assessments (21)

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Keeping up-to-date with legal changes across multiple jurisdictions and international boundaries is a challenge for every business. This on-demand webinar explores how to keep track of only the regulations that matter to your business, and how to ensure individual sites remain compliant.

Watch the webinar here:

In this webinar, in partnership with IsoMetrix, you will learn:

  • 7 steps to perfecting compliance management across a multi-jurisdictional environment
  • How to link risk and consequence to site-
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Human judgment can be unreliable as these are all susceptible to errors. In Strategy Development,  organizations make a lot of strategic decisions.  Thesepic-1-Strategic-Decision-Making-200x300.jpeg?profile=RESIZE_710x strategic decisions share a common feature: they are evaluative judgments.

In making these tough calls, a large amount of complex information must be weighed down and evaluated.  While some management decisions are made without weighing quite so much information, yet strategic decisions involve the distillation of complexity into a single path

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Learn about the importance of risk assessments and how the process of linking your legal requirements can bring a whole host of benefits.

What is a risk assessment?

A risk assessment is a process in which an employer, or someone competent appointed by an employer, will identify any hazards and evaluate the associated risks within a workplace. This type of risk assessment can be referred to as a HIRA (Hazard Identification and Risk Assessment). 

In many countries around the world, such as in South A

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The banking industry is perceived as the most advanced in their understanding and implementation of risk management. Although banks have indeed made huge progress in risk management, two areas all banks can improve is the structure used in conducting their assessments to enable actionable and insightful strategic reporting.

8028296299?profile=originalI’ve found that the understanding and implementation of risk management is driven not by industry or size of institution, but rather by its people: boards, executives, their t

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To run an effective ERM program, you need the right metrics.

Risk professionals today are facing an unprecedented level of scrutiny. Risk managers are not only responsible for protecting and securing their organizations, they also have to provide evidence that their risk management programs are actually effective at managing risk.

At the very minimum, risk managers must prove they are meeting the expectations of not only regulators, examiners, and their board of directors, but also their customers

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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 announced that low levels of an animal euthanasia drug were detected in canned dog food produced by the J.M. Smucker Company. Smucker stock dropped by 3% resulting in a loss of more than US$ 400 million is market value.

In a statement, the company said that it had “identified the root cause to be a single

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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.

8028267887?profile=originalPrices of U.S. domestic steel are up approximately 20 percent since the beginning of 2018. This is due to expectations of “protectionist measures, which could prove a significant drag on steel consumers like the machinery, motor vehicle, and construction industries,” Capital Economics a

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Risk Management's 3 Basic Steps

In order to be effective, risk management must involve three phases:

  1. Risk identification & assessment
  2. Mitigation design & implementation
  3. Active monitoring of mitigation activities

If an organization misses any of these steps or does not directly link them to one another, it is not fully managing risk. Here’s what can happen if a step isn’t fully executed:

  1. Improper risk identification often results from identifying a risk’s symptom instead of its root cause. When this ha
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Regular risk assessments are one of the most important pillars of any risk management department. Although performing risk assessments is now considered best practice, it’s easy to overestimate their comprehensiveness. As a result, some risk managers are doomed from the start to mediocre results.

For a quick check on the adequacy of your risk assessments, determine how many of the following 5 best practices your program has ingrained in its ERM process.

See the graphic below to learn our 5 tips fo

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At LogicManager, we are firm believers that embracing risk management can result in two boons: ease of mind and success. On a related note, we recently came across an article by Carl Richards in The New York Times titled “For True Freedom, Learn to Deal with Uncertainty.

“Right now, I’m working really hard on both having goals and accepting the reality of uncertainty,” Richards says. “In fact, I embrace the uncertainty and say to myself, ‘given that goal, and given the uncertainty, what’s to be

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In light of recent events, the Environmental Protection Agency is using new monitoring techniques to evaluate the quality of companies’ classifications and reporting of hazardous materials. Ironically, as we all learned recently, even the EPA itself isn’t immune to catastrophic, if preventable, mistakes. New compliance regulations increase the importance of standardized risk identification, mitigation, and monitoring strategies.

