Risk from Mobile Applications

As communication channels are opening up and smart phones are gaining popularity, hackers are taking advantage of people forwarding messages without validating the details. In one such instance information about a mobile app from RBI started to make the rounds only to discover that it was a fake app. Please read RBI’s press release below:- “It has come to the notice of the Reserve Bank of India that an app (application) is doing rounds on What’s App purportedly to facilitate checking of balance in customers’ bank accounts. The application has…

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Is your risk manager helping you maximize revenue?

Studies show that companies lose between 2% to 5% of profits due to revenue not billed or accounted for. This is shocking since the company has already incurred costs and provided the product/service to the customer. Given the regulatory pressure and increased compliance requirements the focus of risk management teams and internal audit functions has shifted from this area as they feel that this is something that would be high on all business owners radars since revenue targets have the most weight-age. However, the incentive plans alone are not a foolproof mechanism…

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