admin, Author at Claptek

Benefits of Business Performance Management

Business performance management refers to the techniques a business uses to measure performance, calculate the results from the relevant parties, and work on those outcomes. Business performance management solutions might incorporate automation, data integration, prescient investigation, financial preparation, analytics, reporting and more.

Business performance management is a combination of various management and analytical cycles with the integration of technology. Numerous associations these days have recognized the significance and value, provided by the upgrade of business performance management achievement. For the outcome of any association, there should be estimation, checking and analysis for them to arrive at their ideal performance level. Consequently, to upgrade or deal with the Business Performance of an association, Business processes ought to obviously imagine the exercises that will guarantee that the objectives of the association are reached really and proficiently. Accomplishing a powerful essential objective in any organization will require business improvement models such as business processes inside the association performance level as this will upgrade the measurement of the performance, which will ultimately elevate the development and advancement to the organization.

Here’s take a look at the benefits of Business Performance Management.

Benefits of Business Performance Management:

Tracking different KPIs

Key performance indicators (KPIs) have a vital impact in laying out essential objectives across the business landscape. By allowing organizations to pursue priorities, KPIs can assist with smoothing out processes, increase benefits, and providing a bigger outline of the organization’s performance.

Aligning objectives to measurements

Business objectives are major, everlastingly guaranteeing that you’re moving towards positive change, subsequently why organizations set KPIs in any case. Yet, there will frequently be a distinction between KPI measurements and the objectives that drive business processes forward.

A more extensive view

Assuming you’re attempting to manage data from a wide scope of information sources, then you have no genuine opportunity to acquire the far-reaching view essential for fruitful executions and oversight. By comparison, a one-size-fits-all data distribution centre that your whole group can utilize will improve processes.

Indeed, even with complex business structures and various areas to consider, this is a certain way to less difficult cycles you can deal with – all without adding to your all-around serious responsibility.

Actionable insights

Insightful data collection from the past has centered around wide-scale measurements with minimal genuine significant concentrations, yet that isn’t the case now. Bi is coming to the front.

These knowledge stages likewise assist managers with focusing on and smoothing out the information they view, hence guaranteeing admittance to helpful and significant data without the pressure and responsibility that normally comes close by additional nonexclusive huge data collection.

Conclusion:

By organization with an objective, vision and point of further developing their Business Performance Management through the improvement of their Business Process to make an arrangement of the organization Business Strategy and objectives and goals. Business performance management enjoys the benefit of working with the production of key objectives and at the same time giving the supporting activities expected to guarantee the set objectives are lined up with the organization’s strategy. The vast majority of these essential objectives are made by thinking about some key performance indicators and objective that has an extensive constructive outcome for the organization. Furthermore, these indicators will then, at that point, be related to the functional measurements and performance measurements can consequently be laid out for incentive and strategic decision making.

Having a strong business performance management solution interaction setup implies that one will have better communication with employees, further developed efficiency, and more engagement, better customer satisfaction and effective work adding to the objectives of your business. Implementing the right business performance management technique is a significant initial phase in bringing the best results to the organization. Claptek’s business performance management experts help you to provide the best solution for your organization.

3 reasons to re-evaluate the Business Performance Management practices

Business Performance Management is fundamental for driving superior performance and accomplishing different objectives. Numerous business performance management practices followed are dated and ineffective in the present quick-changing business world and don’t empower achieving anticipated results.

Inefficient business performance management practices are holding numerous organizations back as opposed to assisting them with development. This is prompting a loss of engagement and efficiency; both are serious problems all around the globe.

Most business performance management practices focus on smaller functionalities and attributes and leave other basic behavioural capabilities and abilities outside of functional work. It is pivotal for the management to analyze the present business performance management practices and recognize their level of effectiveness.

Let’s take a look at the reasons to re-evaluate business performance management practices.

Absence of effective business performance management practices and assessment tools

Currently followed business performance management practices and assessment tools are intended to rate all activities in a similar way. This probably won’t be fair and can prompt discontent among teams. Such standard tools and practices are also not able to give continuous feedback and successive audits, significant changes and improvements.

Absence of real-time information

Real-time information permits an organization to settle on compelling business procedures and decisions that can prompt positive results. Such data additionally helps dynamic associations with tweaking their objectives in view of the present performance levels of their group and the economic situation. The majority of traditional business performance management processes don’t provide real-time information.

Adhering to annual audits

Yearly audits and control assessments prompting examinations are rapidly turning into a relic of past times. This leads to postponed criticism and is an after-effect of deficient data and abstract decisions. The majority of the annual performance management practices emphasize recent performance and have no degree for self-improvement over the course of the year.