Two takeaways from this new development:

  1. A variety of companies, part
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Gerry Grimstone, keynote speaker at the IIA’s recent conference in London, has a message for senior executives.

“You can’t easily blame a board member for not knowing something,” Grimstone said. “But you can blame a board member for creating a culture where he doesn’t know something.”

Grimstone spoke at length about the latest example of poor board oversight, Volkswagen’s recent side-steps in ERM and increasingly costly emissions scandal. “Do you really think there weren’t people who didn’t know t

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While data breaches have dominated the news cycle, The Wall Street Journal’s “Risk and Compliance Journal,” reports that fraud is actually much more common, even if it generates fewer headlines.

6-28-2012.png?width=300In the fiscal year ending March 31st, 2015, instances of retail fraud averaged a 94% increase from the prior year when calculated by average loss of revenues. Industry reaction to this news has been relatively predictable: as many companies have decided to devote a higher percentage of their budget to pre

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The Harvard Business Review’s article “How to Live with Risks” reveals a common misconception that risk managers have about the sources of their risks, and how they should be conducting risk assessments.

This study suggests that while risk managers spend nearly half their time on legal and compliance related risks, they face a much greater threat of loss events from strategic and operational concerns.

 

risk assessments are identifying the wrong risks. Adopt a risk-based methodology to enact better enterprise-wide risk assessment processes.

A common risk assessment mistake is the inability to relate high-level strategic concerns to the

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ERM: 5 Steps to Success

resources-300x263.png?width=300Most agree that working from the top down, meaning to first identify corporate objectives, then focus on the details of how to achieve them is what most managers wish they could be doing more of. However, the reality is most managers are so busy with day-to-day activities that little time is left over to work on the big picture. Everyone agrees the role of ERM is for risk management to be involved in the “key business decisions,” however, some misinterpret this as interviewing only the senior ex

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Risk Leadership: The Value of Independence

I just read an article in a newsletter published by the Macquarie University natural hazard research group, Risk Frontiers, discussing the case of the six Italian scientists and a government official who were found guilty of manslaughter for "failing to adequately communicate the level of risk" regarding an earthquake swarm. Their conclusion - "A need for separation between the roles of scientists and that of authorities responsible for civil protection is strikingly clear. Scientists need to be

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In their new book Beyond Performance: How Great Organizations Build Ultimate Competitive Advantage (2011), McKinsey senior partners Scott Keller and Colin Price make some interesting observations about organisational transformation and the achievement of excellence.

Leaders wanting to „beat the odds‟ must find answers to questions related to:

  • Dramatically (and quickly) improving the organisation‟s performance
  • Avoiding the pitfalls of transforming an organisation
  • Ensuring that performance improvement
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Better Risk Assessments: Free On-Demand Webinar

Looking back over my most popular blogs, there was a lot of interest in "5 Steps for Better Risk Assessments" back in March this year. Due to this interest I have created a complimentary 25 minute on-demand video webinar on this same subject 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:

Risk managers are charged with ensuring transp

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One approach for embedding a risk management culture across your enterprise is to develop a team of risk champions within your business. What should you expect of them and how should you equip them?

 

The answers to these questions are not straight forward. When you are dealing with cultural change the strategies that work best will depend on a myriad of elements that have occurred or will be occurring in your organisation. Here are some practical questions to ask yourself that will help you to d

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Risk Leadership: Knowledge is Power

When we conduct risk assessments we are often satisfied with the outcomes based on our existing knowledge. Our knowledge however is usually based on some facts and a whole lot of assumptions, perceptions and theories.

As human beings we use our five senses of sight, smell, taste, touch and hearing to maximise our knowledge about our environment. During a risk assessment we need to find similar tools to make sure we maximise our knowledge to help ensure we identify and appropriately analyse risks
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