6 Recommendations to Maintain Effective Risk Oversight As the financial crisis thoroughly demonstrated, an acute focus on short-term gains can be disastrous when risk proper oversight isn’t there. Protiviti’s Jim DeLoach provides six key considerations your organization can bear in mind in moving beyond myopic "short-termism" to a more broadly encompassing risk management strategy that includes longer-term interests. While short-termism...
Thoughts on Increasing Cyber Resiliency Companies’ adoption of new technologies is outpacing their ability to protect against evolving cybersecurity threats. It used to be said that it’s not a question of IF an organization will be breached, but WHEN. Jim DeLoach suggests that companies either know they’ve been breached or they’ve been breached and don’t know it. How then, do...
The Key to Increasing Decision-Making Influence In this complex risk environment where senior executives are expected to make fast decisions, they need the most actionable information in a timely manner. However, most leadership teams feel the risk information they receive isn’t actionable from a business strategy or operations perspective. In this article, Gartner’s Matt Shinkman and Chris Matlock detail how...
The Necessity of Proactive Management Experts at applied behavioral science technology company Starling offer insights into the failures of current approaches to managing conduct risk and explore an alternative – more proactive – solution. This would mark a paradigm shift in management science – one in which culture is viewed as an emergent property of group dynamics. with co-authors Stephen...
A Forward-Looking Response to a Chaotic World The actuarial model of risk compliance employed by most large global enterprises – calculating the odds of future events based on past occurrences – has become outdated and ineffective, as the internet and global interdependencies have created an asymmetric, chaotic world in which small inputs (a tweet, a Facebook post, a changing regulation...
Key Insights and Trends from the MetricStream GRC Summit 2018 MetricStream’s 2018 Summit in Baltimore saw several hundred business executives, government leaders, GRC practitioners and industry analysts gather to talk GDPR, strategies and solutions for building better governed, more compliant organizations and more. Gaurav Kapoor, MetricStream's Chief Operating Officer, shines a spotlight on some of the event’s key takeaways. From...
Driving Change to Improve Resilience and Agility Enterprise risk management (ERM) is a framework organizations use to manage risks and seize opportunities related to the achievement of their objectives. More and more frequently, upper-level management refuses to acknowledge ERM properly, which leads to missed opportunity and lost revenues. Read more to find out what world-renowned entrepreneur Peadar Duffy has to say...
Reimagining Risk A recent Deloitte poll surveyed nearly 2,400 professionals in a bid to better understand third-party or extended enterprise risk management (EERM) programs and explore how enhanced management of these programs can drive value for an organization. Deloitte’s Dan Kinsella explains why executives should reimagine EERM for value creation. The benefits related to expanding a company's capabilities beyond the...
Enterprise risk management (ERM) is an enigma. Many executives say they do it, yet gather 10 of them in a room and they can’t agree on what it is. The reality is companies think they are implementing ERM, but they really aren’t. What we see in practice often demonstrates a very limiting view of ERM, from maintaining a list of...
Australia Grapples with its Monstrous Banks Compliance failures at a system-wide level are the hardest to heal from. This article looks at the risks facing companies that are "too big to fail" in light of the recent Australian bank scandal. Compliance failures at a system-wide level are the hardest to heal from. An isolated incident can be sealed and shut,...
Solving Spreadsheet Risks and Errors is Easier Than You Think A decade ago, a professor of IT management and an authority on bad spreadsheet practices released an analysis on spreadsheet errors. It suggested that at the time, close to 90 percent of spreadsheet documents contained errors. But since then, spreadsheets have become larger, more complex and more prevalent – meaning...
When defining an ERM process tailored to the organization’s needs, it helps to have a suitable framework as a point of reference. Otherwise, management begins with a blank sheet of paper and we all know that makes it harder. There are different frameworks from which to choose, among them: COSO Enterprise Risk Management – Integrated Framework ISO 31000 Risk Management...
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