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.

Third Parties and the Red Flags You Don’t See

Third Parties and the Red Flags You Don’t See

The on-boarding process for new third parties represents both the biggest opportunity for risk and the greatest opportunity for improving due diligence. Corrupt agents will make whatever agreements it takes to win business, regardless of their true intentions. Just as troubling is the web of lies these organizations can weave. We've got to beware!

The Role of Executive Management in ERM

The Role of Executive Management in ERM

Jim DeLoach makes quite the strong argument for the necessity of C-Suite involvement in enterprise risk management. In fact, he argues, executive leadership must not be merely participants in, but owners of the ERM process. Executive management's active participation keeps the focus at a strategic level, ensuring that all potential risks are accounted for.

man in suit holding white board with question marks

COSO 2013 Implementation: 10 Questions that Need to be Answered

A host of corporations are in the process of Implementing the new COSO Framework or are gearing up for the transition, and they'll have to establish the scope of objectives in which to apply the Framework. Candela Solutions' Ron Kral offers 10 key questions companies should be asking themselves to ensure their internal controls are up to snuff.

John Bell Hood and the Measurement of Conduct Risk

John Bell Hood and the Measurement of Conduct Risk

History might be told a bit differently if risk conduct analyses were common practice. These days, there's as much need as ever to address conduct risk, setting policies, incentive structures and enforcement practices in our organizations that reward good conduct and penalize acting contrary to the companies' values and regulatory standards.

Winning the War Against Conflict Minerals

Winning the War Against Conflict Minerals

Recent legislation has had a significant impact on the trade of conflict minerals, including "blood diamonds," out of areas ravaged by war and run by warlords. The deadline for reporting supply chain partners, per Dodd-Frank, has come and gone, and companies have found it difficult to say with certainty whether their materials are truly conflict-free. A QMS can be hugely...

Risk Assessment for Small and Mid-sized Companies

Risk Assessment for Small and Mid-sized Companies

Smaller companies often don't need the exhaustive risk assessment programs the huge corporations require. For many organizations, in fact, something much simpler fits the bill. Jeff Kaplan of Kaplan & Walker outlines an eight-step process ideal for small to mid-size companies. Simple, but not too simple.

Finding the Right Person to Serve as CRO

Finding the Right Person to Serve as CRO

A host of factors need to be taken into consideration in the selection of a new Chief Risk Officer. Where his or her experience and expertise lies is certainly top of mind, but more qualitative aspects of the candidates' skill set and capabilities carry weight, as well. How are the prospective hire's critical thinking skills, for instance? Is he personable?...

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