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.

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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...

CCO listening to risk management

If the Conversation’s About Risk, Is Your Chief Compliance Officer Listening?

Chief Compliance Officers can add value to their organizations in many ways -- but are they at liberty to do so? Michael Volkov suggests it's time to give these multi-talented professionals more room to roam. Chief compliance officers are talented professionals. As Donna Boehme always emphasizes, CCOs are subject matter experts in compliance risks, controls and mitigation. They focus on...

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Board Members and Executives Identify the Top Risks for 2021

A recent survey conducted by Protiviti and NC State University’s ERM Initiative discloses the influence of the COVID-19 pandemic, the economy, digital technology, talent and organizational resiliency on the risk landscape over the near term. Protiviti’s Jim DeLoach outlines the most significant risks organizations are facing. Overall, 1,081 C-level executives and directors participated in this year’s global study, with 39...

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