Conclusion:

Stagnant business performance management practices are keeping organizations from accomplishing their expected results. The absence of the right business performance management practices has made the process exceptionally time-consuming and tedious.

Embrace advanced solutions and practices to drive high performance and achieve hierarchical targets more proficiently. If the chance is that you have not been staying aware of the most recent practices in Business performance management and want to evaluate the process, then this is the perfect time to opt for Claptek‘s Business Performance Management experts’ advice and solution.

5 Benefits of Continuous Control Monitoring

Continuous Control Monitoring helps to trace the traditional transactions and processes within an organization that causes delay. In this digital era, it goes further than traditional practices. It involves continuous monitoring of transactions and tracking out the illegal or weak processes to be replaced and minimizing the risk within the organization.

Continuous Control Monitoring can be useful and require a wide effort for involvement in the process where the organization was going wrong and where the future holds for the organization. Continuous monitoring requires considering the importance of global trends, the culture of the organization, and the company’s risk management practices.

Claptek’s VUEFRAME adds the power of digital to your Audit, Risk and compliance teams, enabling CCM with automation capabilities to help them focus on key and high-risk areas, minimizing hours of routine follow-ups, and bringing accurate results.

Check out these benefits of Continuous Control Monitoring

Saves time

The primary benefit of continuous control monitoring is to automate anomaly identification and send it directly to responsible business users. It helps to save the auditors time to follow-up resulting in saving cost and time. Continuous control monitoring has arisen as an approach to working on the efficiency of enterprise in terms of saving time and cost.

Easy to manage

It helps you to get control of the complete monitoring or audit lifecycle through a consolidated system that helps to ease out managing the end-to-end audit process.

CCM plays a significant role in preventing or moderating expected potential losses from the utilization of a risky business plan and maintains a strong regulatory activity within the organization.

Better decision making

Supports better decision-making by identifying emerging risks, documenting the full trail of audit activity and improving transparency & collaboration of activities.

Embracing continuous control monitoring permits your organization to take risk management decisions and maintain risk tolerance adequately.

Identifies risk early

Making a risk management plan essentially formalizes the activities cycle and having the option to utilize your resources more effectively whenever the risk arises. The initial phase in this cycle, and one of the most significant, is identifying the risks. Locating errors, control issues and guaranteeing compliance with standards and possible potential frauds to help teams rapidly and precisely arrange the right reaction every single time is important.

Control self-assessment environment

Consistent monitoring assists with fortifying the enterprise by driving responsibility, and assists with looking for positive confirmation from the line management on inner controls.

Data – driven Continuous control monitoring

Pro – Active AIML models for anomalies criticality classification and control point rule refinement.

Conclusion:

Control self-assessment eventually provides confidence to management for further assurance to customers and stakeholders that the internal control framework of the organization is dependable.

Continuous monitoring depends on an automated methodology and empowers the management to raise confidence that they are in compliance with various policies, techniques and processes as well as empowering the management to identify the gaps early.

To fulfill the requirement, Claptek offers the Continuous Control Monitoring and Risk Management framework – VUEFRAME.

Benefits of Integrated Risk Management

Integrated risk management (IRM) is a broad practice that adds to the security, risk tolerance profile, and vital decisions of an organization. It helps to focus on assessing risks with regard to business methodology, instead of compliance-based risk management approaches. Most integrated risk management projects ought to be cooperative and incorporate leaders from both the IT and business sides.

Integrated risk management is a bunch of practices and cycles upheld by innovation that assists organizations with further developing directions and visibility into their security and risk identification. It perceives that every association face risks and threats, requiring a risk-driven approach to dealing with information security.

Benefits of Integrated Risk Management:

An integrated risk management technique connects the points between organizational functions and vital business objectives. Taking an integrated risk management methodology as opposed to a restricted degree approach enjoys several advantages:

Broader scope of choices: Rather than focusing on alleviating risks, integrated risk management systems intend to consider the full scope of possibilities related to every business strategy aspect. A more exhaustive assessment of every business result might uncover opportunities to benefit from potential gains.

Improvements in risk management: It assists with making more exact information about risk examination, which assists leaders with settling on better decisions. Risks can be distinguished and conveyed among business and IT groups. Organizations utilizing integrated risk management-based methodologies will be better outfitted to manage adverse results, with proper responses planned and resources set up, and will probably experience less monetary loss.

Parts of Integrated Risk Management: Internal environment, analysis, identification, risk evaluation, risk control, data, correspondence, risk treatment and risk monitoring are the eight parts of Integrated Risk Management that give detailed insights experiences into the risks assessed.

