Banking organizations face risk across their company with their people, processes, technology and insurance. People risk can encompass fraud, but also includes issues such as talent retention, acquisition and succession planning. Process risks are huge for banks with regulatory compliance a driving factor in all the bank’s operations. Technology risks are increasing daily with larger and more impactful cybersecurity breaches happening constantly.
However, even if you have hired the best people, implemented the best process and installed the most up-to-date technology, there is still no guaranty that you have completely encapsulated 100 percent of all liabilities. So, we close the session with a review of the best ways to transfer that risk in the form of directors and officers (D&O) liability and cyber liability insurance policies.
- The four areas of risk
- The main risks for each section
- Risk mitigation strategies in each area
For more information on this topic, or to learn how Baker Tilly risk, internal audit and cybersecurity specialists can help, contact our team.