Steven Minsky's Blog (202)

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

Wells Fargo Ad Campaign Misses the Mark: Overcoming Failure with Better Risk Management

This week, Wells Fargo launched a new ad campaign called Re-Established. The goal is to gain back customer trust after their repeat failures in risk management. It won’t work.

I’ve talked a lot about the…

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Added by Steven Minsky on May 14, 2018 at 7:00pm — No Comments

The See-Through Economy: New Technology and Risk Management

Year over year, scandals like Wells Fargo, Equifax, Chipotle and so many others have dominated news headlines as they wreak havoc on consumers, investors, and awaken industry and government regulators. What is driving this trend?

Consumers have entrusted corporations with increasing involvement and influence in their lives through the decades. In 2014, for example, the Supreme Court ruled that corporations have some of the rights and responsibilities as natural persons. In other…

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Added by Steven Minsky on April 26, 2018 at 4:56pm — No Comments

Wells Fargo’s Failures in Risk Management Cost $1 Billion Settlement

Wells Fargo has suffered the consequences of repeat scandals since 2016. This week, the bank agreed to a $1 billion settlement with federal regulators who have cited their lack of effective risk management practices as the root cause of their woes.

This settlement with the Consumer Financial…

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Added by Steven Minsky on April 23, 2018 at 7:48pm — No Comments

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…

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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…

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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…

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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…
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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…

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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…

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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…

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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…

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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…
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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…

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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.…

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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…

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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…

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

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