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 successful BCDR program is leveraging the information you already…Continue
Added by Steven Minsky on September 20, 2018 at 4:00pm — No Comments
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…Continue
Added by Steven Minsky on September 19, 2018 at 5:30pm — No Comments
Added by Steven Minsky on September 5, 2018 at 10:17pm — No Comments
In my last blog,…Continue
Added by Steven Minsky on August 20, 2018 at 7:00pm — No Comments
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 the new regulation?…Continue
Added by Steven Minsky on August 16, 2018 at 4:51pm — No Comments
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 misconception about insurance as it pertains to risk management. Too often,…Continue
Added by Steven Minsky on July 25, 2018 at 7:32pm — No Comments
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 sexually assaulting 332 students. Shortly after this…Continue
Added by Steven Minsky on July 19, 2018 at 8:20pm — No Comments
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.…Continue
Added by Steven Minsky on July 13, 2018 at 5:43pm — No Comments
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…Continue
Added by Steven Minsky on May 25, 2018 at 4:58pm — No Comments
I’ve talked a lot about the…Continue
Added by Steven Minsky on May 14, 2018 at 7:00pm — No Comments
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…Continue
Added by Steven Minsky on April 26, 2018 at 4:56pm — No Comments
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 Protection Bureau and Office of the Comptroller of the Currency would be…Continue
Added by Steven Minsky on April 23, 2018 at 7:48pm — No Comments
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 the largest involving payment cards over the past…Continue
Added by Steven Minsky on April 9, 2018 at 5:11pm — No Comments
The Orbitz data breach pales in comparison to the…Continue
Added by Steven Minsky on April 4, 2018 at 7:32pm — No Comments
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…Continue
Added by Steven Minsky on April 2, 2018 at 4:46pm — No Comments
Added by Steven Minsky on March 27, 2018 at 5:00pm — No Comments
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…Continue
Added by Steven Minsky on March 23, 2018 at 6:30pm — No Comments
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 dives into the current risk climate.
As the report states, “Managing risk is…Continue
Added by Steven Minsky on March 20, 2018 at 4:31pm — No Comments
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 performance.
The way I look at it, the board was either in…Continue
Added by Steven Minsky on March 16, 2018 at 7:00pm — No Comments
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 growing trends:
Added by Steven Minsky on March 14, 2018 at 6:18pm — No Comments