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

The European business landscape is experiencing a seismic shift. Historically stable political climates are giving way to polarization, border policies are tightening, corporate domiciles are moving, and the regulatory landscape is growing ever more intricate. These challenges are compounded by transformative changes such as the enforcement of the General Data Protection Regulation (GDPR), which has pushed businesses to critically assess their data privacy practices, and the uncertain economic impact of Brexit, which has cast a long shadow over decades of treaties and agreements with the European Union. This confluence of factors amplifies a growing spectrum of risks that businesses must address. From terror threats and data breaches to supply chain disruptions and extreme weather events, the need for robust risk management strategies has never been more apparent. Read more on our latest blog 👉 https://hubs.li/Q02-8lLh0

We're #hiring a new Account Manager (Italy) in Italy. Apply today or share this post with your network.

Since 2019, at least 40 U.S. states have considered AI-related legislation, and 17 states have enacted 29 bills addressing concerns such as data privacy, accountability, and algorithmic fairness. In the absence of federal action, states like Colorado, Utah, and California have begun crafting their own AI regulatory frameworks, drawing inspiration from the EU’s comprehensive approach or adapting their existing laws to govern AI. Legal experts warn that this fragmented landscape mirrors the early days of data privacy regulation, when businesses struggled to comply with a variety of conflicting state laws. The same risks now loom for AI, complicating compliance efforts for organizations and placing additional burdens on risk and legal professionals. Read more on our latest blog 👉 https://hubs.li/Q02-83-V0 #ai #regchange #regulations #ailaw #law

We're #hiring a new Account Manager (Ireland) in Ireland. Apply today or share this post with your network.

The concept of Third-Party Risk Management (TPRM) isn’t new. Over 14 years ago, the Federal Deposit Insurance Corporation (FDIC) introduced a comprehensive, risk-based approach to managing third-party relationships. These early guidelines established foundational pillars that remain relevant today. Yet, in the years since, many organizations have prioritized other areas of risk management, often in response to the latest systemic disruption. This reactive cycle repeats itself with each global crisis: a catastrophic event occurs, the fallout cascades across economies, and regulatory bodies race to implement new mandates. Organizations—starting with the most critical to the global economy—scramble to comply, adapting programs to protect their operations and their customers. Read the latest on our blog 👉 https://hubs.li/Q02-7Z-m0

We're #hiring a new Account Manager (Spain) in Spain. Apply today or share this post with your network.

The financial services industry is grappling with unprecedented data volumes, prompting firms to leverage data science techniques for better understanding of risk and opportunity. However, many face challenges in maximizing the value of these initiatives due to limitations in systems, skills, and resources. As the financial landscape evolves, data science is emerging as a critical tool for decision-making in investment securities. By analyzing vast amounts of structured and unstructured data, firms are uncovering insights that drive strategic decisions, streamline processes, and refine risk management strategies. Read more on our latest blog 👉 https://hubs.li/Q02-7yNN0 #risk #erm #riskmanagement #datascience

Ensuring the resilience of operational systems is paramount. Disruptions can ripple through the global economy, threatening financial stability and consumer trust. To address these challenges, the Digital Operational Resilience Act (DORA) establishes a regulatory framework designed to enhance the operational integrity of financial institutions and protect against system vulnerabilities. While DORA primarily regulates entities within the financial sector, it also recognizes the pivotal role of secondary providers in achieving its objectives. Secondary providers are external organizations that deliver critical services to financial institutions. Their contributions are indispensable for maintaining operational resilience and regulatory compliance. Understanding the role of secondary providers, and identifying which entities qualify, is essential for financial institutions and the providers themselves. Read more on our latest blog 👉 https://hubs.li/Q02-7vHc0

The evolving landscape of financial regulation continues to present challenges and opportunities for institutions striving to meet compliance standards while optimizing capital requirements. Recent proposals introduce significant updates to the Credit Valuation Adjustment (CVA) framework, aligning it with both the IFRS accounting standards and the Basel Committee’s Fundamental Review of the Trading Book (FRTB). These changes aim to create a more risk-sensitive, consistent, and fair approach to CVA risk capital calculations. This article delves into the proposed revisions, outlining the new methodologies for CVA risk capital charges, including the Basic CVA Approach (BA-CVA) and the Standardized CVA Approach (SA-CVA). We’ll also explore their implications for banks of varying capacities, as well as the results of sample calculations to demonstrate the potential impacts. Read more on our latest blog 👉 https://hubs.ly/Q02Zxk0G0