Empowered Systems

EY, a global leader in assurance, tax, transaction, and advisory services, is thrilled to announce a pioneering partnership with Empowered Systems, renowned for its EmpoweredNEXT no-code/low-code Governance, Risk, and Compliance (GRC) platform. This strategic alliance marks a significant leap forward in redefining the approach to risk, compliance, and governance solutions, offering unparalleled adaptability and efficiency to organizations worldwide. Read more in our Press Room 👉 https://lnkd.in/ed4pDHXz

In an era where third-party security and data breaches frequently make headlines, the importance of robust Third-Party Risk Management (TPRM) cannot be overstated. Incidents involving SolarWinds, Kaseya, Accellion, Microsoft, and Volkswagen highlight the severe risks posed by third-party breaches, which can threaten data security and cause significant regulatory, financial, and reputational damage. Read more on our latest blog 👉 https://hubs.li/Q02HXx-B0

Meet Empowered Systems at ISACA's GRC 2024 with The Institute of Internal Auditors Inc. in Austin, Texas. Empowered will be representing its third-party risk and internal controls management tools at Booth 411. Learn more about our participation by setting up a time to chat using this meeting booking link here 👉 https://lnkd.in/dKPArq3x #ISACA #GRC2024 #GRCConference #TPRM

Internal controls are critical processes and policies that help small businesses secure their systems and data. While often associated with large companies, small businesses have every reason to implement these controls. Statistics show that 28% of small businesses experience fraud, compared to 22-26% of larger companies. As fraud continues to rise, small businesses stand to gain significantly by integrating internal controls into their operations. Read more on our latest blog 👉 https://hubs.li/Q02HNbXy0

We partnered with OCEG and Michael Rasmussen of GRC 20/20 Research, LLC to bring you an insightful infographic on ESG Management Technology. At Empowered, we're strong believers in a holistic ESG and GRC strategy, starting with objectives management through to reporting. If you're focused just on the E in ESG, you're not doing it right. Governance is a huge component in managing ESG effectively and appropriately. See the illustration here 👉 https://lnkd.in/embT55nr If you're ready to embark on your journey towards fulfilling all of your ESG requirements and not just using an expensive spreadsheet tool, get a demonstration from one of our solutions experts here: https://lnkd.in/ehb6xSiB.

Cybersecurity incidents can have far-reaching implications for businesses worldwide. The recent incident involving CrowdStrike, a leading cybersecurity firm, highlights critical gaps in business continuity planning and disaster recovery strategies. This blog post delves into the CrowdStrike issue, explores the lack of business continuity planning and risk management, and provides key examples to illustrate the consequences of such deficiencies. Read more on our latest blog 👉https://hubs.li/Q02HBQsh0

Artificial Intelligence (AI) has become an increasingly integral part of today’s software applications, revolutionizing fields with its capabilities in predictive analytics, personalization, decision-making, and automation. These advancements are unlocking unprecedented value across multiple industries. However, alongside this rapid adoption of AI applications, organizations face new and unique challenges in ensuring the security of these systems. Traditional IT security policies and procedures, while foundational, are no longer entirely sufficient on their own. They must be enriched to tackle the unique security demands that AI applications present. This blog post will explore why extending traditional IT security for AI applications is necessary and how model risk management (MRM) principles can be leveraged to introduce additional controls and procedures. Read the latest on our blog 👉https://hubs.li/Q02GYfYR0 #thirdpartyrisk #thirdparty #3lod

Bias is an intrinsic part of human decision-making. Whether it’s intentional or unintentional, there is always an element of subjectivity in our choices. Therefore, machine learning (ML) models, which are ultimately designed and trained by humans, are also prone to biases. When deployed responsibly, ML models have the potential to identify and reduce human biases. On the flip side, when biases are baked into an ML model, it can perpetuate and amplify them. For example, when U.S. courts began using an AI tool for case management and decision support, the system inaccurately predicted that black defendants posed a higher risk of being repeat offenders than they actually were. So, the question is: how do we minimize bias in machine learning models and ensure fair outcomes? Let’s dive into this blog post to find the answers! Read more on our latest blog 👉 https://hubs.li/Q02GY1KT0 #3lod #tprm #thirdpartyrisk

Models play a critical role in the financial sector, guiding institutions in evaluating asset performance, forecasting future investment values, and making sound business decisions. As transactions grow in volume and complexity, and as AI and ML are increasingly adopted for advanced analytics, the risk of models producing unreliable and inaccurate outputs also rises. The cost of erroneous models can be staggering. For example, JP Morgan’s Central Investment Office experienced $6.2 billion in trading losses due to a flawed Value at Risk (VaR) model, compounded by $900 million in regulatory fines. To mitigate such risks, organizations must employ comprehensive testing, robust governance policies, and independent reviews. One effective risk mitigation framework that integrates these strategies is the Three Lines of Defense (3LoD) framework. Read more on our latest blog 👉 https://hubs.li/Q02GY2k70 #tprm #thirdpartyrisk #3lod

Third-party risk management (TPRM) has emerged as a critical area of focus. Organizations rely on a vast network of suppliers, contractors, and service providers to operate efficiently, but these relationships come with inherent risks. From data breaches to compliance violations, third-party risks can have severe consequences. Behavioral science offers valuable insights into improving TPRM by understanding and influencing human behavior. By applying principles from this field, organizations can create more effective strategies for managing third-party risks. This blog post explores how behavioral science can enhance TPRM, supported by key examples. Read more on our latest blog 👉 https://lnkd.in/e26djUwA