Entries by Eric Berdeaux, CEO OXIAL

Data privacy remains the main compliance issue for 2019

Compliance is a topic that’s been inching up the boardroom agenda for several years now. More than ever, organisations need to demonstrate that they are properly governed and that they meet regulatory compliance requirements, at a local, national and international level, and also those set by different authorities in various industries.

This has never been truer than it is in 2019. With more compliance requirements than ever, organisations have been hit with some of the biggest fines and penalties that the business world has ever seen.

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Why compliance is important for businesses of all sizes

It stands to reason that bigger organisations have more resources than mid-market firms. They have bigger budgets for different business functions, such as marketing, IT or compliance, and can employ more people to work in those functions.

They can also afford to equip those employees with the best and most effective technologies, such as the latest GRC tools for the compliance team. It’s easy then, for mid-market firms to feel that it is hard to compete with larger organisations. They don’t have the same resources with which to approach certain business tasks, so why should they try and make it a priority?

Financial Services in Morocco – is it an industry facing undue risk?

Financial Services (FS) is a highly important sector for Oxial. Some of our first clients were FS companies, we currently work with FS firms all over the world and it’s a sector in which we are highly experienced in and knowledgeable about.

FS has become more heavily regulated than ever, both at a local and global level, and there is also more risk facing the sector than there has been previously. This means that FS firms must be ever more vigilant about managing and mitigating risk, and must deploy the right GRC tools to help with this and to ensure they remain compliant.

Five steps to successful risk management for African businesses

Managing and mitigating risk is a key priority for businesses all over the world. The business, economic and regulatory landscape is changing rapidly and in a global economy it is essential for organisations to have a thorough understanding of the risks they are facing and how they can best mitigate those risks to ensure on-going business success.

There are many risks facing organisations in Africa and the Middle East, such as the impact of climate change, increasing global data governance regulation, cyber security threats and global political and economic turbulence, to name just a few.

Five RegTech firms making an impact on the enterprise

Although we wouldn’t describe Oxial as a RegTech firm as such, we do believe that our technology can play a major role in addressing regulatory compliance for organisations in many industries, with Financial Services (FS) a particular sector focus for us.

We bring a more innovative approach to traditional GRC models, one that reduces the cost, frequency and impact of the risks racing businesses. Our GRC software suite, the sGRC solutions, is redefining GRC and is a cost-effective and highly successful GRC tool to ensure any organisation remains compliant and manages risk smartly.

What does a successful approach to effective risk management look like?

Anyone working in enterprise risk management in 2019 is aware of the complexities and pressure that comes with it. There is more risk threatening businesses than ever before, but the severity of that risk has grown too, meaning the role of the risk manager has become one of the most important in the enterprise.

Most approaches to risk mitigation and risk managementrely on effective enterprise risk management software or IT GRC tools – it would be hard to manage risk without such technology – but there are other elements that are also vital.

Why compliance must remain a priority for the CEO

Being the CEO of a sizable company is without doubt, a hugely demanding role. The person at the top of the organisation is ultimately responsible for everything that company does and a small inventory of just some of the responsibilities would include:
Defining and maintaining the company culture; making sure employees are happy and motivated, ensuring that the books are balanced and that the company is making money; managing people across the business; acting as the company figurehead and public spokesperson; keeping shareholders, investors and customers happy; and ensuring the company is governed and run in the right way – the buck stops with the CEO on many issues.

Five reasons for compliance failure

The pressure for organisations of all sizes to comply with regulatory governance and compliance has grown and grown over the past 10 to 15 years. Compliance has always been important of course, and businesses have invested in compliance software and their own internal compliance teams to ensure that they remain compliant.
But since the financial crisis of 2008, there has been greater pressure for businesses to demonstrate that they are governed correctly and are conducting business in a way that is seen as correct and fair. More regulation has been introduced to make this happen, in Financial Services (FS) initially but then also in a range of other sectors.

IT GRC tools the key to significant cybersecurity improvements

The threat posed by cyber criminals feels like it is getting greater by the month. Not that long ago, cyber criminals were relatively straightforward to defend an organisation against, but now it is something that many businesses are struggling with.
A recent study revealed that 39% of European businesses have knowingly fallen victim to a cyberattack in the last five years, with 64% admitting that they may have been hacked unknowingly. With the increased threat from attacks such as phishing and ransomware potentially causing significant damage to an organisation, protecting that business has grown much more challenging.

How to successfully roll-out a new GRC software solution

Rolling-out any new technology in an enterprise is rarely straightforward and can be met with eyerolls and shrugs by employees that are used to doing things in a certain way and using certain tools and solutions to do it. The rise of the cloud and Software as a Service (SaaS) over the past decade has made tech roll-outs much easier than they used to be, when in the days of purely on-premise software and technology any roll-out was a lengthy and often arduous process.

But even with SaaS so prevalent in business now, new roll-outs can still be problematic. This applies as much to GRC software solution roll-outs as it does to marketing automation and your GRC employees will be keen for it all to be as painless as possible. How can you go about this and what’s the secret to a successful GRC software solution roll-out?