Risk

Put a dozen leaders in a room, set them to the task of defining risk management and you'll quickly find that when it comes to risk, most of us are speaking different languages. If Risk Managers are to be effective -- in everyone's eyes -- we'd all better find some common ground in terms of what constitutes a risk, what...

The processes driving large-scale change are necessarily interconnected. The same can be said for the processes involved in risk management within the supplier chain. Tom Fox outlines six overarching steps for effectively identifying and mitigating supplier risks -- one leading feeding directly into the next -- in order to maintain anti-corruption and anti-bribery compliance among third parties.

There are a myriad of risks to take into account when doing business abroad. Multinationals necessarily face a broader range of risks than smaller organizations do, therefore their risk management practices must be more robust. They must continually assess political landscapes, trends in similar countries and exposure to confiscation, among other concerns.

Developing a risk appetite statement may not be your favorite task, but try to think of it as pulling together your favorite recipe. You'll serve as the primary ingredient, with the remaining components -- binding agents, critical "seasonings" and the like -- represented by other key stakeholders and contributors. The very notion takes on a different flavor then.

You can't plan for the risks that haven't even crossed your mind. What's often not explored after the fact, though, is why we didn't see issues coming -- shouldn't we have been on the lookout? Isn't that the duty of those of us in risk management? James Bone outlines a more encompassing approach to risk management, one that takes into...

Data analytics can be key in predicting fraud, preventing it and minimizing risk. Assuming, of course, that the data being captured is accurate. Herein lies the importance of controls. Without controls in place, you may be working with junk data -- which would ultimately lead to junk decisions. With global mobile data skyrocketing, it's imperative that your organization be armed...

Rogue traders may be uncommon, but the risks they pose are serious. Jim DeLoach writes on the importance of tone at the top (as well as tone in the middle), prescribes potential solutions, and proposes several questions for Boards and senior executives to consider when seeking to reduce the risks of rogue trading.

Just as risks are ever changing, so should our plans for managing them be. Internal audit must do away with tired approaches to risk management and adopt more dynamic practices in order to keep up with industry changes. Otherwise, the audit department may find themselves continually playing catch up when it comes to handling the various challenges that crop up.

There have been three significant game changers lately that have served to complicate compliance with export control reform. LRN's Marian Ladner and Thomas Scott weigh in on the recent changes compliance practitioners need to be aware of in order to minimize risk and ensure compliance for their organizations now and going forward.

The deadline for implementation of the 2013 COSO Framework is just around the corner. Tim O'Hara offers us a look into what's remained the same from the 1992 framework and what's changed. Auditors will be taking a closer look at operations where the 2013 iteration parts ways from the 1992 version. Where does your organization stand? Is your company ready?

As cyber risks grow, standards for cyber risk management are ever increasing. Companies can't afford not to take cybersecurity very seriously. Lapses can result in breaches, leading to massive fines and equally considerable reputational harm. Plus, they may be answering to the FTC, SEC, and CFTC. Get ahead of cybercrime and establish a strong risk management program.

For companies, the risks associated with social media use are increasing every day. They certainly include data privacy - once an opinion or piece of information is shared online, it can spread instantly beyond the corporation's reach and control - but also extend to compliance with industry-specific and federal guidelines for communications.