Steven Minsky's Blog (170)

Wells Fargo Auto Loan Scandal: The Saga Continues (Part 2)

The blows keep on coming for Wells Fargo. Within a year of their cross-selling scandal, two more scandals have risen to the top of news headlines.

In part one of this series, I set out to make…

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Added by Steven Minsky on August 17, 2017 at 3:53pm — No Comments

Wells Fargo Data Breach: The Saga Continues (Part 1)

In a recent interview I had with business journalist L.A. Winokur regarding the Wells Fargo…

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Added by Steven Minsky on August 9, 2017 at 3:30pm — No Comments

Kmart Cyber Breach: Another Failure in Risk Management

Kmart recently suffered another cyber breach (the second in the past few years) that echoes events affecting companies including Wendy’s and Target. In this case, a…

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Added by Steven Minsky on July 26, 2017 at 7:16pm — No Comments

Healthcare Breach and $400,000 Penalty Result From Poor Risk Assessments

Breaches are preventable failures in risk management. A healthcare breach at Metro Community Provider Network (MCPN), a federally approved organization, led to a $400,000 penalty…

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Added by Steven Minsky on July 11, 2017 at 5:35pm — No Comments

Paris Climate Accord Debate: Tone from the Top or Not?

At lunch recently, I opened my fortune cookie and found this message inside: “Any journey must begin with a single step, and you can be the one to take it.” That simple message inspired me to write this blog.

Events taking place after the Trump administration withdrew from the Paris climate agreement have demonstrated there is more than one…

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Added by Steven Minsky on June 7, 2017 at 10:30pm — No Comments

Managing Regulatory Changes and Political Risk with Enterprise Risk Management (Part 2)

Here's Why Compliance Solutions Are Inadequate for Managing Regulatory Changes

Regulatory compliance is mandatory, but it’s not the end goal; it’s the minimum operating standard. For strong companies, compliance is a mere byproduct of performing well and managing uncertainty. Compliance solutions can…

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Added by Steven Minsky on June 2, 2017 at 8:00pm — No Comments

8 Ways to Protect Against Ransomware Attacks

Last week, news broke of a global ransomware attack that has struck individuals and companies around the world. In the wake of the attack, which has affected computers in 150 countries, many companies…

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Added by Steven Minsky on May 24, 2017 at 4:30pm — No Comments

What Is Good Governance, and Why Do We Care?

Governance is defined by the organizational processes used to make and implement decisions. Good governance is not necessarily making only the “correct” decisions. It’s using the best possible risk management process to inform decision-making, which has the potential to impact employees, customers, other…

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Added by Steven Minsky on April 25, 2017 at 9:09pm — No Comments

Incident Prevention, Not Incident Recovery: How to Preserve Your Company’s Reputation

For companies who care about their reputation, risk management is a must.  Said best by Warren Buffet, "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” 

Building and preserving that reputation through proactive incident prevention must be a top priority. Post-scandal PR efforts, and other attempts to recoup losses, prevent only a fraction of the long-term damage. 

A company’s…

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Added by Steven Minsky on April 17, 2017 at 10:30pm — No Comments

Domestic Political Risk: Operating in the Uncertainty of a New Era (Part 1)

What is Domestic Political Risk?

Political risk refers to conditions and events that affect organizations and result from governmental decisions. It can have major effects on the profitability/expected value of economic action. Political risks…

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Added by Steven Minsky on March 21, 2017 at 9:54pm — No Comments

How to Eliminate 63% of Your Cybersecurity Vulnerabilities in 90 Days

Cybersecurity vulnerabilities are a concern for every company in every industry. In 2016, 4.2 billion records were stolen during 4,149 reported data breaches. This doesn’t take into account breaches not noted in the public record.

According to a …

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Added by Steven Minsky on February 14, 2017 at 9:58pm — No Comments

5 Takeaways from LogicManager’s IMPACT 2016 Conference

IMPACT 2016 has come and gone, and risk practitioners from across the United States and Europe were thrilled with the results. IMPACT 2016 was differentiated by the passion behind real customer stories, all shared with actionable takeaways. Topics included third-party risk management, performance integration, cybersecurity, and reporting to the board.

LogicManager’s annual ERM…

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Added by Steven Minsky on November 30, 2016 at 5:01pm — No Comments

Cyber Risk Needs to be Prioritized: Points for Improvement

Cyber risks like data breaches and …

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Added by Steven Minsky on November 21, 2016 at 6:00pm — No Comments

The Wells Fargo Scandal is a Failure in Risk Management

Wells Fargo recently paid $185 million in penalties – the highest fine levied by the …

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Added by Steven Minsky on September 23, 2016 at 7:00pm — No Comments

Winona Health Wins 2016 GRC Value Award for Risk Management

When building a business case for risk management software, independent validations of customer success stories speak louder than marketing claims. Winona Health won the 2016 GRC Value…

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Added by Steven Minsky on September 19, 2016 at 5:51pm — No Comments

Developing a Risk-Based Company Culture Requires Board Involvement



Last year, we blogged about how to develop a successful ERM program. An important goal is fostering a risk-based company culture. This means everyone, not just the appointed risk managers, assimilates risk awareness and works it into their job description. That said, there are many factors that contribute to a healthy, risk-managing…

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Added by Steven Minsky on September 8, 2016 at 3:30pm — No Comments

Wendy’s Data Breach: What Does it Mean for You?

The words “data breach” are often met by a clamor whenever they make headlines. Home Depot, Target, Ashley Madison, Heartland, Citibank, the list goes on and on. These breaches spent time in the limelight because of their magnitude; they affected hundreds of thousands – in some cases millions – of cardholders.

But the reality is data breaches are far more…

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Added by Steven Minsky on July 28, 2016 at 10:00pm — No Comments

Risk Management Challenges for the Insurance Industry

Risk is a double-edged sword for insurance companies. On one hand, customers buy coverage because their businesses face a variety of risks. On the other hand, risk management challenges for the insurance industry are numerous. These include risks like “underwriting, credit, market, operational,…

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Added by Steven Minsky on June 21, 2016 at 6:13pm — No Comments

The Freedom of Information Act Reduces Vendor Management Risk

Does your organization rely on vendors or other third parties? In the likely event that it does, are your vendor management processes as thorough as they could be? When performing risk assessments of both current and prospective vendors, it’s difficult to ascertain that every variable has been accounted for.…

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Added by Steven Minsky on June 17, 2016 at 5:53pm — No Comments

Risk Management Negligence Leads to Catastrophic Accident



Plains All American Pipeline, a major player in the oil and gas industry, faces $2.8 million in fines, and a grand jury indicted the company on 46 criminal charges – four…

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Added by Steven Minsky on June 9, 2016 at 4:00pm — No Comments

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