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With most Transformation initiatives people gradually revert back to their old habits of doing things.  Sustainable Change Management necessitates 4 key processes:

• Chartering—defining the scope, rationale, and team for the change initiative.
• Learning—testing and refining ideas before a full-blown execution of the initiative.
• Mobilizing—using symbols and metaphors to engage people and gain their buy-in for the change program.
• Realigning—redefining the roles and responsibilities and managing performan

Over the years, hackers have developed sophisticated tactics aimed at finding and exploiting vulnerabilities. Currently, the increasing losses arising from fraud account for 5 percent of the total revenue of the company. With the growing amount of data generated from various transactions, businesses are now taking proactive steps to minimize losses from cyber threats and fraud. As such, identification and prevention of fraud have become one of the top priorities across a range of industries.

In r

Diabetes has become a widespread concern all across the globe. Advancements in glucose monitoring have thus become imperative to minimize long-term micro- and macrovascular complications. Improvements in glucose monitoring devices such as in a continuous glucose monitoring device also help to reduce short-term complications like diabetic ketoacidosis and severe hypoglycemia.

The regular and frequent blood glucose monitoring feature of these devices is an essential part of diabetes management.  Th

Air quality is a major issue in modern cities due to the major impact of air pollution on the health of people, the global environment, and the economy. According to the World Health Organization, one air quality sensor should be installed for every one square kilometer. Recent studies point to the crucial role of information about pollution on the micro-level, which translates into direct exposure of people to air pollutions.

To provide such information, it is necessary to create real-time syste

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

When it comes to Enterprise Risk Management, there is a lot of jargon floating around, mostly because it’s a unique, rapidly growing industry. Not all of that jargon is necessarily industry-wide; organizations will sometimes use different terms for the same concept.

One example is the phrase risk-informed activities. We haven’t used this exact phrase in the past, but it certainly lines up with our central tenets; risk should be assessed across the enterprise and be a part of everyone’s job descri

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

Despite the growing necessity of robust risk management software for companies of all sizes, it’s easy to think of risk solutions as akin to insurance, like guardrails that prevent a vehicle from careening off a narrow mountain road; the thought of actually needing them in the event of a failure is too unsettling to dwell on.

That functionality is of course important, but what about day-to-day operations and costs? An efficient risk management process starts with identifying and assessing risks a

In today’s organizations, risk managers are tasked with the responsibility of effectively monitoring risk.  They need to know what to monitor and how to determine if mitigation activities are effectively preventing risks from materializing. Traditionally, organizations evaluate risk monitoring activities through controls testing, but this provides little more than a false sense of security for organizations.

A major weakness in just using Testing to monitor risk mitigation activities, is that tes

As we move into the 4^th step of ORSA implementation, Risk Monitoring, Control, and Action Plans, we begin to see the importance of adhering to best practices when executing Risk Culture and Governance, Identification and Prioritization, and Risk Appetite and Tolerances.

With the necessary structure in place to track and collect risk intelligence, the next step involves orchestrating a plan for improvement. Why is a plan for improvement so critical? Besides limiting the risk exposure of your organ

Federal and state regulatory compliance requirements have grown exponentially and touch all operational areas. Compliance has become very complex and expensive with extensive new regulations, multiple overlapping information sources, and operational impacts that are difficult to identify and track. Financial Institutions typically manage compliance workflows manually, which is difficult in multiple branch or interstate operations, and across multiple lines of business. As a result, compliance an

The first shoe to drop was government regulations holding the Board of Directors personally responsible for the effectiveness of enterprise risk management programs at their organizations. Boards are given a choice between proving their risk management programs are effective or disclosing their ineffectiveness in risk management to the public. If they do neither, it is considered fraud, as not knowing about a risk is no longer a defense.

What does enterprise risk management effectiveness mean? No