Risk Roundup – October 2017
This report examines C-suite and board perceptions of risk, their risk priorities, and how leading companies are evolving their approaches to risk. The survey found an abundance of confidence among senior stakeholders regarding their organizations’ risk-related capabilities and actions. But a deeper look reveals significant need and opportunity to evolve risk strategies and response. Download Report
Risk management enables better decision-making, from strategy-setting to execution, and makes a significant contribution to the success of any organization. But how do you assess the leader of risk management within your organization? In this article, thought leader Norman Marks lists the attributes that he considers critical. Read more
If risk management practitioners are to help their organizations go beyond protecting their business to help grow it, then two things seem clear: They will need to take a close look at their role in building or rebuilding trust in business; and a new and cooperative approach to defining and addressing risk is needed – one that can help build trust and tackle the kinds of emerging risks we face. Read more
Risk management is about more than the periodic review of a list of top risks. It is also about setting the right strategies and objectives to deliver value, understanding how the achievement of objectives may be affected by events and situations, and other elements. There are many ways to audit and assess risk management, which are included in this article. Read more
The updated COSO ERM framework aims to help organizations improve risk management so better decisions are made, leading to the achievement of objectives. The framework is not another process to be sent to the ERM team or even to a committee of the board. It needs to be incorporated into the fabric of the organization, providing guidance, tools, processes, and many other elements to improve risk management, regardless of the decision being made. Read more
Many organizations have adopted enterprise risk management as a way to make better decisions, get stronger operating results, and meet regulatory requirements. These same organizations may have program and project managers managing scores of projects. However, few organizations have yet to actually unite the enterprise and project risk management efforts. Read more
Increasing geopolitical instability and rapid technological disruptions are threatening businesses with unparalleled levels of risk and volatility. To survive, procurement will need to embrace new ways of thinking, from openness to social responsibility to broadening the timeframes in which they operate. Read more
The convergence of mobile and social media is intensifying the impact of reputational risk for organizations, and driving them to fundamentally rethink their approach to risk management and proactively address these accelerated risks. The risk landscape is rapidly changing with daily headlines bringing new reminders that the future is here and it is not showing signs of slowing down. Read more
According to a survey of 1,250 global business leaders, the top factor in long-term success, ahead of financial achievement and business leadership, is reputation. What is surprising is how many leaders are driving blind and scared when it comes to their corporate reputations. While two thirds of those surveyed felt they excelled in maintaining their reputation, a third of leaders felt their organizations were average to poor at spotting incoming risks and opportunities. Read more
The food industry’s supply chain continues to grow in complexity and, as a result, many companies find it difficult to document their end-to-end supply chains. It is essential to understand the supply chain in order to meet regulations, mitigate risks, and satisfy consumer demands for supply chain transparency. Lack of a holistic view and understanding of potential risks can lead to food safety and quality failures, resulting in damage to a company’s brand reputation and bottom line. Read more
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Best-in-Class companies implement an integrated risk management framework to assess risks, define controls, manage audits, identify issues, and implement remediation plans. Download Aberdeen’s “Operational Risk Management: Building a Framework to Identify, Assess and Remediate” report to learn more.