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Risk Management in the New Year

Since 2017 is just beginning, those of us over at Frontline thought that this is a perfect opportunity to talk about risk management. Here at Frontline, we always do our best to ensure you receive the highest level of protection against the fraudsters out there. Earlier this week when we were discussing which topics to cover, we came across a presentation created by BankInfoSecurity.com.

Here is an excerpt from their presentation:

“In October 2015, RSA completed a global survey of almost 400 organizations to gather insight into current trends and perceptions regarding Risk Management. The survey utilized RSA’s proprietary Risk Intelligence Index to ask questions around key areas of risk and how organizations are addressing the changing risk landscape. The Risk Intelligence Index is based on the RSA Archer Maturity Model that measures organizations’ GRC program components across five stages of maturity.”

Throughout their post, they talk about the different questions they asked during the global survey. One thing that really stuck out to us was the “Overall Organizational Attitude Towards Risk” section. Out of the 400 companies within the survey, “approximately 40% of the respondents’ executives view risk management as an ingredient to business success. 60% still see risk as an operational problem.” To Frontline, managing risk and taking precautionary measures is a very important aspect of our company.

 

Within the section on Overall Attitude Towards Risk, there was a pie chart that had the following information:

There is a very large chunk that believes risk management is absolutely essential for business growth, but there is also a very large chunk stating it should be a consistent operational process. We at Frontline believe that risk management and merchant protection is absolutely essential for business growth and make it a part of our business model. We also believe that it is a consistent operational process. We want to improve, so we always try to come up with ways to do that. Because of this, we strive to be the best merchant processor when it comes to protecting you from the fraudsters.

The chart below covers the different maturity levels of risk management in business operations:

 

Here at Frontline, we do have a robust operational risk management program that engages all stakeholders. Although, we always think of what we could do next; what we could do better. Even with all of our efforts to protect you from the fraudsters out there, never forget that you are our first line of defense. If you would like to look at the entire presentation over at BankInfoSecurity.com, you can do so by going to this link: http://www.bankinfosecurity.com/whitepapers/does-risk-management-impact-business-success-w-2959

 

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