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Seeing a firm going bad is difficult when things are proceeding well; however, leaders must constantly be prepared for the worst-case situation. Integrating enterprise risk management throughout your overall company's strategy is critical to operating a successful firm.

"Risk is the probability of an event happening that will affect the attainment of objectives," following the Institute of Internal Auditors. Risk is defined by its impact and likelihood."

Whereas enterprise risk management (ERM) is

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Enterprise risk management is an enterprise-related risk management approach. Since its introduction, the approach has been adopted by many industries and sectors as it offers various benefits.

ERM aims to tackle risks strategically and delivers a cohesive picture strategy for the organization's benefit. While it looks identical to governance, risk, and compliance (GRC), the two terms differ very much, with ERM used as a subset of GRC.

The risk management authorities define ERM as a strategic supp

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Enterprise Risk Management (ERM) is the act of recognizing and systematically managing probable occurrences that pose risks to accomplishing strategic goals or prospects for strategic advantage.

The evaluation of important risks and the execution of appropriate risk solutions are the essential pillars of ERM. Tolerance or acceptance of risk; termination or avoidance of risk; risk sharing or transfer via policy, a partnership, or other agreement; and risk mitigation or reduction through internal p

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When firms consider risk reduction, they frequently divide it into internal and external risks. It seems familiar to label risk as "external" if the perpetrator is from outside your organization, such as an intruder who sneaks in, digitally or physically, and takes business assets. Break-ins, on the other hand, do not pose an external risk.

However, in this blog, we will be discussing business risks and what are the factors of internal and external risks affecting an organization.

What is Busine

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Hello Global Risk Community member,

The old adage goes, “a picture is worth a thousand words”. When it comes to managing enterprise risk, this rings so true. Applying qualitative and quantitative metrics such as risk appetite, risk tolerance, risk assessments to a variety of activities across the organization using spreadsheets is very difficult. There is an easier way.

Join Michael Rasmussen and Terence Lee for a session on visualization of enterprise risk.




 
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Most businesses can thrive quite well as long as the economy and environment remain healthy. We only learn about corporations that use excessive leverage or take on excessive risks during a financial crisis. The 2008 financial crisis was one such incident; many enterprises that had taken on excessive risk when times were good ended up collapsing. The current pandemic is another example of a comparable crisis that has highlighted many companies' worst weaknesses. 

Numerous firms recognized that t

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Risk management is not a one-time or limited-time activity — it is a continuous process that must constantly operate properly. This is also why achieving ongoing progress in risk management can be so difficult for organizations - it needs year-round monitoring and dedication. 

The majority of organizations employ specialized risk management framework people, who serve as the business's sole line of defense against risks. This arrangement, we feel, is not sustainable. Any system that needs contin

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Introduction

The topic of environmental, social and governance (ESG) criteria is especially prominent right now. But why is ESG important?

It’s all about the See-Through Economy. By taking a look at trends and patterns over the course of recent history, it’s clear that ESG is a growing concern for consumers, investors and regulators everywhere. The See-Through Economy has driven the value of global assets applying environmental, social and governance data to drive investment decisions to al

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Banks typically view risk and compliance as critical components of the business that enable it to operate, but do not anticipate the risk and compliance department to contribute to the bank's growth. Take note that both risk and compliance are critical components of banks' strategic growth plans. 

As a bank grows, it requires more sophisticated risk and compliance capabilities; therefore, the majority of banks budget for increased risk and compliance management costs and include them in their gr

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Transforming Risk Management into Risk Intelligence

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In one of our latest interviews, we've been joined by Will Anderson, the CEO of Resolver.inc.  Resolver provides an integrated risk management software for mid to large-sized organizations to empower business, to move faster. The solutions include risk management, corporate security, business resilience, and IT risk. Over 1,000 organizations worldwide depend on Resolver’s security, risk and compliance software. That’s about 1,000,000 people u

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Every new president brings a dramatic change in priorities. This is not a political statement – it is a factual statement. And while we may not all share the same political views, all organizations share the same mission of surviving and thriving under whatever new agenda is brought forward.
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Undoubtedly, the current global contingency has shaken the operating model of companies in various sectors. This confronts us with a reality previously unthinkable for many of the businesses that had not developed sufficient capacities. 

From a business perspective, the impact of the pandemic has left companies in various positions: 

  • Businesses that have suddenly lost relevance and even viability. 
  • Sectors with unstable structures and vulnerabilities that are sustainable in the short term, and
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The management of risk is coordinated set of activities designed to manage and protect a company against potential threats, whatever their involvement, this entails planning and use human and material resources to minimize risks or treat. 

It is a strategy that involves the preventive work of anticipating possible situations and considering the practice as part of the company's processes, but it also includes acting in a prescriptive way, that is, when the risk manifests itself without having b

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