Steven Minsky's Blog (180)

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…

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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…

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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…

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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…

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

The FCPA Pilot Program Guides Businesses Towards an ERM Approach

Back in June, the U.S. Justice Department declined to prosecute Boston-based engineering firm CDM Smith on foreign bribery charges, despite learning that the company had in fact…

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Added by Steven Minsky on October 27, 2017 at 6:20pm — No Comments

How ERM Could Have Prevented the Uber and United Airlines Pitfalls

In an increasingly transparent world, failures in risk management within the widespread and nearly instantaneous reach of media outlets ranging from Facebook and Twitter to the Wall Street Journal have had destructive effects on companies like Uber. What started as an evidently ignored employee’s ‘incident report’…

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Added by Steven Minsky on October 13, 2017 at 4:40pm — No Comments

Equifax Data Breach: What Businesses Should Be Doing

As I watch the Equifax scandal unfold, it becomes clear to me that many are at a loss of what to do, or even how to think about this data breach. The first reaction people have is centered on if they, their friends, or family were personally impacted. Rightfully so. For some advice on what you can do to…

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Added by Steven Minsky on September 21, 2017 at 5:19pm — No Comments

Equifax Data Breach: How to Protect Yourself

As the CEO of a risk management company, I think critically about data breaches all the time. Every day we are working to make sure our clients have the means to protect themselves, their customers, their employees, and their communities. We help them manage all kinds of risks: competition, goal achievement,…

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Added by Steven Minsky on September 18, 2017 at 4:44pm — No Comments

Equifax Data Breach: The Point of No Return

On September 7, big-three credit reporting company Equifax reported that hackers gained access to the personal information of about 143 million U.S. consumers. This scandal will be bigger than the Wells Fargo, BP, Chipotle, Volkswagen and Bernie Madoff scandals combined.

The…

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Added by Steven Minsky on September 13, 2017 at 7:30pm — No Comments

How to Achieve GDPR Cybersecurity Compliance with ERM Software

In less than 10 months, the General Data Protection Regulation (GDPR), the most important change in data privacy in 20 years, will take effect on May 25, 2018. The GDPR is a regulation by which the European Parliament, the Council of the European Union and…

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Added by Steven Minsky on August 24, 2017 at 4:00pm — No Comments

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…

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

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