Steven Minsky's Blog (196)

Hudson's Bay Data Breach Confirms the Need for Enterprise Risk Management in the Retail Industry

On Sunday April 1, Retail group Hudson’s Bay disclosed that it was the victim of a security breach that compromised data on payment cards used at Saks Fifth Avenue and Lord & Taylor stores in North America.

As many as 5 million cards may have been compromised, which would make the breach one of…


Added by Steven Minsky on April 9, 2018 at 5:11pm — No Comments

Orbitz Data Breach Signals Complacency: What You Didn’t Know About Cyber Breaches

Orbitz said hackers may have accessed 880,000 credit card numbers and possibly the names, dates of birth, phone numbers, and addresses of consumers who booked through the site in 2016 and 2017.

The Orbitz data breach pales in comparison to the…


Added by Steven Minsky on April 4, 2018 at 7:32pm — No Comments

Under Armour Risk Management Failure: Data Breach Affects 150 Million MyFitnessPal App Users

On March 29, 2018, Under Armour announced that the data of over 150 million users of the MyFitnessPal diet and fitness app was exposed in February of this year.

User data included usernames, emails, and passwords. The company put a PR spin on the breach by disclosing that government-issued identifiers like Social…


Added by Steven Minsky on April 2, 2018 at 4:46pm — No Comments

VW in Need of Risk Management Rehab After Multiple Emissions-Testing Scandals Emerge

According to reports uncovered earlier this year, Volkswagen conducted diesel-emissions testing on…

Added by Steven Minsky on March 27, 2018 at 5:00pm — No Comments

ESG Investors Target Facebook for Repeat Failures in Risk Management

Facebook’s market capitalization dropped as much as $60 billion after reports emerged that Cambridge Analytica, the data consulting firm used by the Trump Campaign, was given the data of around 50 million Facebook users without their consent.

The Cambridge Analytica scandal is the latest in a series of risk management failures that have plagued the social networking company, which has been grappling with its role in the…


Added by Steven Minsky on March 23, 2018 at 6:30pm — No Comments

2018 GRC Market Report Emphasizes New Risk Trends: Reputation, Regulations, and Innovation

The Forrester Wave™: Governance, Risk, and Compliance Platforms, Q1 2018 evaluates and ranks the 14 most significant GRC platforms available, and LogicManager has been named a Leader! But beyond measuring the current offering, strategy, and market presence of GRC providers, the report also…


Added by Steven Minsky on March 20, 2018 at 4:31pm — No Comments

Theranos Charged With Massive Fraud: Building Boards On Skill Over Appearance

The Securities and Exchange Commission charged Theranos Inc., its founder and CEO Elizabeth Holmes, and its former President Ramesh Balwani with raising more than $700 million from investors through an elaborate fraud in which they made false statements about the company’s technology, business, and financial…


Added by Steven Minsky on March 16, 2018 at 7:00pm — No Comments

Tiger Brands Scandal: Fifth Failure Incites Public Outrage

This month, Tiger Brands, the major food conglomerate in South Africa, is entangled in a major scandal. 950 have fallen ill and 180 people have died from listeriosis, which makes this the biggest food-borne illness outbreak in history.

In the unraveling of this scandal, I see a proof point for two…


Added by Steven Minsky on March 14, 2018 at 6:18pm — No Comments

Wells Fargo Sanctions Send Message to U.S. Banks: Boards Are Accountable for Risk Management Failures

The Federal Reserve’s unprecedented sanctions against Wells Fargo announced on…

Added by Steven Minsky on March 12, 2018 at 3:06pm — No Comments

Vendor Risk Management Failure at J.M. Smucker Company is Likely to Hurt Sales, Revenue, and Company Value

With an effective enterprise risk management program, risks at vendor facilities would be uncovered and prioritized, and mitigations would have been put into place.

On February 16, 2018, the FDA…


Added by Steven Minsky on March 7, 2018 at 4:20pm — No Comments

Managing Risk in a Global Trade War

The announcement by U.S. President Donald Trump that his administration would be imposing tariffs on foreign imported steel and aluminum threatens to send the U.S. and its trading partners into a global trade war.…


Added by Steven Minsky on March 5, 2018 at 9:00pm — No Comments

Reputational Risk: Customers and Investors Speaking Out, Companies Evaluating Affiliations with NRA

This past weekend, companies started responding to consumer backlash for working with the National Rifle Association. Corporations like the First National Bank of Omaha, Delta, Hertz, and MetLife are ending discount programs with the NRA.

Before this pushback, NRA membership granted consumers access…


Added by Steven Minsky on February 28, 2018 at 4:42pm — No Comments

Risk Management and Budget Planning: The Key to Good Forecasting

Here we are. February 2018. For many, February is a trying month. How well are those New Year’s resolutions holding up? Have the early-morning January gym visits started to fade? Are salads getting old? Personal goals aside, here’s one thing we hope won’t decline: the excitement…


Added by Steven Minsky on February 21, 2018 at 4:29pm — No Comments

Hey, Chipotle, Can You Say Risk Management Rehab?

Chipotle needs risk management rehab. In less than two years, the Mexican grill has changed CEOs twice in an effort to regain their once-held reputation as a beloved fast-food chain. A new CEO, however, isn’t the solution. Multiple cases of food-borne illness before, during, and since executive switch-ups have…


Added by Steven Minsky on January 18, 2018 at 4:11pm — No Comments

4 Predictions for Risk Management in 2018

2017 presented a whirlwind of corporate scandals: United Airlines, Wells Fargo,…


Added by Steven Minsky on January 9, 2018 at 4:30pm — No Comments

How to Use the COSO 2017 Framework Update

This September, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) published a much-anticipated update to their 2004 “Enterprise Risk Management—Integrated Framework,” a renowned and widely used risk management framework. The new release is formally…


Added by Steven Minsky on December 14, 2017 at 3:39pm — No Comments

Uber Hack: A Company in Need of Risk Management Rehab

The hot water in which Uber has been simmering has just reached new thermal heights. Back in October 2016, hackers stole the…


Added by Steven Minsky on December 6, 2017 at 3:07pm — No Comments

The Highlights of IMPACT 2017

LogicManager recently hosted IMPACT 2017, our annual ERM conference where risk professionals gather to share their challenges, successes, and insights in the risk management industry. For two days, LogicManager users lead educational sessions on how they’ve made vast improvements to their various risk and…


Added by Steven Minsky on November 29, 2017 at 7:33pm — No Comments

A Shift in GRC: Consumers, Reputation, and Ethics

Recently, Forrester Research published “GRC Vision 2017-2022: Customer Demands Escalate As Regulators Falter,” which explores challenges the GRC industry will inevitably face as it…


Added by Steven Minsky on November 10, 2017 at 4:00pm — No Comments

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