Steven Minsky's Blog – September 2015 Archive (7)

ERM and Risk Appetite may Derail SoulCycle's IPO

Last month, SoulCycle, a well-known high-end cycling business, filed for an initial public offering. In the midst of this exciting transition from private to public, SoulCycle was hit with a lawsuit for violating the Credit Card Accountability and Disclosure Act. One might assume that the company was outed by a compliance agency or regulator. But, surprisingly, this lawsuit comes from a disgruntled former customer, Rachel Cody, who…

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Added by Steven Minsky on September 21, 2015 at 4:14pm — No Comments

Weak Risk Management Leads to Internal Controls Deficiencies

Jeanette Franzel, board member of the Public Company Accounting Oversight Board (PCAOB), recently spoke at the American Accounting Association (AAA), according to The Wall Street Journal. She says audit-oversight inspections show a twenty percent increase (since 2013) in internal-control deficiencies of company audits. Inspections also indicate that 36 percent of company audits…

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Added by Steven Minsky on September 17, 2015 at 8:30pm — No Comments

ERM Report: The Air Force and Risk-Based Vendor Management

This past April, an Air Force reconnaissance airplane caught fire. At the time, 27 airmen were on the plane, and all their lives were put in danger. What went wrong and caused…

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Added by Steven Minsky on September 15, 2015 at 4:30pm — No Comments

Advice for Risk Managers: Ask the Tough Questions

The New York Times author David Leonhardt recently published a puzzle that I recommend all governance personnel attempt. Take a second to give it a try before reading this blog, but if you’re pressed for time, I’ll outline the basic premise.

The puzzle asks that…

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Added by Steven Minsky on September 11, 2015 at 6:20pm — No Comments

Avoiding Insider Trading with Cybersecurity and ERM

Cybersecurity has been on our radar a lot lately, but that's thanks to the alarming number of recent, high-profile security breaches. Take a look at our recent blog post regarding a major flaw in the Android operating system, or our …

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Added by Steven Minsky on September 8, 2015 at 9:00pm — No Comments

Why SaaS ERM and GRC Software Vendors make Better Strategic Partners

Take the Risk out of ERM and GRC Software

Forrester predicts that by the end of 2015, over half of all ERM and GRC software implementations will be done through Software-as-a-Service (SaaS) models. While SaaS GRC software is undoubtedly gaining traction and market share, many organizations are still hesitant to…

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Added by Steven Minsky on September 3, 2015 at 5:30pm — No Comments

OCC Targets Cybersecurity and AML Deficiencies - ERM is the Answer

The OCC released its “Semiannual Risk Perspective” and, perhaps as anticipated, banks continue to struggle plugging gaps in information technology practices.…

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Added by Steven Minsky on September 2, 2015 at 9:00pm — No Comments

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