Risk Roundup – May 2017
This new study from PwC shows that leading companies are increasingly moving risk management decisions squarely in the purview of “first line” business units. Companies doing this most effectively are more likely to project higher revenues and profit growth. The survey outlines five “Front Line” steps companies should consider taking to build a collaborative, effective risk management approach. Read more
Risk professionals have an opportunity to close the gap when it comes to understanding and managing rapidly advancing disruptive technology risks, according to a new report. The report finds an apparent lack of awareness among risk professionals on existing and emerging technologies, including telematics, sensors, the Internet of Things (IoT), smart buildings, and robotics, and their associated risks. Read more
How can internal audit meet stakeholders’ needs to deliver not only assurance, but also to advise and anticipate risk? This article and report identify nine ways in which organizations can effectively respond to stakeholders’ needs, and increase internal audit’s impact and influence. Read more
While there is a lot of talk about embedding risk management, there is little agreement as to what it means. Most organizations want to embed risk management and integrate it in key business processes. This is easy to say but difficult to achieve. This article outlines eight critical steps to embed risk management and steer the strategic direction of an organization. Read more
Risk registers can be useful in some contexts, but a risk visualisation approach is a far better way to accomplish the aims of risk management and support better decision-making. Visualisation can help reveal the bigger picture. Tools exist to enable the creation of richer, more context-aware risk visualisations based on information captured through normal risk identification and analysis processes. Read more
Two major characteristics of today’s world are that: 1) circumstances change faster than ever before, and 2) we are more interconnected than we have ever been. As a result of these characteristics, an agile approach to Enterprise Risk Management must be enabled and maintained, through these five steps outlined in a post on Enablon Insights. Read more
If a crisis hits your organization, it can be traumatic. Many firms have had a regular workday affected by a disaster that suddenly throws staff and customers into the path of peril. And if the fallout is mishandled, the company’s reputation can suffer also. Incidents are by their nature tough to foresee, so it’s hard to build a cast-iron plan for a response. But you can alleviate the risk. Read more
Risk management processes are a part and subset of overall business processes. The risk management process architecture is the structural design of processes, including their components of inputs, processing, and outputs. While risk management processes can be very detailed and vary by organization and industry, there are five that organizations should have in place, and which are explained in this article. Read more
Over the past year, numerous surveys have pointed to internal audit’s growing influence and clout in the C-suite and with boards. Stakeholders are demanding more of internal audit because they recognize it as an increasingly valuable partner to achieve sound risk management and governance. Read more
Brazilian jiu-jitsu, a type of martial art, emphasizes a mantra composed of “the four goods”: good control, good technique, good position, and good submission. This article explains how these four goods can also work as the four goods of compliance programs. Read more
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