Steven Minsky's Blog (163)

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

Technological Interconnectivity Increases Exposure to Cyber Risks

Back in August of 2015, we discussed a vulnerability in Android’s operating system that put both personal and professional data at risk. This is just one example…

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Added by Steven Minsky on June 2, 2016 at 4:51pm — No Comments

Increased Board Accountability is Real

By this point, the Volkswagen scandal is old news (we first blogged about it last October). Yet details about the case continue to emerge, most…

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Added by Steven Minsky on May 19, 2016 at 4:27pm — No Comments

Cyberattack Prevention: Use ERM to Defend Against Ransomware and Data Breaches

Cyberattack prevention measures will always be necessary. The constant threat of data breaches and other hacks is simply a fact of business. Priority targets are no longer limited to retailers and banks; insurers, hospitals, energy producers, and (most recently) a host of law firms are all at…

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Added by Steven Minsky on May 4, 2016 at 8:13pm — No Comments

Regulators Target Risk Management Negligence in Small to Mid-Sized Firms

Last month, the Consumer Financial Protection Bureau (CFPB) investigated Dwolla, an e-commerce and online-payment company. It found Dwolla guilty of risk management negligence regarding data security practices.

The investigation has some significant implications. Before we take a deeper look, here are a few key takeaways:

  1. Dwolla payed a civil penalty of $100,000, despite the fact that it did not suffer a data breach. …
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Added by Steven Minsky on April 20, 2016 at 6:02pm — No Comments

Here’s Why Merely Implementing Internal Controls Procedures Isn’t Enough

Risk Management's 3 Basic Steps

In order to be effective, risk management must involve three phases:

  1. Risk identification & assessment
  2. Mitigation design &…
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Added by Steven Minsky on April 6, 2016 at 4:27pm — No Comments

Effective Risk Prioritization is Key to Effective Risk Mitigation

A big mistake in risk management, especially when it comes to companies with newer programs, is underestimating the importance of standardized risk prioritization. Diving into identification and assessments without a sufficient framework inhibits prioritization. This can result in ineffective risk mitigation activities and duplicate work across…

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Added by Steven Minsky on March 17, 2016 at 4:56pm — No Comments

5 Tips for More Effective Risk Assessments

Regular risk assessments are one of the most important pillars of any risk management department. Although performing risk assessments is now considered best practice, it’s easy to overestimate their comprehensiveness. As a result, some risk managers are doomed from the start to mediocre results.

For a quick check on the adequacy of your risk assessments, determine how many of the following 5 best practices your program has ingrained in its ERM process.…

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Added by Steven Minsky on March 4, 2016 at 8:24pm — No Comments

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