Every industry needs to evolve with time to keep up with the changing trends and business landscape. Banking industry is no exception. With time, bankers are encountering more risks and regulations, in light of growing concerns about third party relationships, workforce management and many other issues. Keeping in view all the concerns, banks and financial institutions are focusing more towards better strategies and modern technologies to deal with multiple challenges. Let’s have a look at the major challenges that the banking industry is facing and what should be the focus to overcome those challenges. Continue reading “Major Challenges in the Banking Industry”
Cyber security threats are heightening day by day and businesses, whether big or small, must take appropriate measures to strengthen their cyber security policies. Technologies are advancing and hackers are adopting more and more sophisticated techniques for data breaches, costing organizations millions. And, in addition to monetary loss, data breaches also damage the reputation and client relationships. Continue reading “Techniques to Strengthen the Cyber Security of Your Organization”
The business world is getting fiercely competitive and to maintain the competitive edge, relying only on forecast-based or budget based planning methods isn’t enough. The need of the hour is engaging in strategic planning where the objectives are clearly defined and strategy is formulated on the basis of the assessment of internal as well as external situations. Strategy formulation is then followed by implementation, evaluation and streamlining the strategy to achieve the goal. Strategic planning begins with defining the desired end and working backwards to the current status to formulate an effective strategy.
IRS audit is a much dreaded term even for many of the honest taxpayers. There have been instances where businesses have shut down after IRS audits and also the agency is quite meticulous about detecting questionable deductions or unreported income. This instills much fear among taxpayers, especially high-income taxpayers and self-employed individuals. However, it’s important to understand that instances of business shut down make up the worst case scenarios. IRS audits are, in fact, fairly routine and can be survived well. Although you are a diligent taxpayer, getting an audit notice from the IRS might make you nervous. Here are a few guidelines that would help you survive an IRS audit confidently:
No matter how hard you work to optimize your products and services, you are bound to encounter some unhappy customers, complaining about your work. However, for succeeding in this competitive era, it’s extremely important that your employees are skilled enough to handle customer complaints and work towards customer satisfaction. Continue reading “Handling Customer Complaints – Perfect Your Approach to Resolving Issues”
Internal communication is one of the most important aspects of a workplace, be it any type of company. Effective communication skills lead to strong professional relationships and helps in achieving goals faster. It not only improves the work environment but also leads to positive results. However, a number of organizations encounter internal communication issues that hamper work and cause misunderstandings. If you have such issues in your organization, it’s important to start working on them as soon as you can because letting poor communication get worse could drastically impact the success of your organization.
Developing cost effective new drugs and therapies is a major challenge for life science industry. Drug development involves a number of phases among which the clinical trial phase is the most complex one. It needs planning, execution and monitoring of clinical trials to obtain reliable study data for regulatory submissions. However, in the clinical trial management, one of the major costs owes to the clinical monitoring. Studies have revealed that conducting frequent monitoring visits to investigational sites and 100% source data verification (SDV)through traditional ways don’t always lead to high data quality. This calls for a smarter and better approach for more efficient study data monitoring. A number of monitoring approaches have evolved these days but the centralized monitoring has been proved to be the most effective approach for improving patient safety and data quality in a cost effective manner. Many regulatory bodies, including FDA, encourage the use of centralized monitoring.
HIPAA breaches could cost your organization thousands of dollars, in addition to damaging your reputation and relationship with your patients. Penalties for not complying with HIPAA rules are divided into two categories: Reasonable Cause and Willful Neglect. Fine for a HIPAA breach owing to reasonable cause ranges between $100 and $50,000 per incident and doesn’t include any jail time. However, in case of willful neglect, the fine ranges from$10,000 to $50,000 for each incident and could also lead to criminal charges. Even a small HIPAA violation on the part of a single employee could jeopardize the reputation of the entire organization. Continue reading “Tips to Avoid Common HIPAA Violations”
For being a successful manager, you must understand and master the strategies for keeping the employees motivated to perform at high level. Employee motivation is an important factor that leads to higher productivity and business growth.
Managers use different techniques to assess the personality and behavior of different employees and to determine what motivates them. For this, it’s important to know them and understand their goals and aspirations to implement strategies that work best in keeping them motivated. However, there is no one-size-fits-all approach for employee motivation because all the employees are quite different from each other and different factors impact their motivation. Thus, a manager needs to employ different strategies to keep up the motivation and productivity of employees.
Here are 10 strategies that you can employ to keep up the motivation of your employees:
GRC is the acronym for Governance, Risk Management and Compliance. It refers to the integrated collection of capabilities that help an organization in achieving objectives, addressing uncertainty and acting with integrity. GRC as a business practice aims at creating a synchronized approach toward three areas – governance, risk management and compliance. To make a business successful, it’s important to have an effective GRC platform. And, owing to the changing regulatory landscape, it’s becoming more and more important to have a heightened level of awareness about GRC for the improvement of business longevity and corporate culture. Talking about having a GRC platform, many organizations find it challenging to decide what type of platform would be suitable for them and how the suitable framework can be implemented successfully in the business. Continue reading “Key Steps for a Successful GRC Implementation”