While relationships with third parties can be beneficial, they also need to be overseen to make sure they do not result in damages that can affect your company’s reputation and bottom line. The overseeing of these relationships is known as third-party risk management.
Every business is vulnerable to some amount of risk and every project the business works on can bring its own additional set of risks. That’s why it’s necessary to have a risk management plan in place.
Continuity of Operations Planning (COOP) is an effort taken within individual executive departments and agencies to ensure essential functions continue to be performed in the case of an emergency including acts of nature, accidents, and technological or attack-related emergencies.
Risk management is important for every company and is, in fact, such a crucial part of doing business that there are several industries and government bodies that have expanded regulatory compliance rules, carefully examining the plans, policies, and procedures adopted by most businesses.
In 1970, the United States Congress enacted the Bank Secrecy Act (BSA), also known as the Currency and Foreign Transactions Reporting Act. This act requires that U.S financial institutions collaborate with the U.S. government in cases of suspected money laundering and fraud.