Risk-mindful organizational culture: A more proactive culture is accomplished by taking a more extensive, cross-departmental way to deal with risk mindfulness and management. Risk will turn into a basic part of the business procedure for organizations.

Cyber protection: It safeguards you from a wide range of advanced digital cyber attacks and safeguards your frameworks, organisations, projects and applications.

Clients and application frameworks benefit from Integrated Risk Management since it gives precise, verifiable and reliable data.

Conclusion:

A well-managed Integrated Risk Management process permits an organisation to increase capital markets, and expand functional productivity while diminishing working expenses. It will show a more prominent capacity to answer emergencies on schedule and recuperate rapidly from their effects.

It brings fewer struggles and lower stress levels in the association and increases employee satisfaction and facilitates timely decision-making and high-quality results.

Therefore, integrated risk management is significant and Claptek’s risk management experts help you to provide the best solution.

The importance of third-party risk management for the banking industry

Bank’s primary business is dealing with money. The sensitivity to dealing with customers’ money increases the necessity to give utmost importance. The supply chain of money opens a big window of vulnerability if different risks are inadequately recognised and mitigated in a planned manner. Contemporary banks rely heavily on connected technologies. The involvement of a third party in the value chain of services that enables efficient processes dealing with customers, internal management and decision-making creates vulnerabilities. To make it effective, third-party risk management is extremely critical. It is important to recognise that inability to evaluate third-party risks would impact an organisation to supply chain security attacks, data breaches and reputational damage to the organisation.

Banks and monetary foundations can re-appropriate a wide range of functional activities from payments, tax collections, exchange of money, accounting, appraisals, marketing, loan adjusting and other activities considering the efficiency and effectiveness of third-party use in any process.

As the scale, scope and intricacy of connections and above services increase, connected risks and the significance of viable third-party management should be proportionately increased. The expanded utilisation of outsourcing to third-party vendors and the significance of the connections among banks and those vendors strengthen the requirement for banks to have exceptionally compelling third-party risk management programs set up.

Let’s take a look at the importance of third-party risk management.

Clear Roles and Responsibilities

All risk management starts with knowing who in the organisation is liable for doing what tasks in the risk management, so start by characterising those roles and responsibilities clearly for effective process management. For instance, compliance officials could arrange a reasonable level of effort survey for third parties.

Legitimate Inventory of Third Parties

It is an essential component of third-party risk management to keep an inventory of all your third parties. That inventory ought to incorporate a few places of data for each party, for example – Any risk rating you could tag to the third party to finish an expected level of due diligence.

A Risk Management Framework

A risk management system will help compliance officials comprehend the procedures and policies they ought to use to manage third-party risk and map out mitigation to bridge the gap between the ideal state of risk management and the organisation’s present status.

Workflows to Assess and Mitigate Risk

Workflows sort out compliance-related risks into intelligent arrangements so they can be executed more productively. Workflows lighten compliance burdens on representatives and create data on the presentation of the third-party management solution for senior management. The more you can embrace workflows, the better.

Monitoring and Reporting

A third-party risk management solution ought to create data that gives a better image of how well the solution is functioning. That data can then be turned into automated reports or alerts about third-party risk that the compliance officer can use to recognize troubling patterns, brief senior directors on third-party risk, or implement new mitigation solutions to strengthen the system.

Conclusion:

Managing third-party risk has required more noteworthy consideration from banks. Thus, banks are believed to have dedicated more resources to handling third-party risk and coordinating vendor risk management oversight in their critical cycles.

Without a powerful third-party risk management solution, it is difficult to identify and assess the risks related to the financial costs, operational costs and reputational damage, if any. Adopting it results in saving the management time for solving complex issues and giving more focus on business objectives. Therefore, third-party risk management is significant and Claptek’s implementation experts help you to provide the best third-party risk management solution.

5 Reasons to have strong third-party risk management in the organisation

Third-party risk management involves dealing with the whole third-party lifecycle. This incorporates addressing risks acquired from third parties to the extended enterprise and supply chain, focusing on risk factors and associated activity as per significance and checking the performance of vendors and providers.

Organisations are under constant scrutiny to identify and support secure vendor connections, while vendors are confronting more demand to follow risk assessments and advance their security stances.

In each organisation, it is unavoidable that at a certain point, one will depend on third-party products and services for some business functions. During these organisational operations, highly characterised information and data are exchanged, exploited and misused if they get into some unacceptable hands. This situation is the place where third-party risk management comes in.

Let’s take a look at the reasons to have strong third-party risk management in the organisation in order to

Save costs
It permits you to save costs. Costs that you would have spent to cure a few calamities could be kept on the grounds that third-party management has been reduced in the event of a disaster. Third-party risk management is vital to help mitigate risk and unreasonable costs related to third-party risks.

