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Policies and Procedures Financial Services Organizations Should Have but Might Not

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Does Your Organization Have These Crucial Policies and Procedures?

Managing policies and procedures in the financial services industry is complicated. Depending on the resources available, most executives will want to ensure that any compliance need has policies and procedures created for it, but that still leaves a gap for several risk-related issues that might not overlap with compliance needs.

In this article, ProSight dives into several key policies and procedures related to risks that financial services organizations should have to demonstrate to regulators that they are actively identifying and planning for risks. We also explain why each policy and procedure is important to have and the role they play in protecting the organization not just from a regulatory perspective but also strategic and operational views.

 Key topics include:

  • Model Risk Management (MRM) Policy for Automated Decisioning  
  • Risk/Culture Behavior Policy
  • Emerging Risk and Gap Escalation Procedure
    Complaints Management & Root Cause Analysis (RCA) Policy
  • Third-Party Concentration & Exit Strategy Policy

To learn more about these risk focused policies and procedures and how ProSight can help you effectively manage all your policies and procedures, download our article: Policies and Procedures Financial Services Organizations Should Have but Might Not today!