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.

prevent crises with a new risk management approach

Understanding Your Risk Profile

There are significant limitations intrinsic to the traditional approach to risk assessment, which is why a more robust assessment is preferable. Certain categories of risk (strategic, operational, finance, and compliance, for instance) have unique characteristics that cannot be adequately accounted for in a basic assessment.

Risk Appetite Depends on Your Hunger and What’s on the Menu

Risk Appetite Depends on Your Hunger and What’s on the Menu

On a scale of 1 to 10, what’s your organization’s risk appetite? Now, toss that number out the proverbial window. That was a trick question, since your answer should be “it depends.” Some situations allow for potentially risky moves, and others require a more calculated approach. Neither circumstance, when considered alone, can define the company’s risk appetite.

De-Risk Your Bets on AML Testing

De-Risk Your Bets on AML Testing

Rising global monetary transactions have facilitated increased movement of illicit funds, making efforts against money laundering a top priority. Compliance with recently established anti-money laundering policies is vital to financial institutions - Wipro Limited advises on how to get the most out of your AML products.

Supply Chain Risk Management

The Modern Slavery Act: Supply Chain Risk Management

Last year, the UK enacted an Act of Parliament intended to combat slavery and human trafficking in the UK and in the supply chain of all businesses operating therein. In order to ensure compliance with the Modern Slavery Act, corporations must make public either their efforts to stop the use of slave labor by their suppliers or their inaction to...

Asymmetry: A Revised Mental Model for Enterprise Risk

Asymmetry: A Revised Mental Model for Enterprise Risk

Asymmetric risks – risks for which the potential gains are far greater than the potential losses (or vice versa) – can be difficult to plan for, and the events associated with asymmetric risk tend to sneak up on us, regardless of how predictable they may seem. So what impact do these risks have on ERM? Perhaps a mental shift is...

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Question Everything: Effective Due Diligence and Third-Party Risk Management

With almost every FCPA enforcement action involving third party misconduct in one form or another, shouldn’t companies devote more resources than ever to due diligence and third-party risk management systems? There’s no magic formula to implementing an effective system. It just takes two things: commitment and common sense. Every company knows how to do it. But not every company commits...

Are You Managing Your Risk?

Are You Managing Your Risk?

The BSA/AML risk assessment will allow you to have a better understanding of your overall risk. The risk assessment should be comprehensive and well-documented. When complete, an effective risk assessment should enable the MSB to establish policies, procedures and internal controls to develop the company’s BSA/AML compliance program.

5 Steps To Good Social Media Governance

5 Steps To Good Social Media Governance

Compliance with regulatory requirements can get complicated when companies in highly regulated industries take to social media. Subject matter expert Joanna Belbey offers five steps to ensure that when your company posts, they do so purposefully, knowledgeably and well within the bounds of the law.

Best of 2015: Defining the 5 Lines of Defense

Rather than segregating risk management responsibilities into their own silo, making them the purview of only a select few, companies would benefit greatly from an integrated approach in which every person in the organization is responsible to some extent in managing risk. Jim DeLoach presents a method involving five distinct lines of defense. Read on for details.

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