FINRA announced its priorities for the year, which will drive examination and regulatory programs and significantly impact market participants focused on compliance, supervision and risk management. This article by Venable attorneys discusses FINRA's focus on five specific areas.
4 Signs of a Strong ERM Program There’s always room for improvement, particularly when it comes to managing risk. But the concept of “risk management effectiveness” remains vague. Alex Sidorenko outlines four signs your organization’s risk management program is robust – and doing its job. By: Alex Sidorenko Lately, everyone – from the government agencies to regulators to corporate board...
Systemic risk was a major contributing factor to the last financial crash, and the period of regulatory change since has forced financial institutions to dramatically increase the time and money they spend on regulatory functions. The recent rise of regulatory technology provides a streamlined view of an organization’s risk position, and more.
The discipline of behavioral science is picking up steam as an alternative perspective on decision-making. Humans are limited in their abilities to predict probability, and they’re subject to errors in judgment; enter the cognitive risk framework, a pathway to enhance enterprise risk using advanced analytics to inform decision-making.
82 percent of executives surveyed worldwide experienced a fraud incident in the past year, compared to 75 percent in 2015, according to the Kroll Annual Global Fraud and Risk Report 85 percent of executives reported at least one cyber incident and over two-thirds reported security incidents Current and former employees were the most common perpetrators Fraud, cyber and security incidents...
Alex Sidorenko from RISK-ACADEMY shares his experience in running online and offline risk management business games to facilitate risk culture development. Running simple, yet highly interactive risk management games is the best way to teach risk management in the organization. It works equally well for students.
In the age of Big Data, truth seems increasingly fluid. This is one of the reasons risk management fails. James Bone warns against taking an “archaeological” approach to risk management in the face of uncertainty, creating stories from past experience and imperfect information to describe the new truths using old methods.
Many are uneasy about the changes a Trump presidency will bring, GRC professionals included. But it’s important not to lose perspective: many federal agencies and their mandates will be reshaped by the new leadership or directed to change their priorities, but state and industry regulations may not change. Or, they could react in opposition.
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.
It’s easy to identify in hindsight where risk management failed, and taking a look at past ERM failures can actually provide great insight into what went wrong and why. Jim DeLoach offers insight into some of the lapses in risk management companies experience most frequently – along with indicators you can be on the lookout for to keep your organization...
Organizations seeking to improve the risk management function must consider the maturity of its ERM infrastructure. Jim DeLoach writes that there are five levels of maturity – and there’s an ocean of distance between an ERM program in its infancy and one that’s operating at the highest level of capability. Where does your organization fall along the spectrum?
This new book from SAI Global explores factors that drive employees to make unethical decisions that can undermine anti-bribery and anti-corruption compliance programs -- and also offers help to prevent that from happening.
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