Thursday, February 25, 2021
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Articles
    • See All Articles
    • NEW: COVID-Related
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Leadership and Career
  • Vendor News
  • Jobs
    • Compliance & Risk
    • Information Security
  • Events
    • Webinars & Events
    • Submit an Event
  • Downloads
    • eBooks
    • Whitepapers
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Articles
    • See All Articles
    • NEW: COVID-Related
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Leadership and Career
  • Vendor News
  • Jobs
    • Compliance & Risk
    • Information Security
  • Events
    • Webinars & Events
    • Submit an Event
  • Downloads
    • eBooks
    • Whitepapers
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
Corporate Compliance Insights
Home Risk

The Key to Risk Management Success in 2019

3 Trends and Predictions

by Sam Abadir
January 25, 2019
in Risk
double exposure of pensive man looking out over city skyline

In the year ahead, companies will need to find meaningful and measurable ways to align and integrate risk management with core business objectives to pursue and meet their company’s goals. LockPath’s Sam Abadir discusses three trends that will challenge organizations’ progress and innovation.

2018 was quite the year. Between regulatory regimes, global competition and cyber threats, the cautionary tales of what can happen dominated headlines. The Equifax investigation findings were disturbing, Google had multiple cascading incidents and the Marriott breach effects continue to unfold.

Maintaining, growing and evolving the ecosystem of digital equipment, services and data is central to the modern enterprise; however, digital business moves fast and creates risk in its wake. The ability to remain viable in today’s business depends greatly on the effectiveness of risk management and compliance programs, as well as digital systems and processes, data governance and security practices.

Trends to Watch

1. Understanding the Risk Ecosystem

Our digital ecosystem is evolving and expanding. Third-party systems, devices, applications, services, people and more increase the risk of redundancies, gaps and dependencies that can lead to unknown vulnerabilities and incidents. The lesson played out in headlines, from the fitness app Strava’s accidental disclosure of secret U.S. military bases via user activity heat maps to Facebook’s negligent oversight of Cambridge Analytica.

In 2019, companies need to invest the time and effort in understanding how all the pieces interact in the ecosystem. As we better understand digital threats, we must develop a more nuanced picture of risk. Companies large and small should start thinking more holistically about risk: how it affects different parts of the business, as well as the business overall. Investing time and effort in understanding how different people, processes and technology interact allows for more effective risk management and mitigation strategies.

2. Compliance Adopts Personal Accountability

The severity of recent data breaches has kept regulators and industry associations busy drafting and updating regulations and standards – the European Unions’ GDPR is now enforceable, California’s Consumer Privacy Act became the first U.S. state-sanctioned privacy regulation and updates to the NIST 800-37 and ISACA COBIT frameworks are just a few. Additionally, the U.K. took compliance governance a step further with the 2018 enactment of the Senior Managers and Certification Regime (SM&CR), a regulation for U.K. financial services that holds a firm’s senior individuals personally responsible for preventable negative events.

This shift toward governance accountability at the individual level makes governance of cybersecurity, consumer privacy protection and digital risk management programs much more personal for senior staff and executives. Companies will need to mature their risk management processes and activity documentation so they can prove due diligence in the event they come under the microscope.

3. Boards Increase Focus on Cyber Threats

The rapid evolution and increasing severity of cyberattacks and data breaches and the shift toward governance accountability at the individual level is putting more pressure on boards to take a more active role in data protection. In fact, both the annual Protiviti risk survey and the National Association of Corporate Directors survey show that cyber threats are in the top five risk trends boards will focus on in the next 12 months.

With this increased oversight, companies will need to prove to their boards that they are implementing and maintaining the proper data protections. That means looking at risk in terms of how it impacts business objectives and goals and how much it will cost the company if an event occurs. Quantifying risk and aligning risk with business goals will help boards to better understand the seriousness of risks and CISOs to obtain executive support for additional information security initiatives.

