Steven Minsky's Blog (219)

How to Prepare for Recession Risk with ERM

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.…

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Added by Steven Minsky on January 16, 2019 at 7:37pm — No Comments

How the See-Through Economy Will Change Your Business by 2023

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…

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Added by Steven Minsky on January 4, 2019 at 7:29pm — No Comments

Top ERM Blog Posts of 2018

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…

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Added by Steven Minsky on December 28, 2018 at 5:00pm — No Comments

Will Marriott be the First Major Brand to Get Fined for GDPR?

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Added by Steven Minsky on December 19, 2018 at 5:00pm — No Comments

IMPACT 2018: Becoming a Risk Management Hero

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.…

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Added by Steven Minsky on December 7, 2018 at 8:30pm — No Comments

Taking a Risk-Based Approach to IRM Yields Actionable Insights Aligned With Business Objectives

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…

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Added by Steven Minsky on November 16, 2018 at 5:09pm — No Comments

Facebook’s Failure to Mitigate Cyber Risks Could Cost Billions

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…

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Added by Steven Minsky on November 14, 2018 at 10:12pm — No Comments

Takeaways from Speaking at the SCCE on Risk-based Compliance

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.”

 …

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Added by Steven Minsky on November 13, 2018 at 8:42pm — No Comments

How to Audit Cyber Risk

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, …

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Added by Steven Minsky on November 9, 2018 at 8:30pm — No Comments

Uber is Caught in a Risk Management Bind. How Can They Get Out?

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Added by Steven Minsky on October 18, 2018 at 4:30pm — No Comments

What’s the Best Way to Stay Compliant with GDPR?

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…

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Added by Steven Minsky on October 3, 2018 at 7:00pm — No Comments

How to Support a Risk-Based BCDR Program without Spending More

Emergency situations like natural disasters, data breaches, fraud, and the like arise, by definition, without warning, leaving you little to no time to prepare. So how do you build a BCDR plan that is flexible to handle any situation and is always up to date without huge investments?

The hallmark of a…

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Added by Steven Minsky on September 20, 2018 at 4:00pm — No Comments

Overcoming Failures in Risk Management: Is Wells Fargo Getting the Message?

It’s been a rough two years for Wells Fargo.

Ever since the existence of the bank’s massive cross-selling scandal came to light in 2016, Wells Fargo seemed to be trapped in a downward spiral of failure after failure in risk management. In 2016, we were the first to identify…

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Added by Steven Minsky on September 19, 2018 at 5:30pm — No Comments

Meaningful Metrics: Measuring Enterprise Risk Management Performance

To run an effective ERM program, you need the right metrics.…
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Added by Steven Minsky on September 5, 2018 at 10:17pm — No Comments

Chipotle’s Outbreak is Their Worst Risk Management Failure Yet: What Can They Do?

Since 2015, Chipotle has suffered multiple scandals of food-borne illness. The latest Chipotle outbreak has left more than 700 people ill. What does the Mexican grill have yet to learn?

In my last blog,…

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Added by Steven Minsky on August 20, 2018 at 7:00pm — No Comments

GDPR Readiness: How Do You Stack Up?

The GDPR is the strictest set of data protection rules any nation has published, featuring some of the most severe penalties connected to data privacy seen yet. Now that the compliance deadline has passed, we started to wonder about GDPR readiness. How are companies stacking up to…

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Added by Steven Minsky on August 16, 2018 at 4:51pm — No Comments

Do Insurance Companies Really Need Risk Management?

Risk management in the insurance business is a bit of a head scratcher. On the one hand, insurance companies are selling what many people consider to be a risk mitigation. On the other hand, insurance companies themselves face a variety of risks they need to mitigate.

Let’s briefly consider a…

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Added by Steven Minsky on July 25, 2018 at 7:32pm — No Comments

MSU Creates New Office of Enterprise Risk Management in Response to Nassar Scandal

Michigan State University has employed a new Chief Compliance Officer in response to the Larry Nassar scandal. By creating an Office of Enterprise Risk Management within the university, MSU is getting on the right track.

Earlier this year, former MSU doctor and USA gymnastics coach Larry Nassar was charged with…

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Added by Steven Minsky on July 19, 2018 at 8:20pm — No Comments

Harley-Davidson Moves Manufacturing In Response to Trade War: Was it the Right Call?

Back in March, President Trump’s administration threatened to impose steep tariffs on imported goods from some of America’s biggest trading partners. In the following months, the administration set a 25% import tax on steel and 10% on aluminum.…

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Added by Steven Minsky on July 13, 2018 at 5:43pm — No Comments

Why Cybersecurity Risk Is a Top Priority: Facts and Figures

Chief risk officers and heads of operational risk responded to a survey held by Risk.net and identified their top risk concerns. Their number one concern was IT disruption, while their second highest concern was data compromise. Why is cybersecurity risk on everyone’s mind?

For one thing, technology is an inescapable reality of every business. Even the smallest of mom and pop shops have an…

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Added by Steven Minsky on May 25, 2018 at 4:58pm — No Comments

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