Enterprise Risk Management (ERM) is an approach prescribed to manage and balance organizations’ risk with their objectives. It looks to provide a strategic overview of an institution and their risks. Since the global financial crisis, institutions were criticized for their apparent siloed approach to risk management, failures to bring each area together for a holistic overview of risk to manage within its risk appetite. ERM provides a central risk function to improve an institutions coordination
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I can already sense what you’re thinking! The last thing we need is another article on cultural or organisational change! Please, give us a break! Certainly I know all too well the number of consulting organisations out there like Senn-Delaney and all the other ‘big’ and ‘small players’ as well as independent consultants who believe they have the unique edge or insight into this issue. I have a good friend and colleague, John Childress who is head of Principia Group in London who just recently
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Be honest. Do you have a key to your house under your doormat or a flowerpot? If you do, you might as well put a sign out that says “Come rob me.” This isn’t to say you shouldn’t have a key somewhere, though. After all, you might need it one of these days. However, there are better places to hide your house key:
- In a Lockbox – A key lockbox is a good idea. These have a combination that you will need to get into it, but, of course, you have to remember that combination.
- In Your Car – You also might
Breaches are preventable failures in risk management. A healthcare breach at Metro Community Provider Network (MCPN), a federally approved organization, led to a $400,000 penalty and a mandated correction plan. The Office for Civil Rights (OCR) levied the penalty; the cause of the breach has been cited as a failure to conduct “a timely and comprehensive risk assessment,” according to Information Security Media Group.
As we’ve said before, an old proverb – An ounce of prevention is worth a pound
Last week I promised more on hard-smart work, the way to defeating our personal biases that create our blind spots. So here is a link to an excerpt from my book DECIDE How to Manage the Risk in Your Decision Making, a 5-minute read which tells the story of the invention of the Linotype machine and the power of hard-smart work.
For those with 2,500 emails pending in your inbox (you know who you are!), here is a quick summary of the excerpt:
The invention that epitomises the benefits of hard-smart w
I realize that many of you are enjoying the summer (at least in the northern hemisphere) and relaxing as you contemplate a vacation, this invariably will include your cyber security watchfulness. Unfortunately the cyber predators realize this and have learned to ramp up their activity during your relaxation. The graph below demonstrates how the pattern shifted from 2015 to 2016. It is too early to tell if this will reoccur this year but initial data seems to suggest that the ramp up is happening
The Center for Financial Professionals interviewed Jimmy Yang, MD, Credit and Operational Risk Analysis at BMO Financial Group to address the best ways financial institutions can leverage IFRS 9 methds when working towards CECL implementation.
Jimmy, can you tell us about yourself and your professional experiences?
I have been in the banking quantitative risk management business for close to 20 years now. I am currently the managing director that is responsible for the Bank of Montreal Credit and
You might have heard about all of the scams out there, and think that you are pretty scam savvy. But, the truth is, most of us aren’t, and even a simple phone call could get you caught up in a big scam.
One such scam occurs when criminals call random phone numbers and ask questions, such as “Can you hear me?” When you say “yes,” they record it. They then bill you for a service or product, and when you try to fight it, they say…but you said ‘Yes.’ Not only does this happen with private numbers, it
Have you been thinking that it’s time to make the drastic choice to remove yourself from social media? Most of us were quick to join the social media bandwagon, but these days, you might have worries about privacy. Though it’s possible to delete yourself from social media, the process isn’t easy, and it might not be totally foolproof.
Why Do You Want to Leave?
Before getting into how to delete yourself from social media, it’s important to ask yourself why you want to leave. Experts say totally del
New technologies, increasing digitization and globalization are transforming customer behaviors, operations and business models, presenting huge opportunities for business success, at the same time driving up cyber incidents .As organizations embark on their digital transformation journeys, it is imperative that they also assess possible threats presented by these new technologies.
Traditionally, the focus for risk management has exclusively been on protecting value. However, in today’s digital e
Learn How to Manage Risk for Protection - Allocate Risk to Improve Performance for capital market investors.
https://www.brighttalk.com/webcast/8271/268891
Join Global Risk Community and our guest, William Goodwyn Ferrell, a Wall Street veteran and the founder of Ferrell Capital Management as he introduces his new course.
During the webinar we will cover:
1. Why traditional notions of portfolio diversification are no longer effective tools. By replacing Asset Allocation with Risk Allocation
The last few weeks I have been writing about blind spots. The personal biases we all form at the intersection of the behaviours driven by our Values, our Environment and our Genes.
Managing our blind spots and those of your team is an imperative. The diagram below provides an indication of what happens when we fail to manage our blind spots and what happens when we do.
- If you are feeling the uncertainty and you cannot see any opportunity, things are bad for you and your team.
- If you are feeling the
https://mediaexplorers.lpages.co/risk-allocation-interest-list
Global Risk Academy is preparing to launch a new online course for risk managers and investors - From Asset Allocations To Risk Allocations.
The course is currently being prepared by a Wall Street veteran investment risk expert William G. Ferrell.
In this course, you will learn how to manage risk for protection and allocate risk to improve performance.
You will also learn that traditional notions of portfolio diversification are no
As the latest major hack, code named Petya, gets dissected the picture is getting clearer. Especially when combined with the information in the latest Verizon DBIR report. Link here.
What this means is that if you updated your Microsoft operating system in a timely manner you are safe, as it appears that Petya is exploiting a vulnerability in Windows that was patched months ago and the virus was transmitted via a malicious email attachment1. Unfortunately many organizations have a ‘patch process’
Taking the “Mystery” Out of What Employees Really Want
Overview:
What are “Simple Truths”? They are this writer’s attempt to capture the essence of what is most important based upon some 39 years of evidence across more than 30 countries and 150 organisations. You may violently disagree with what I have written or you may applaud it. In either case, my fondest hope is that you will NOT be indifferent about what I write AND that it will, in fact, stimulate those brain cells of yours in some
Computer systems from Russia to the United States were struck on Tuesday in an international cyberattack that bore similarities to a recent assault that crippled tens of thousands of machines worldwide.
Symantec has said the new attack was using the same hacking tool created by the National Security Agency that was used in the WannaCry attacks. The vulnerability was patched by Microsoft last April, but as the WannaCry attacks demonstrated, hundreds of thousands of organizations around the world f
Yes, I am keeping with the VEGetable theme which is all about the clarity of your thinking. Clear foresight if you will.
Last week I wrote about how we have blind spots to our thinking and that we are in a constant battle to steady ourselves at the intersection of our Values, our Environment and our Genes. Each one having a great influence on our ability to think with clarity.
Well guess what? It is not just us that has this challenge. Other people have it as well. Why is that important you ask? B
Enterprise Risk Management (ERM) is an approach prescribed to manage and balance organization's risk with their objectives. It looks to provide a strategic overview of an institution and their risks. Since the global financial crisis, institutions were criticized for their apparent siloed approach to risk management, failures to bring each area together for a holistic overview of risk to manage within its risk appetite. ERM provides a central risk function to improve an institution's coordinatio
