Compliance management system has become one of the most important and fundamental concern for all the organization specifically in financial institutions. With the help of compliance management tracking software, companies are able to track, save and identify data, risk, threat and fraud. This system ensures that the whole organization is synced with each other and having updates regarding all the happenings and information of the company where they are also able to respond with their best possi
risk (579)
Dear Global Risk Community member
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Take a look at our Risk Management catalogue or read on to have see what courses are available f
On company’s risk dashboard, the signal for operational risk should be flashing red. Over the past ten years, losses from operational risk have soared. Companies that want to achieve a sustainable and profitable business need to focus on building a framework to manage operational risk.
What Is Operational Risk?
Operational risk summarizes the risks a company undertakes when it attempts to operate within a given field or industry. Operational risk is the risk not inherent in financial, syste
GRC refers to Governance, Risk and Compliance which means to ensure that proper policies and controls are implemented in your organization for the monitoring of risk and to setup a system for check and balance if new risk arises. While incorporating GRC with technology, it helps in implementing proper control, compliance management system, documentation and also helps in meeting the objective of an organization. It just not helps in mitigating risk but also to evaluate it and providing best poss
Cyber security is one of the top needs that any business can have in today’s world of digitalization where everything is going online. Companies are maintaining their system with such hi-tech cyber security that it is hard to breach. Since it’s an online world and paperless environment, so cyber security is being prime concern that if anyone who attacks the system he can get into whole of the company’s information.
According to recent research report by World Economic Forum, "90 percent of compan
Risk management is no longer a new term in a world of business. Though it has emerged over a past few decades, but it is something that every company and business is implementing nowadays for a more efficient results and for more business security. Managing risk is essential for all kinds of business. The difference is just that small businesses have quite a few limited resources to gauge their risk while on the other hand, large businesses can easily identify and calculate risks that can harm t
Compliance management is a process which ensures that the employees in an organization are following the set of rules that are given to them and there’s no breach in it. It ensures that the policies and procedures are being followed in accordance to their setup. Here rules mean compliance strategies and benchmark, while process means what manages their compliance system.
Compliance management is mixture of functions like policy, procedure, documentation, internal auditing, third part audits, secu
Security is the concern that comes across the management of every company and every year companies pay huge amount on their cyber security. As year time is passing by, technologies are getting bigger and better and so the threat to them. Since it’s the world of online technology and where everything is computerized or automated, there cyber security threats are also getting bigger and serious every day. So, the people are specializing is protecting their systems and organizations cyber risk or t
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?
Most Apple users are familiar with FaceTime, Apple’s video chatting software. The feature had recently been upgraded, s
There are many risks you have to deal with when selling your car privately. Listing your car on Craigslist means dealing with the annoyance of a bunch of calls, meeting up with strangers, dealing with test drives, and possibly falling victim to fraud, scams or theft.
But there are faster and safer ways to sell your car for cash. Many companies are now offering same-day cash for cars and even come to you to pick up the vehicle. So before you decide to sell the car yourself through various online c
Last Friday, Marriott disclosed that the data of about 500 million guests had been exposed as a result of a hack that dates all the way back to 2014.
In 2014, hackers exploited the reservation system of Starwood Hotels and Resorts, which was acquired by Marriott in 2016. The breach exposed user data that not only included names, phone numbers, email addresses, passport numbers, and dates of birth, but even access to some encrypted credit card data.
As a result of this breach, Marriott may be one o
On Nov. 29, the LogicManager community arrived at Hotel Commonwealth in the historic Fenway district of Boston for sold-out IMPACT 2018. Every year, LogicManager hosts a customer conference where users of the ERM software can learn, share, and grow their risk management program to full maturity.
Upon walking into the conference space, you could feel the partnership LogicManager strives to create between customer and employee. As a SaaS provider, most of our work is virtual. But at IMPACT, it
In late September, Facebook announced that it had discovered a breach in its network that had exposed the personal data of nearly 50 million users to hackers.
The hackers exploited a feature in Facebook’s code to gain access to user accounts, potentially enabling them to take control of them. The breach was the largest in Facebook’s fourteen years of existence.
The fallout Facebook is facing from this breach is the latest example of the see-through economy at work. Since September 27, Facebook’s m
Bedtime data stories are telling stories about data with data.
Have you ever asked yourself, “Why bedtime stories?”. Maybe you grew up with them and you have kept up the tradition. Maybe you understand they are good for your child’s development, in particular their vocabulary, comprehension and the development of their creative brains. If so, you would be right as evidenced in this research published in the journal Pediatrics.
However, there is more to it than their personal development. You are a
Those of you that know your maths know that an S-Curve can have an exponential portion to its curve but it can’t BE an exponential curve. However, I recently came across a diagram showing a series of S-curves overlaying an exponential curve which to me portrayed something very different to seeing either in isolation. It was in this post by Tim Urban The AI Revolution: The Road to Superintelligence.
I am bringing this to your attention for two reasons. The first reason is to add to your appreciati
Uber has agreed to pay a hefty $148 million settlement after concealing a data breach in 2016 containing 57 million users’ data. In hopes of preventing this from recurring, it’s time for Uber to reassess their risk management practices, and in turn regain the public’s trust as well.
Although this regulatory problem has resulted in a huge sum of money, this is not the greatest consequence Uber will face due to a risk management failure. The hit on Uber’s reputation is massive. The concept I call
There are data miners and then there is data mindset. The former are the people and/or their tools that do the digging through the numbers. The latter is about a whole lot more.
Last week I blogged about how to help people believe the numbers. This week I am going a big step further talking about four different types of data mindsets and the implications for decision making in an organisation (see figure).
Data Mi
Decisions are all about emotion, however, numbers are so very important. At the end of the day if the bank balance is zero, no amount of emotion is going to change that.
When it comes to numbers and decision making there are essentially three positions people take.
Believers
These people believe numbers enhance decisions. In fact, decisions should be based on the numbers. The effort must be put in to find and assess the numbers.
The problem for these people is that if they can’t find any numbe
One of the most soul-destroying events that can happen to a company is for a bean counter to be appointed as CEO with a vision that involves cost cutting and not much else. While I am one of the first to hold true to “In God we trust, all others bring data”, I have seen too many companies damaged from a CEO overly focused on cost cutting. A CEO that is dumped within a few years.
Don’t get me wrong. A focus on costs is important and sometimes dramatic cost cutting is essential, however, as with a
Javelin Strategy & Research recently released its Identity Fraud Study, and it revealed that the number of identity theft victims rose by 8% in 2017 when compared to 2016. That’s almost 17 million people, which is a record high. Despite more information and industry efforts to make people aware of these practices, $16.8 billion was stolen due to ID theft in 2016.
The study also showed a shift in how ID theft fraud was being done. Credit card accounts were the most common targets for new account f