Risk Management Evolves with an Integrated Approach

It’s safe to say the year ahead will be a busy one for anyone with risk-related responsibilities. We’ll see significant focus and progress around securing the digital ecosystem; boards and executives will press for more precise, real-time understanding of threats, risk factors and exposures and for more individuals taking ownership of risk. We expect to see companies optimizing their data governance and security capabilities in the year ahead, which is imperative for organizations undertaking and continuing digital transformation.

To accomplish all this, compliance, risk and information security teams must take a systematic and integrated approach to risk management, streamlining and automating as many processes as possible. Business units must work together to obtain a broader view of risk and develop stronger protections against emerging risks. Their primary focus should be integrating risk management efforts and risk data sources from across the business to obtain a single-pane-of-glass view of risk. From there, they are able to quantify their risks and better prioritize remediation efforts based on business objectives.

Additionally, companies will need to invest in new tools for governing their digital ecosystem, encompassing everything from data servers to third parties. They need technology that supports the integrated nature of today’s risks but are intuitive to learn and use even if you aren’t tech savvy. Companies will need better reporting capabilities with broader visibility into related threats across the enterprise, as well as the external risk ecosystem, that enables risk quantification, predictive analytics and KPI/KRI monitoring. Solutions purpose-built for integrated risk management with these capabilities allow for various levels of stakeholders to extract, analyze and communicate data according to their needs for better insights and decision-making.

Most importantly, businesses of all sizes should take the time this year to coordinate and improve their enterprise-wide approach to integrating risk management, maturing GRC programs and capabilities and communicating with all stakeholders to enhance visibility and accountability.


Tags: CCPA/California Consumer Privacy Actcyber riskdata breachdata governanceGDPRinformation security
Previous Post

DFIN Delivers Digital Data Solutions to Navigate Expanding SPAC Market Opportunities

Next Post

The Walgreens Whistleblower

Sam Abadir

Sam Abadir is Vice President of Industry Solutions at Lockpath. Sam has over 20 years of experience helping companies realize value through improving processes, identifying performance metrics and understanding risk. Early in Sam’s career, he worked directly with financial institutions and manufacturing companies to help them realize institutional value. As a Senior Manager at Deloitte, he focused on improving processes and increasing value for Global 2000 companies. In the past seven years, Sam has worked with software companies like Lockpath to build the tools that help companies manage risk and create value that enhance performance in a structured and efficient manner.

Related Posts

blue road sign with arrow on black asphalt background

Dynamic Risk Governance: Linking Strategy and Risk Management

February 15, 2021
three red dice on green felt tabletop

The COVID Trio: 3 Top Risks from a Year of Upset

February 4, 2021
Deloitte: Global Risk Management Survey, 12th Edition

Deloitte: Global Risk Management Survey, 12th Edition

February 2, 2021
illustration of businessman holding giant shield to protect him from falling arrows

Is Your Risk Culture Aligned With the Realities of the Digital Age?

February 2, 2021
Next Post
walgreens storefront

The Walgreens Whistleblower

Access realtime data
Addressing systemic racism in the workplace SAI Global
Dynamic Risk Assessments with Workiva
Top 10 Risk and Compliance Trends

Special Coverage

Special COVID page graphic

Jump to a Topic:

anti-corruption anti-money laundering/AML Artificial Intelligence/A.I. automation banks board of directors board risk oversight bribery CCPA/California Consumer Privacy Act Cloud Compliance communications management Coronavirus/COVID-19 corporate culture crisis management cyber crime cyber risk data analytics data breach data governance decision-making diversity DOJ due diligence fcpa enforcement actions financial crime GDPR GRC HIPAA information security KYC/know your customer machine learning monitoring ransomware regtech reputation risk risk assessment Sanctions SEC social media risk supply chain technology third party risk management tone at the top training whistleblowing
No Result
View All Result

Privacy Policy

Follow Us

  • Facebook
  • Twitter
  • LinkedIn
  • RSS Feed

Category

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Whitepapers

© 2019 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
  • Articles
  • Vendor News
  • Podcasts
  • Videos
  • Whitepapers
  • eBooks
  • Events
  • Jobs
  • Subscribe

© 2019 Corporate Compliance Insights