks that arise from the day-to-day functioning of an organization, including people, processes, systems, and external events. The goal of operational risk management is to help organizations identify and understand the risks that...
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.
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