While security clearance and authentication processes are essential to physical and other security, the physical DC Navy Yard breach by Aaron Alexis and the state secret breaches by Edward Snowden illustrate some disturbing weaknesses in personal validation and authentication. These clearance breaches were very different in nature but show a range of how a person’s calculated action can subvert basic security measures.
Neither top secret clearance, sophisticated authentication nor the most adva
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Crown Equity Holdings Inc. (CRWE)
Looking to deliver value for its stockholders in both the near and long term, CRWE is refocusing its strategic plan for future growth and services with its original online business-to-business (B2B) marketplace platform for manufacturers and small to large businesses on a global basis to sell and acquire various types of merchandise. CRWE has started updating its B2B business plan and strategies to move forward.
B2B is the term for transactions between businesse
11 October was the deadline for CP13/5 responses on the FCA’s proposed changes to, amongst other things, CASS 7. It’s highly likely that the FCA will get its way and push through material changes to the current CASS 7 Client money rules. And rightly so as they want firms to reconcile client money faster, more accurately and with improved record keeping – all to ensure consumers are not let down by those holding their money.
The client money reconciliations and recordkeeping section of the consu
Having standardized risk assessments and well documented mitigation and monitoring activities will equip your organization with a lot of risk intelligence. The question becomes, how do you report all of this information to your board and communicate it to your commissioner in a way that demonstrates the value of your ERM program? First, risk managers must be able to demonstrate how risks across the organization roll-up to impact the Board’s strategic objectives; and second, ERM functions must tr
With the Affordable Care Act (ACA) continuing its implementation this week with the start of the open enrollment period, there has never been a more critical time for Healthcare Institutions to have a firm handle on their risk environment and the implications of those risks.
Since its enactment in 2010, the ACA has fundamentally shifted how many hospitals must conduct day-to-day operations. For example, hospitals must now shift their patient records systems to electronic medical records, which in
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its Internal Control – Integrated Framework document all the way back in 1992 to assist publicly traded organizations adhere to the Sarbanes-Oxley Act (SOX) Section 404. COSO considers internal controls to be an integral part of enterprise risk management (as does LogicManager), and as such, any changes to the Internal Controls best practices has a direct effect on organizations with Enterprise Risk Management p
As we move into the 4th 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
Banks are under huge political and social pressure to demonstrate their role in the wider economic progress of nations and their citizens. Unless banks adopt active policies to rebalance the negative economic and social consequences for the segments they currently exclude from their normal course of business, governments will intervene still further in the financial services industry. And they will do so by public demand.
Around the world, there is a clear message to banks: “Help me fulfill my
With the Affordable Care Act (ACA) continuing its implementation this week with the start of the open enrollment period, there has never been a more critical time for Healthcare Institutions to have a firm handle on their risk environment and the implications of those risks.
Since its enactment in 2010, the ACA has fundamentally shifted how many hospitals must conduct day-to-day operations. For example, hospitals must now shift their patient records systems to electronic medical records, which in
On 15th September 2008, Lehman Brothers declared itself bankrupt. In one of the most dramatic events of the 2007-2008 global financial crisis, the 160-year old institution collapsed due to its exposure to subprime mortgages. After Lehman's failure, financial markets entered a period of unprecedented volatility and governments spent trillions of dollars attempting to restore confidence in the banking industry. Five years on, how has the banking industry landscape changed?
On the one hand, the risk
I have been running a survey and with more than 100 completed I am getting an interesting picture of the challenges my readership is facing. Here are the results and my interpretation of what they mean.
First of all, I should answer the question “What does the profile of respondents look like?” Put simply, my readership base and those that responded are typical of the risk profession. You are a mix of senior risk professionals in larger organisations, risk advisors who work for senior risk profes
The third step in the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) is the implementation of a Risk Appetite and Tolerance Statement. This step is meant to sets boundaries on how much risk your organization is prepared to accept in the pursuit of its strategic objectives.
An organization-wide risk appetite statement provides direction for your organization and is a mandatory part of your assessment. As defined by COSO (one of the risk management standards measured in the
The first step in the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) implementation, Risk Culture and Governance, lays the groundwork and defines roles for your risk management function. The second step, Risk Identification and Prioritization, defines an ongoing risk intelligence process that equips an organization with the data needed for risk based decision making.
The engine behind this process – the enterprise risk assessment – isn’t a new concept, but organizations a
The National Association of Insurance Commissioners adoption of the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) requires insurance organizations to take a broader approach to risk management. As US insurers begin to mobilize their efforts to comply with the regulation by the 2015 deadline, it’s important for insurers to take a step back, leverage their existing risk management operations, and develop their RMORSA efforts with a mind to the future.
The groundwork for RM
Strategic Risk Management and Enterprise Risk Management are invariably linked. Organizations focusing on Strategic Risk Management (SRM) understand that it's not always an individual risk that results in a loss event, but the failure to adequately account for a number of related risks, goals, or requirements.
Examining the adoption of SRM, Rodd Zolkos of Business Insurance finds a great deal of overlap with the core principals of Enterprise Risk Management. His article, "Interest in strategic ri
The European Securities and Markets Authority (ESMA) has done it again. They quietly published a revised European Market Infrastructure Regulation (EMIR) timeline which postpones commencement of Trade Repository (TR) reporting until February 2014. This is no surprise as the recent third round of their Questions & Answers (Q&A) still left uncertainty among market participants.
There is no doubt that the regulation comes at a significant cost and requires wide-ranging operational enhancements to en
Baby-boomers will soon be transferring their assets to generations X and Y, primarily defined by their exposure to technology and the web from an early age. As banks’ relationship management styles gravitate towards digital mediums, their next priority should be the associated customer data. How can banks adapt their IT infrastructures to manage the amounts of data new generations are generating?
In today’s digitalised world customer data is increasing daily. Social media alone (Twitter, Facebook
Insurers need to comply with multiple regulations like Solvency II by implementing effective Enterprise Risk Management frameworks. But what is Enterprise Risk Management?
Enterprise Risk Management is a risk management approach meant to encompass all risks and opportunities across the entire enterprise — including the governance, risk and compliance (GRC) aspects. One of the Enterprise Risk Management best practices is to embed the process into strategic planning. Enterprise Risk Management shou
Of course, Solvency II has not gone away. The new solvency requirements will be implemented. But the lull in urgency to meet an enforcement date is triggering a predictable and understandable reaction from those insurers that are responding to Solvency II with a compliance approach rather than a best practice corporate governance and risk management approach.
The ‘compliance only’ firms are easing off their SII projects, taking a well earned break from the stress and expense, and re-allocating re