Make informed business decisions
Third-party risk management helps to identify and assess risk to make informed decisions in the organisation. It helps to provide data and insights of the market to make flavourful decisions in the organisation.

Facilitate compliance with industry regulations
Third-party risk management facilitates the important cycles to ensure you follow industry and government regulations. This makes it more straightforward to focus on and arrange with your vendors concerning compliance with norms.

Guarantees expanded visibility of vendor’s quality & security posture
Dealing with each of your vendors in a single spot gives you a coordinated way to deal with your third party. With third-party management, you can unite everybody with modified permissions for your team, your vendors, interior business owners and managed service providers. Centralise efforts to increase coordination, it provides the right degree of access to desired information and control.

Increase adaptability and scalability of internal teams
Third-party risk management gives freedom to increased scalability between the internal teams. This helps to address issues and increases adaptability and coordination between teams in order to reach organisational goals.

Conclusion:

Third parties represent an assortment of risks to your organisation that should be evaluated and either transferred, alleviated, acknowledged or denied. Having solid third-party risk management diminishes the adverse consequences that your organisation’s innovative business choices can have on both excellent performance and financial solvency. Claptek‘s Risk Management experts help you to provide efficient solutions as per your organisation’s needs.

5 benefits of risk management

Risk management is a process devoted to distinguishing risks inside a business and creating a methodology to mitigate or eliminate those possible risks. An effective framework keeps up with maintaining the safety of staff while safeguarding business assets.

While wondering why risk management is significant, we want to consider the extent of risk management. Risk management implies recognizing expected risks and setting up procedures to limit those risks.

Risk management is a fundamental part of powerful business planning and organizations are supposed to give a protected environment to the employees to carry out effectively.

Let’s look at the benefits of risk management.

Increases the range of opportunities

By considering all prospects – both positive and negative parts of risk – the management can recognize new opportunities and challenges related to current opportunities.

Recognize and manage risk entity-wide

Risks can influence many parts of an organization. Sometimes, a risk can exude from one piece of the business, however, meaningfully affecting another part. Thus, the management distinguishes and deals with these entity-wide risks to support and further develop execution and performance.

Diminish negative shocks and increase gains

Risk management permits organizations to work on their capacity to distinguish risks and establish suitable responses, diminishing surprises and related financial losses, and permitting them to benefit from advantageous development.

Better quality data for decision making

Senior leaders approach better quality and more accommodating data, which empowers them to settle on better decisions more grounded in the truth of a venture.

Having the option to get to risk data in real-time through a venture, the management can ensure that decisions are made in light of the most recent data, not a report that is now obsolete before it arrives at the Executive team.

Team remains focused

With risks being effectively followed and managed, team members can keep an emphasis on the critical results. Risk management upholds this since it features where project results may not be accomplished, focusing the group on some solution for that specific concern to get the project on track again.

Conclusion:

Risk management is a core leadership approach that guarantees any possible risks to success are recognized and managed before they crash your project.

A robust way to deal with managing risk permits team members to be all the more likely to convey project difficulties in a timely manner. Risk management practices let the group spot worries far prior.

Early awareness of potential risks implies that the right individuals can intervene to mitigate an issue before it turns out to be too extreme.

Managing risks before they become severe, it is essential to handle them in a smoother, more productive and cost-effective way for maintaining your business.

Claptek’s risk management helps to implement effective risk management solutions in the organization as per your requirements.

Continuous monitoring with complete support from Claptek’s iDT (Digital Twin) in the Insurance Sector

The changing administrative guidelines require to give more attention to accountability and financial integrity, so continuous monitoring of controls has become important. Insurance Companies need to evaluate reasonable certainty, backed up by concurrent monitoring mechanisms, for addressing the board, stakeholders and IRDAI needs.

Besides, manual verification of transactions prior to pay out poses the problem of delay in making timely payments to customers, which would almost certainly increase client complaints and non-compliance to IRDA rules.

There is a need to have a powerful, autonomous and reusable system for feasible and concurrent confidence to validate the payment. The Insurance company needs increased confidence that works along the existing Policy Administration System to give concurrent reports, expressing anomalies noted in pay outs, charges, etc in real-time, accordingly prompting prevention of revenue leakages.

Claptek’s iDT (Digital Twin) Solution is a value addition for the Insurance Companies

It is an integrated real-time analytics-based solution for the core administration within the organization. In order to achieve accuracy in daily transactions of the business, iDT empowers to ensure the trust of the stakeholders like, end customers, intermediaries, employees, auditors, board members, regulators, etc.

