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The importance of financial institutions for the current economy is quite apparent in their ability to influence individuals, businesses, market conditions, and the economy at large. The volatility of the economy, especially due to recent geopolitical and market conditions, has placed financial institutions around the world in a precarious position.

The role of risk assessments in preparing such organisations for potential threats cannot be understated.

A well-devised risk assessment has the potential to identify, assess, and mitigate risks associated with the finance industry such as credit risk, operational risk, foreign exchange risk, interest rate risk, liquidity risk, and inflation risk.

Risk assessment in finance allows financial institutions to create robust decision-making processes that support their strategic objectives.

The importance of risk assessment in finance decision-making

Conducting a risk assessment allows the management to make informed decisions, manage exposures, and optimise return on investments while protecting against losses.

Gain a comprehensive view of the risk landscape

The extent of risks to any organisation in the current business environment is extensive and a risk assessment allows them to gain a comprehensive view of the nature of risks, threat vectors, the likelihood of risks, and the impact of the potential damage. This allows financial institutions to make the necessary decisions to manage them.

Evaluate =effectiveness of current mitigation strategies

Financial institutions most likely have some sort of an understanding of the threats they face and have mitigation strategies in place to counteract them. An updated, well-devised risk assessment allows them to evaluate the effectiveness of these mitigation strategies and take the necessary steps to fine-tune them for the best results.

Identify vulnerabilities in infrastructure and personnel

Since risk assessments cover the full spectrum of risk, financial institutions can identify vulnerabilities not just concerned with customers, services, and transactions, but also with organisational infrastructure and personnel. This allows them to implement better software, security measures, and training programmes to manage risks.

Ensure the proper compliance standards are met

Financial institutions are subject to a substantial amount of regulatory standards and compliance is vital to ensure operational continuity. Risk assessments allow financial institutions to gauge their compliance with prominent regulatory bodies such as FinCen, FATF, FCA, and ESMA, and take steps to strengthen the regulatory compliance process.

Empower your security risk assessments with SECTARA

SECTARA simplifies the process of creating the ideal security risk assessments with its methodological approach. It is aimed at delivering the highest form of productivity benefits to practitioners within a system that offers military-grade encryption.

SECTARA  is aligned with international and local SRM standards including ISO 31000, the NIST framework, and PSPF. Our optimised solutions for finance risk assessment will ensure your financial institution’s long-term success.

Try out the security risk management platform for yourself with our 14-day free trial. Click the button below to sign up.

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Some of the industries we serve

Government

Identify, monitor, and manage systemic risks associated with policy implementation, public safety, and national security with a scalable and configurable risk assessment solution.

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Critical infrastructure

Obtain insights to identify and mitigate potential threats to critical infrastructure like energy, transportation, and communication systems through professional risk assessments.

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Mining

Ensure safe, secure, and efficient operations and overcome common mining challenges like equipment failure and environmental hazards via a professional risk assessment solution.

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Defence

Obtain a comprehensive view of potential threats to national and regional security and implement effective risk management strategies with military-grade risk assessment solutions.

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Healthcare

Ensuring the safety of patients, staff, and other stakeholders while managing risks associated with medical procedures and data privacy through a configurable risk assessment solution.

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Finance

Identify, monitor, and manage critical risks like market volatility and data breaches with a risk assessment solution to protect stakeholder assets and ensure regulatory compliance.

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Consultancy

Help your clients make informed decisions about risk management by leveraging insights from a professional risk assessment solution that helps identify, address, and monitor risks.

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Cybersecurity

Protect your digital assets with our advanced cybersecurity risk assessment solutions. Stay ahead of evolving threats and fortify your defences with comprehensive risk assessments.

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Education

Identify and mitigate compliance, finance, operational, and reputational risks in processes such as student selection and regulatory adherence with professional risk assessments.

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Experience the capabilities of SECTARA™ first-hand. Sign up for our 14-day free trial today.

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What you get with our free trial

2 users (Account Admin, Org & BU Admin, Assessor, Viewer)

2 concurrent assessments

2 organisations & business units

In product training

The ability to export assessments to MS Word

MS Excel treatment plans

White label SECTARATM platform

White-label exported documents

Audit records

Experience the capabilities of SECTARA™ first-hand. Sign up for our 14-day free trial today.

What you get with our free trial

2 users (Account Admin, Org & BU Admin, Assessor, Viewer)

2 concurrent assessments

2 organisations & business units

In product training

The ability to export assessments to MS Word

MS Excel treatment plans

White label SECTARATM platform

White-label exported documents

Audit records

Start your 14-day free trial

Please complete all fields.

.sectara.com