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assessment (31)
Restructuring becomes essential at some stage in the lifecycle of any organization. In order to emerge triumphant through this tumultuous challenge, it is necessary that the focus remains on the challenges impeding the organization, Strategy Development to tackle the challenges, and prioritizing Strategic Initiatives to deliver radical results that lead the organization to Operational Excellence.
Redeployment is the most significant phase in the Restructuring process. Within Redeployment, the
One of the suites of the Business Analytics tools of Microsoft is Power BI. It is used for data analysis and sharing insights. Power BI dashboards give a 360-degree view to users of business with their most significant metrics in a single spot, updated continuously, and available on all of their devices.
This means Microsoft is bringing the power of data analysis and visualization to each user in the company and not simply the technical or IT group. Currently, companies can analyze and visualize
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. Just as I predicted, these decisions are impacting the supply chains of American businesses, forcing them to consider the effects this kind of tumult could have on their business.
In my first blog post on the subject, I detailed a few direct and indirect c
Does your institution need cybersecurity insurance? Is it required? If utilized, are there rules? Cybersecurity insurance can protect against financial loss in the event of a cyber incident, but there are many intricate details.
The Federal Financial Institutions Examination Council (FFIEC) members have provided a joint statement to help financial institutions understand how cyber insurance impacts risk management and what institutions need to do when considering purchasing cyber insurance. The
Don’t assume you’re immune from this European regulation with huge fines
All may be relatively quiet on the regulatory front in the U.S., but this May new privacy regulations are taking effect in the European Union, which will likely impact even the most provincial U.S. financial institutions.
The E.U.’s General Data Protection Regulation (GDPR), approved in April 2016, is much broader than the U.S.’s most well-known privacy regulations, the Gramm-Leach-Bliley Act (GLBA) and the Health Insurance P
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 good on a prediction I presented to business journalist L.A. Winokur. I predicted that after the dust settled for the original cross-selling scandal, Wells Fargo would remain vulnerable in other areas of its operations, lest they address the gaps in their risk management program.
In the time it took me to ex
In a recent interview I had with business journalist L.A. Winokur regarding the Wells Fargo cross-selling scandal, I made a prediction: “Once the dust of this scandal settles, perhaps in two or three years, Wells Fargo will remain vulnerable in other areas of its operations to risk management failures.”
Low and behold, the only part I didn’t get right was the timeline. In less than a year of paying $185 million in penalties, the largest fine ever levied by the CFPB, the bank finds itself in headl
What's your biggest cybersecurity risk? Chances are it's that you're using the wrong methods to assess that risk!
Douglas W. Hubbard, author of big sellers How to Measure Anything and The Failure of Risk Management, now has done a new book, How to Measure Anything in Cybersecurity Risk. He and I are teaming up to offer a one-day short course on the subject at the Holiday Inn in Rosslyn (Arlington), Virginia, Thursday, October 6. The course includes training in calibration of your risk assessme
Where are there more homicides? Detroit or Michigan?
Most people would say Detroit, even though every murder in Detroit also takes place in Michigan. Our initial impressions, even those we have the utmost confidence in, can quickly and easily lead us astray. Avoiding such misconceptions is the value that risk assessments provide ERM programs.
Many risk managers we hear from rightfully criticize risk assessments designed around impact and likelihood to be too subjective, high level, and “fluffy”
The tough conditions in the credit markets require small businesses to communicate and demonstrate their credit worthiness to satisfy exacting credit risk standards of lenders. Credit channels are open and loans are being made but strict federal regulations and heightened risk aversion by lenders places additional burdens on borrowers to demonstrate they are a good credit risk.“You have to be prepared,” said Robert Seiwert, a senior vice president with the American Bankers Association. “If you
The third step in the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) is the implementation of a Risk Appetite and Tolerance Statement. This step is meant to sets boundaries on how much risk your organization is prepared to accept in the pursuit of its strategic objectives.
An organization-wide risk appetite statement provides direction for your organization and is a mandatory part of your assessment. As defined by COSO (one of the risk management standards measured in the
The first step in the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) implementation, Risk Culture and Governance, lays the groundwork and defines roles for your risk management function. The second step, Risk Identification and Prioritization, defines an ongoing risk intelligence process that equips an organization with the data needed for risk based decision making.
The engine behind this process – the enterprise risk assessment – isn’t a new concept, but organizations a
A study published last week sponsored by Tripwire and conducted by the Ponemon Institute found that while over 80% of security and risk professionals consider their organization's commitment to risk-based security management significant, less than 30% had a formal risk management strategy in place.
Why does such a large gap continue to exist, even as the evidence piles up that organizations with a mature risk framework are better performing and more prepared for an uncertain future?
One hurdle tha
Fifteen of the world’s top risk managers met recently at the 2013 RIMS Risk Summit. When the topic of reputational risk arose, the group struggled to develop a concrete value proposition, but unanimously agreed that no ERM assessment that failed to tackle reputation risk would be deemed complete by leadership.
Their recognition calls attention to one of the biggest hurdles confronted by risk managers in all industries when faced with high level risks deemed critical by the board or executive lead
What the Great Wall of China can teach us about Vendor Risk Management
A vendor risk management approach is all about creating centralized standards that transcend business silos, which is very different from the approach taken in traditional vendor management software. Vendor management needs tools with a risk-based approach to overcome their difficulty of objectively putting the vendor compliance pieces together across legal, purchasing , security reviews, and accounts payable silos for contrac
Risk management is not about absolutes, it is about using a consistent analysis framework for balancing risk and cost on a common basis across the enterprise. Yesterday's announcement by the Transportation Security Administration (TSA) of their adoption of a risk-based approach is a long awaited practical application of enterprise risk management to security.
As April 25, 2013, the TSA will allow small pocketknives and an array of sporting equipment -- banned from aircraft cabins in the wake of t
Looking back over my most popular blogs, there was a lot of interest in 5 Steps for Better Risk Assessments and How to Consolidate Compliance Risk Assessments. Due to this interest I have created a complimentary 30 minute webinar on streamlining enterprise risk assessments complete with detailed "how to" examples and visuals that are not possible in a blog format.
Click here to watch this On Demand Webinar or read the full invitation below:
On-Demand Complimentary Webinar Invitation:
Organizations
A chemical plant explosion in Japan on Sunday shows the consequences of poor risk management in a really personal way. The Nippon Shokubai Co. produces a chemical that is a critical link in the supply chain for one-fifth of all the world's diapers. A diaper shortage is expected.
One, where was the risk management program to prevent the explosion? As is always with these things, in the next 6 weeks, evidence of an employee warning their management about conditions that could result in an explosion
