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.

Obtaining the Full Benefit of D&O Insurance

Obtaining the Full Benefit of D&O Insurance

Directors and officers (D&O) liability insurance covers losses due to many types of lawsuits alleging wrongdoing by directors and officers. But what about government investigations, subpoenas, and demand letters? These events can be extremely costly—sometimes more so than actual lawsuits. Companies would do well to keep these events in mind when purchasing D&O insurance.

4 Ways Boards Can Strengthen Cybersecurity

4 Ways Boards Can Strengthen Cybersecurity

Although well aware of the threat posed by hackers and organized cybercriminals, an alarming number of Boards are not actively challenging management’s cybersecurity efforts. Often, Board members simply don’t know how to proceed. However, there are concrete actions that Directors can take immediately to carry out their governance duties and improve cybersecurity.

Risk Management: Watch Your Stars and Rainmakers

Risk Management: Watch Your Stars and Rainmakers

When revenue and results are flowing in, it can be highly tempting not to question the methods used to bring about such success. But as past scandals have illustrated, prizing performance while turning a blind eye to process doesn't work out so well. Be sure you know how and why your stars are doing as well as they are. Ignorance...

The Strategic Risk of Tunnel Vision

The Strategic Risk of Tunnel Vision

Some visions lead to groundbreaking innovation; others end up as no more than dramatic fantasies. And it can be difficult to tell in the beginning whether a new vision will be successful or ruinous. Tunnel vision is often the culprit when visions crash and burn… so how do we detect it while there’s still time to adjust focus and course...

Ignorance is No Excuse: Managing Third-Party Risk

Ignorance is No Excuse: Managing Third-Party Risk

Bad things can and do happen to good companies. It's why third-party due diligence and management is so important. Greg Dickinson, CEO of Hiperos, which specializes in third-party management software solutions, stresses the importance of really (truly) knowing your third parties. NOT knowing what third parties are up to is no kind of protection.

How to Overhaul Your SWOT Analysis

How to Overhaul Your SWOT Analysis

When identifying your organization's strengths, weaknesses, opportunities, and threats, be prepared to ask the heard questions. Once you've got an honest and objective analysis at hand, then comes the hard part: putting your findings into action. Jim DeLoach offers a guide for getting the most out of a SWOT analysis.

Volkswagen – The Cost of Deception

Volkswagen – The Cost of Deception

Volkswagen, a long-trusted and highly respected brand, will be dealing with the fallout of its emission scandal for quite some time. It's clear to everyone that their massive deception is inexcusable, but we'd do well to remember that the hugest transgressions happen one failure in decision making at a time. Volkswagen's was likely born out of panic.

Risk Has a Shape

Risk Has a Shape

Managing risk effectively requires first an understanding of the risk that needs managing. It sounds so elementary, but there's often a great deal of uncertainty about what an organization's risks actually look like. It's no wonder why risk management programs fail. Fortunately, there are a host of ERM tools that can help to bridge this gap.

Man perched on top of jenga hame and gazing at expanse below him

A Value-Based Approach to Risk Management

When it comes to building enterprise value, the status quo doesn’t even have a place in the conversation. Value creation goes hand-in-hand with risk, but the risk management function doesn't have to stand in the way of innovation. Jim DeLoach suggests there are two ways of thinking about risk management within this context...

risk in miscalculation

How COSO Destroyed Risk Management

COSO's Enterprise Risk Management Integrated Framework has become something it was never intended to be; as a risk management standard, it fails for at once being too broad (robust risk management programs would be far more effective) and too narrow (in its focus on internal controls as the primary risk management tool). It's time to adopt a multidisciplinary approach.

Lessons Learned from the Nepal Crisis

Lessons Learned from the Nepal Crisis

When employees are traveling on business, some risks are inevitable. However, every organization should have a fully realized plan in case the worst occurs. The best way for employers to avoid danger is by being proactive in case an emergency strikes, being aware of risk, training employees, understanding the capability on the ground and crowdsourcing intelligence.

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