In order to address the business challenges and provide revenue assurance in the organization, Claptek’s iDT (Digital Twin) plays a vital role. It is an enterprise-wide big data solution for business performance monitoring.

iDT is a flexible, sustainable and adaptable solution and gives confidence in running with 100 percent production data, in real-time mode. The application autonomously validates the start to-finish functionalities of a product.

It covers a wide range of pay outs, charges, bonuses and additions under retail and group lines of business. The reports of anomalies cover financial and non-financial anomalies with inconsistencies. This method of simultaneously observing the pay outs empowers the organization to comprehend the areas of anomalies and their underlying cause, for executing suitable changes in the Policy Administration System.

This framework has the ability to give holistic and true business analytics for making significant decisions in real-time.

It helps you to demonstrate your commitment to the trust of the customer.

Key additions:

Checking and validation are done, for the real customer data.

Anomaly Reports are given on a concurrent basis, to ensure a full-proof policy administration system within the Organization.

Reports are provided on a daily basis to ensure the prevention of revenue leakages in the organization.

The dashboard-based portrayal for a speedy rundown view and fast understanding of loopholes.

Non-financial parameters are also covered, like complying with the guidelines of IRDAI.

Component-wise Anamoly Report, facilitates root cause analysis of the error, noted.

Quick configuration of the product changes.

Conclusion:

With Claptek’s iDT (Digital Twin), the Insurance Company gets assurance, on the liability side of its business. It helps in gaining the customer’s trust. It helps to reduce revenue leakages and increase profitability.

What is Third-Party Risk Management?

Creating and maintaining relationships with third parties bring about multiple opportunities and vulnerabilities.

Whether your organization is larger or small, it’s almost certain that you have business relationships with many third parties for numerous operations. When operational data and confidential information are exchanged with third parties, that data and the information are vulnerable to misuse and exploitation. This does not diminish the importance of the third party in your business; rather, it is imperative that you leverage the role of such third-party expertise to achieve your business goals. This is the place where risk recognition and its management come into the equation.

When these parties lack robust quality processes, cybersecurity measures or compliance, building and maintaining third-party risk management is a crucial business decision.

The process of third-party management involves identifying, assessing, and controlling all the various risks that develop in your relations with the third parties.

Why is Third-Party Risk Management important?

Third-party risk management has always been a hot topic amongst interested parties. Perhaps it is more in discussion in the open forum today. Whether you talk about new hosting providers, vendors, or suppliers, there are many companies around you deal frequently with.

Ultimately, it’s an organization’s board of directors and senior management who are responsible for managing third-party relationships. The identification and control of associated risks should be held to the same standard as activities that were handled from within the organization.

Third-party risk management is important to help mitigate undue risk and excessive costs associated with third-party cyber risks.

Establishing strong third-party risk management reduces the negative impact that company’s technology business decisions can have both on your customers and financial solvency. Third-party pose a variety of cyber security risks to your organization that need to be assessed or either transferred, mitigated, accepted, or denied. The interested readers can refer to various global cases disrespect the normal business.

Failure to manage these risks can leave organizations exposed to regulatory action, financial action, litigation, reputational damage, and can impair the organization’s ability to gain new or service existing customers.

When it comes to Third Party Risk Management (TPRM), some common questions that you need to ask are as follows:

What type of data are is the third party accessing? What type of access do they have?
Have you given them physical access?
What would happen if the third party’s availability is compromised?
How would that impact your business? What would happen?
If they leak some of your confidential information, how would that impact you?
Have you thought about good SLA and protection therein?

What are the common types of third-party risks?

Third-party vendor risks come in many forms. An organization needs to have a comprehensive understanding of the potential risks that a vendor may pose to accurately assess and classify threats. This helps to ensure whether proper steps are taken to mitigate the risks.

Let’s explore different types of common risks.

Operational Risks
Financial Risks
Compliance Risks
Reputational Risks
Strategic Risks

The following difficulties are faced by organisations regards managing their third-party risks & opportunities

Not able to have a comprehensive view of the Organisations Universe of third parties, with whom they have a relationship.
Absence of a streamlined the standardised risk-based process of third party on-boarding and on-going maintenance.
Lack of a comprehensive risk landscape associated with the third parties (especially cyber security risks).
Dearth in visibility of stakeholders involved in managing the respective third parties.
Manual collation of risk registers and assessments, unable give a meaningful view of the risk, tolerance & appetite of risk and measures needed to mitigate.
No central repository assimilating various important factors impacting the organisations due to third parties such as:
1. Control failures
2. Non compliance’s
3. Incidents
4. Loss events
5. Independent Assessments & background checks conducted
6. Audit results & findings