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In the world of operational risk, there are a lot of analysts who believe that they can dimension the impacts from uncertainty by counting the number of events they experience over a period of time and then multiply that count by the average loss amount for the total event horizon they observe.

This approach for quantifying the impacts from uncertainty is full of error and it should be avoided. In fact, let's be clear, it is so fundamentally wrong as a measure of exposure that it isn't even a goo

A study from the Chartered Institute of Internal Auditors revealed that weak risk management systems were  responsible for more than half of all the fines handed out by the FSA to financial services businesses, amounting £38.5m during 2011.

If one needed a strong signal that ineffective risk management and poor internal control systems were taken seriously by the regulator, this is it.

Weaknesses and failures in risk management often result from poor communication and misunderstandings, ineffectiv

ISO 31000 is becoming a popular risk framework, a credible alternative for COSO and many organisations across the planet are now selecting this approach for formalizing their internal risk programs directly. Actually, ISO 31000 is probably taking the lions share of market interest for risk management at present and that isn't such a bad thing.

One aspect that sets ISO aside from many other risk frameworks in use, is its clear delineation yet connection between an objective and the objectives unce

This white paper explores data loss from a contrarian point of view - exploring the top 7 shortcuts you can take to ensure that you lose your data. And since a fundamental responsibility of any information technology professional, as well as any C-level executive, is to ensure that the data upon which any company is created is protected - scrupulously following these shortcuts should also ensure that you lose not only your data but your job as well.

===> http://bit.ly/LosingData

Risk taxonomy is the framework of naming, organization and managing the relationships to manage your risk information. Your ERM program and any Enterprise Risk Management (ERM) software you use depends upon it.

Most organizations have an organizational chart of how their people are connected. To be effective in risk management, organizations must also have an organizational chart of how their business processes are connected to create accountability and focus on business value.

The first step is t

How much have recent events affected our perception of risks? How much are insurance firms really using this to their advantage? 

Like so many people, I was riding on the tube this morning when a passing advert shocked me so much that I had to take a picture. People looked at me, a little bewildered and like my actions were odd. I am a risk manager and an econometrician. I like numbers and probabilities. These prices made little sense to me: this is because they arenonsense.

According to this adve

Stakeholder relationships can be complex and full of surprises and hence a perfect space for risk to simmer and sometimes erupt. Perhaps the single most important aspect of stakeholder relationships that sets them apart from other challenges you face is the extremely far reaching effect a poorly managed relationship can have. One minute you can be the flavour of the month and the next there can be a domino effect where first one customer finds you to be off-colour and the word gets out and next

Puneet Kapoor answered a series of questions written by marcus evans before the forthcoming 5th Annual Enterprise Risk Management Conference, March 19-21, 2012 in Chicago, IL. All responses represent the view of Mr. Kapoor and not necessarily those of Walgreens.

What value does the risk management process add to Management’s decision making process?

PK: Decision making is an exercise of making choices. When evaluating choices to make the most appropriate decision, one has to weigh the risks and re

On Thursday 22^nd March, Manigent will host their second ‘Strategy & Risk Happy Hour’ in the heart of London. The strategy and risk management consultancy have created the series of events for those working in risk management as a discussion and networking platform. The forthcoming event will focus on the use of KPIs and KRIs, CEO and founder of Manigent, Andrew Smart will reveal ‘Tips & Tricks’ surrounding these indicators. Registration for this free to attend event is now open.

One of the key as

Risk assessments are plagued by subjectivity which means they simply cannot be relied upon to meet their objective. Subjectivity prevents risk assessments from being used across business silos and makes verification by audit or compliance review impossible. Subjectivity can be overcome by using a risk assessment template framework with the following best practice attributes:

1. Adopt a uniform numerical scale -Use a scale of 1 to 10, Scoring is based on a scale from 1 to 10, with 10 having the most

The use of the term “reputation risk” fits the pattern of hyped buzzwords, but the significant volume of money now spent managing corporate reputation risks proves it is more than hype. Reputation dynamics are forcing pivotal business decisions. Penn State increased its acceptance rate to offset a decline in out-of-state applications and an expected drop in the matriculation rate. Deutsche Bank’s CEO Josef Ackerman refused 3-year loans from the European Central Bank concerned it would damage the

Is your organisation leveraging the competitive advantage of a positive cyber security culture? What is your organisation doing to promote cyber security and support the Government in making the UK the world's leading market place? It’s a fine line between protection and enablement –   how is your organisation dealing with the cultural and behavioural impacts?  

These questions and more were raised at the CYSPEX Cyber Security Breakfast held at the Houses of Parliament on the 1^st March 2012.  It

Risk Appetite Explained
In the face of the many recent failures of financial institutions, following market and asset crises and in the context of mounting regulatory demands from Basel 3, Solvency 2 and Dodd Frank, risk management is a topic high on the executive agenda. In particular, much emphasis has been placed on risk appetite and the role it has to play in an enterprise risk management approach, as part of an overall strategy execution process.

But what is Risk appetite?
First and foremos

"Who is to blame?" How often do we read that line in a newsletter or magazine article about a legal dispute when it all went wrong? Too often, we ignore those little clauses in contracts called indemnities. A slight change in wording in an indemnity can vastly change the circumstances of who pays how much if it does all go horribly wrong. Sometimes the contract gets signed without proper legal review and when we do have legal review, we often suffer from either the Optimism Effect or the Pessimi

It is 8:00pm as the last conversation ends between a Director of Audit and Risk in the Energy sector and an Executive Director in the private equity industry. Although they have only just met, they’ve spent the evening with plenty to talk about, particularly surrounding our first Happy Hour Topic, Strategy and Risk.

At 5:00pm we opened the doors of a quaint London bakery and welcomed professionals from all industries to join us to discuss strategy and risk; three hours on our guests have exchange

We are back as per our commitment that we are going to share the complete series of Google Panda and it’s updates in our previous blog,“What is Google Panda? Implications of Google Panda on web world”. We are going to explore the first Google Panda Update 1.0 in this blog.

Panda Update 1.0 was released back in February 24, 2011 and it was a Big Earthquake for SEO industry. It influenced badly almost 12% of the search queries in the US only. Later Google applied it across the world. It is also kno

Manigentis pleased to announce a successful start to 2012, with two major project wins. One of the projects will be with an Investment Bank assisting them to meet the regulatory obligations from a number of regulators globally, including the FSA here in the UK. The second project is with a legal services regulator with the intention to build additional risk management at a transitional time for the industry, with the introduction of Outcomes-focused Regulation (OFR) and Alternative Business Stru

Andrew Smart, CEO and founder of Manigent, a Strategy and Risk Management consultancy, has recently developed a whitepaper on designing an operational risk appetite statement. This paper outlines a seven step process which enables organisations to deliver an operational risk appetite statement which will meets regulatory obligations while adding real business value. This paper was recently featured in new e-magazine, The Risk Universe, which is a new online publication developed by industry prof

Looking forward to the Asia Risk Professionals Congress in Singapore next week - anyone else attending? Thanks to Boris for the invitation and see you Tuesday!

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In the pursuit of improving business performance, risks multiply and increase in complexity. How can companies avoid these dangers?

ComplianceOnline, the leading GRC advisory network and regulatory training provider, has teamed up with Risk Luminosity Seminars (RLS) to present the Risk Management Summit: Trans