Risk

Risk refers to threats an organization faces -- loss of earnings, loss of reputation, or harm of any kind.  These articles explore the challenges of preventing, identifying and mitigating risk. Risk can come in many forms, including financial issues, legal liabilities, strategic or leadership errors, or accidents and natural disasters. Today,  IT- and data-related risks are growing concerns. The following articles about risk look at the issue from many angles, especially from that of compliance officers and risk managers.

Gartner Executive Poll Finds More Are Worried About Ransomware Than Pandemic

Gartner Executive Poll Finds More Are Worried About Ransomware Than Pandemic

The threat of new ransomware models was the top concern facing executives in the third quarter of 2021, according to Gartner's Emerging Risks Monitor Report. Concerns about ransomware topped pandemic-related concerns, including supply chain disruptions, according to the survey of 294 senior executives across industry and geography. “The negative impact of evolving ransomware attacks is seen as so severe by...

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Proposed Inter-Agency Guidance Would Rewrite the Book on Third-Party Risk Management and Raise the Bar for SOC 2 Compliance

The Fed, OCC and FDIC took an unprecedented step this summer in proposing a joint third-party risk management and information security framework that could apply broadly across the financial industry. In 2013, the Office of the Comptroller of the Currency (OCC) provided guidance to national banks for assessing and managing risks associated with third-party relationships. Shortly thereafter, the Federal Reserve...

Illustration of a bar graph with high bars emitting gas, a small one growing a plant, a visualization of ESG.

As ESG Pressures Mount, Ensure Your Risk and Compliance Efforts Support Your Mission

Navex Global VP Karen Alonardo has worked in the ESG space for decades. She has a simple message for companies just beginning to report: Start small and focus on what matters. Environmental, social and governance (ESG) is finally in the spotlight with the recent increase in investor interest. According to the 2020 biennial “Report on U.S. Sustainable and Impact Investing...

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Machine Learning Governance in Financial Services: A New Perspective on Core Principles

Financial institutions can leverage machine learning to make an array of functions faster, more accurate and more efficient. But deployment is just the first step. In the end, machine learning governance makes or breaks the efficacy of any system. In today’s banking and financial services world, we are rebuilding many finance, risk, actuary, forecasting and macroeconomic models using Python, R...

Thomson Reuters: Cost of Compliance 2021

Thomson Reuters: Cost of Compliance 2021

Thomson Reuters has released its 2021 Report on the Cost of Compliance, finding that radical change may well emerge from post-pandemic reviews of and by financial regulators. With some financial services firms changing strategic direction, the report highlights a need to support wider cultural, operational and staffing requirements through future investment and resources. While the pandemic presented many challenges, it...

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Allianz: Financial Services Risk Trends

Financial institutions and their directors have to navigate a rapidly changing world marked by new and emerging risks driven by cyber exposures based on the sector’s reliance on technology, a growing burden of compliance, and the turbulence of COVID-19, according to a new report, "Financial Services Risk Trends: An Insurer’s Perspective," from Allianz Global Corporate & Specialty (AGCS). At the same...

Strategic Resilience Will Be Key to the Post-Pandemic Future

Strategic Resilience Will Be Key to the Post-Pandemic Future

As the global economy remains in flux, most risk management strategies remain backward-looking. Risk needs to adopt strategic resilience strategies if it is to stay abreast of the inevitable changes to come. Winston Churchill’s observation, “However beautiful the strategy, you should occasionally look at the results,” takes on fresh meaning when nearly seven of 10 directors believe they need to...

Why Can’t We All Just Get Along? The Untapped Potential of Collaboration Between Compliance and In-House Counsel

Why Can’t We All Just Get Along? The Untapped Potential of Collaboration Between Compliance and In-House Counsel

In-house counsel and compliance both assess risk. As such, they often vie with one another. A collaboration, however, can serve to raise both up and significantly enhance a company's risk assessment overall. Lawyers get a bad rap – not just as the subject of lawyer jokes.  (This is not an invitation to recite lawyer jokes).  I recently wrote about the...

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