The banking industry is perceived as the most advanced in their understanding and implementation of risk management. Although banks have indeed made huge progress in risk management, two areas all banks can improve is the structure used in conducting their assessments to enable actionable and insightful strategic reporting.I’ve found that the understanding and…See More
Cybersecurity vulnerabilities are an increasing concern for every company in every industry. Year over year, data breaches increase by 75%. Why are they becoming more prevalent, and how can you protect your business?Before you can protect your company from a data breach, you have to understand why they’re occurring. So let’s look at some statistics:…See More
For the first time, reputation risk, organizational culture, and cybersecurity have all landed among the top five risks in the energy industry. How can energy companies tackle all of these risks without wasting time and money on additional resources?This year at my IRMI Energy Risk and Insurance…See More
Even a $1 trillion company cannot hide in the See-Through Economy. After a fourteen-year-old boy discovered a serious bug in Apple’s group FaceTime feature, his mother e-mailed, faxed, and tweeted the report to Apple. However, it wasn’t until after her tweet went viral that the bug was disabled. How could Apple have responded more efficiently and avoided this…See More
Today the economy is strong and your business is doing well. But are you prepared for when this strength turns to weakness? Enterprise risk management has been proven to help companies survive a recession.While there is much debate over whether a recession is looming or not, the fact is, you need to be prepared. Whether in 2019, 2020, or 2021, it’s not a question of “if,”…See More
There’s an undeniable shift occurring in the business world right now. In fact, it’s been forming since 2007. I’ve coined the phrase the See-Through Economy to encapsulate the shift towards transparency and accountability brought on by new technology and social media.Since the invention of the smartphone in 2007, consumers have started to exercise their sharing power.…See More
Scandals, predictions, and insights, oh my! We’ve covered a lot of ground this year in the risk management world. But what were the topics people were buzzing about most?With over 50 blogs posted in 2018 alone, there was a lot to learn and even more you could have missed as the seasons whizzed by. So, we compiled the top ten blog posts of 2018 to help you refresh and catch…See More
Last Friday, Marriott disclosed that the data of about 500 million guests had been exposed as a result of a hack that dates all the way back to 2014.In 2014, hackers exploited the reservation system of Starwood Hotels and Resorts, which was acquired by Marriott in 2016. The …See More
On Nov. 29, the LogicManager community arrived at Hotel Commonwealth in the historic Fenway district of Boston for sold-out IMPACT 2018. Every year, LogicManager hosts a customer conference where users of the ERM software can learn, share, and grow their risk management program to full maturity. Upon walking into the conference space, you could feel the partnership LogicManager strives to create between customer and employee. As a SaaS provider, most of our work is virtual. But at IMPACT, it…See More
Gartner’s 2018 Magic Quadrant for Integrated Risk Management positions LogicManager highest for ability to execute and identifies a shift in focus by end-user organizations from compliance-based GRC to IRM solutions.The Gartner report states that “IRM goes beyond traditional, compliance-driven GRC technology solutions to provide actionable insights that are aligned with business strategies, not just regulatory mandates.”The reason for this shift, according to Gartner, is that “risk management —…See More
In late September, Facebook announced that it had discovered a breach in its network that had exposed the personal data of nearly 50 million users to hackers.The hackers exploited a feature in Facebook’s code to gain access to user accounts, potentially enabling them to take control of them. The breach was the largest in Facebook’s fourteen years of existence.The fallout…See More
The Society of Corporate Compliance and Ethics (SCCE) held their annual Ethics and Compliance conference from September 20 to 24 in Las Vegas. This year, I was fortunate enough to be selected to hold a three-hour workshop on risk-based compliance: “Meeting Increased Customer Expectations, Not Just Regulatory Requirements.” …See More
The volume and complexity of the data companies collect is increasing exponentially, which creates major challenges for audit professionals.When we surveyed hundreds of risk professionals, a staggering 72% considered their company to be most vulnerable in cybersecurity. So, it’s no surprise that auditors are frustrated evaluating the…See More
Uber has agreed to pay a hefty $148 million settlement after concealing a data breach in 2016 containing 57 million users’ data. In hopes of preventing this from recurring, it’s time for Uber to reassess their risk management practices, and in turn regain the public’s trust as well. Although this regulatory problem has resulted in a huge sum of money, this is not the greatest consequence…See More
We’d like to congratulate the 25% of US-based companies that achieved GDPR compliance by the May 25th deadline, and to share a little guidance on how to stay compliant over time.As we all know, the GDPR is a huge deal. In addition to the scope of this new regulation, there’s also the consequences of non-compliance, i.e. up to €20 million or 4% of annual global revenue, whichever is…See More
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Steven is the CEO of LogicManager, the leading provider of ERM solutions. Steven is also the author of the RIMS Risk Maturity Model and the RIMS State of ERM Report, a frequent contributor to blogs and press, and an instructor on many risk management topics.
Steven is a patent author of risk and process management technology and holds MBA and MA degrees from the University of Pennsylvania’s Wharton School of Business and The Joseph H. Lauder Institute of International Management.
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