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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
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
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
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
Transforming Risk Management into Risk Intelligence
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
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
The management of risk is a 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
What do the power outages in Texas in 2021 and the ones in California in 2018 and 2019 have in common? Although the crises are different – one faced fire, the other an ice storm – in both cases, the power utility industries were negligent in risk management.
The root causes of these power grid failures were known in advance by the employees of the responsible organizations, and were therefore 100% preventable. The overarching problem, however, is that these organizations are heavily siloed, and d
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The Internal Institute of Auditors (IIA) and ISACA held their 2019 Governance, Risk, and Control Conference from August 12th to 14th in Fort Lauderdale. This year I was honored to be selected to speak on the effects of data privacy risks in the See-Through Economy in my presentation, “Prepare for a Data Governance Revolution with a Risk-Based Approach.”
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.
Cybersecurity vulnerabilities are an increasing concern for every company in every industry. Year over year, data breaches increase by 75%. Why are they becoming more prevalent, and how can you protect your business?
For the first time, reputation risk, organizational culture, and cybersecurity have all landed among the top five risks in the energy industry. How can energy companies tackle all of these risks without wasting time and money on additional resources?
This year at my IRMI Energy Risk and Insurance Conference session, I showed attendees how they could tackle all three of these top-priority risks with enterprise risk management.
The key is adopting a truly integrated approach to risk management. The
Even a $1 trillion company cannot hide in the See-Through Economy. After a fourteen-year-old boy discovered a serious bug in Apple’s group FaceTime feature, his mother e-mailed, faxed, and tweeted the report to Apple. However, it wasn’t until after her tweet went viral that the bug was disabled. How could Apple have responded more efficiently and avoided this reputational risk?
Today the economy is strong and your business is doing well. But are you prepared for when this strength turns to weakness? Enterprise risk management has been proven to help companies survive a recession.
While there is much debate over whether a recession is looming or not, the fact is, you need to be prepared. Whether in 2019, 2020, or 2021, it’s not a question of “if,” it’s a question of “when” a recession will occur, as history has proven that fluctuations in the economy are both inevitable
There’s an undeniable shift occurring in the business world right now. In fact, it’s been forming since 2007. I’ve coined the phrase the See-Through Economy to encapsulate the shift towards transparency and accountability brought on by new technology and social media.
Since the invention of the smartphone in 2007, consumers have started to exercise their sharing power. Pocket-sized computers alongside world-wide social websites have empowered the everyday customer to influence the integrity of a