Risk Roundup – August 2017
There is a lot of guidance for conducting risk assessments. But it seems that we still have difficulty in getting risk assessments to reflect the appropriate level of concern for the identified risks that we are assessing. The question we should be asking ourselves as we prepare to implement a risk assessment is: “What future are we planning for?” Read more
The unprecedented levels of business complexities, ever-changing geopolitical scenarios, latest regulations and laws, and increasing stakeholder demands have made managing enterprise risks a crucial priority. These 10 practical lessons learned can be used to help address perceived weaknesses in risk identification, assessment and management. Read more
In this Q&A post, Dr. Leo S. Mackay Jr., senior vice president of internal audit, ethics and sustainability, and Matthew Swibel, director of enterprise risk and sustainability, both at Lockheed Martin, discuss about the complementary tools of enterprise risk management and sustainability to achieve strategic objectives. Read more
Internal audit (IA) is poised for significant changes in the next few years as it evolves towards a more data-driven, automated and predictive outlook. In fact, many internal audit teams are already integrating data analysis techniques and building two- to three-year roadmaps to make analytics a core capability by 2020. Read more
The “tone at the top” describes the climate and overall philosophy set by the board of directors and executive team to drive the culture and behaviors of all employees. The right tone stresses a high standard of ethics and a culture of compliance, but should be balanced with a message that empowers managers to take risks appropriately in the pursuit of short- and long-term rewards for the business. Translating the tone into a strong risk culture requires reinforcement to employees defining how their decisions and actions affect the broader mission of the company. Read more
Due to the fast pace of change in the global business environment, more organizations are concluding that risk management, in its current form, is likely to lead to failure and significant missed opportunities. To help companies avoid this fate, a report identified ten questions that boards of directors and senior executives can use to evaluate their overall approach to risk oversight. Consider these questions for your own organization, in order to strengthen your understanding of the most critical risks. Read more
Compliance modernization offers a more strategic view of the compliance function, one that includes a role in value creation within the organization. A modernized compliance function can be an organization’s most finely tuned way to monitor, predict and analyze what’s happening inside its four walls and what’s coming from outside of them. Read more
This document includes nice, helpful illustrations that show the GRC journey, the components of a high-performing GRC program, and the differences between different levels of GRC performance along the path to GRC transformation. Read more
A wide use of EHS mobile applications extends visibility into frontline operations. Establishing greater visibility into work performed throughout all operations, even in remote or offline locations, allows an organization to see where the risks are, and react more quickly by generating action plans. Read more
Competent project managers know that there are unknown risks lurking in every corner. Each new phase of a project brings uncertainty, some significant, some not. Furthermore, as new stakeholders enter the scene, new interests and concerns can cause projects to get off track. Read more
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