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.
Intersecting Risk Management and Crisis Management
The Role of the Risk Assessment Crisis management is an integral component of effective reputation management. Protiviti's Jim DeLoach discusses why it's imperative to build a rapid-response crisis management capability for sudden and unexpected high-impact, high-velocity and high-persistence events. Years ago, I had a conversation with a high-profile board chair of a top U.S. university. He told me that he...
PwC’s 2018 Risk in Review
Today, PwC released its annual Risk in Review, a study with insights from more than 1,500 senior risk executives. This year’s report focuses on how risk leaders address innovation risk. Risk management is often overlooked during periods of innovation, but having the right risk-reward balance in place is the key to success in today’s forward-moving business age. Sixty percent of respondents from this year’s report are considered Adapters, companies with risk management programs that are effective in...
Communicating Critical Enterprise Risks to the Board
8 Principles to Guide the Risk Assessment Process Organizations don’t need to involve the board in every risk by any means, but critical enterprise risks are a special breed. Protiviti’s Jim DeLoach provides the formula for an appropriately designed risk assessment process – the first step to identifying and ultimately mitigating the risks in this category. Directors and executives need...
Top Risks Facing General Counsel in 2018
Common Concerns for CLOs In the past, the law department was positioned solely as advisors on legal problems, but this year brings the chief legal officer’s role as a key business strategist to the forefront. While chief legal officers and general counsel work for companies of varying sizes within different industries and regions, their top concerns are universal. Just as the...
Preparing for the (R)evolution of Risk Management
Modern Finance’s Imperative to Manage Risk with Data While businesses have more information than ever to drive decision-making, many are struggling to shift organizational structures and manage data to minimize business risk. Eric Dowdell, Global Head of Dun & Bradstreet’s Trade Credit business, dives into the relationship between risk and data and discusses how the utilization of data should be changing risk management...
6 Steps to Minimize Conduct Risk
A Framework for Assessing Regulatory Maturity In the current regulatory environment, banks find it complex and challenging to interpret and assess regulatory requirements on conduct risk. In this this article, experts from Tata Consultancy Services suggest a robust approach for assessing the level of maturity attained by a bank in conduct risk vis-à-vis regulatory requirements and a remediation plan to...
“Antifragility” and an Evolutionary Perspective on Risk
In the 21st Century, Organizations Make Their Own Luck Organizations must be able to weather shocks, and they should act in ways that allow them to adapt, growing stronger as a result of their adaptability. Bill Murray, Senior Researcher and Advisor at Leading Edge Forum, explains the three core organizational skills companies should hone in the pursuit of antifragility. This...
10 Ways Social Media Impacts Your Risk Profile
10 Risks Companies Face in Using Social Media Social media has become a powerful tool for businesses to use in connecting with their customers. The medium has certainly made major corporations more accessible to the consumer. But with this ease of accessibility comes risk in many forms. Jim DeLoach explains 10 potential risks companies may face when using social media...
Cognitive Hack: Trust, Deception and Blind Spots
The Danger – and Simplicity – of Cognitive Attacks The allegations of Russian influence on the 2016 election have been in the news for months. President Trump has claimed that Russian meddling was a hoax, but according to the Mueller investigation, that’s been proven false. While the Russians didn’t hack into polling systems, they did employ a different kind of...
Cognitive Robotics and the Annual AML Risk Assessment
Powering the Process through Automation For financial institutions, the cost of noncompliance with AML policies and procedures is ever increasing. Per industry reports, AML fines have gone up to nearly $4 billion since 2014, and they continue to rise. Among other solutions, the banking industry is beginning to adopt robotics process automation to improve compliance. The cost of noncompliance is...
3 Important Points to Remember About Third-Party Risks
How Much Due Diligence is Enough? It’s easy to get in over one’s head when conducting third-party due diligence. How deep is it necessary to dive to ensure your vendors and suppliers are doing business above board? Michael Volkov provides some expert insight into what “due diligence” means – and what it doesn’t. If you want to learn and read...
Often-Overlooked Factors in Risk Management
Driving Down Risk, From the Cubicle to the C-Suite Effective employee engagement and reporting is key to accountability and effective risk management. So why are we not paying more attention to how today's workforce prefers to communicate? with co-author Jay R. Taylor, CEO of EagleNext Advisors We are entering an era in which seemingly every decision made by managers of...
