Risk Roundup – November 2017
Good risk management doesn’t happen overnight. Management teams often struggle to get it right. Boards can play a key role encouraging executives to shore up risk management practices in their companies. But first you need to know what signs to look for that indicate enterprise risk management may be failing. Download report
Risk is the effect of uncertainty on objectives, which means that the implementation of any risk management system must begin with a clear determination of corporate objectives. The risk management function can then help achieve those objectives by assessing risks. Achieving corporate objectives in turn helps the organization create value. This is why there is a direct alignment between value creation and risk management. Read more
This microsite from EY identifies the top 10 business risks for the mining and metals industry and the historical shift of risks. The microsite also features video insights, regional perspectives, and includes a link to the full report in PDF. View microsite
As governments, businesses, insurers and others tally the economic losses from this year’s natural catastrophes, some are already planning ahead for what’s next. About one-third of organizations see Hurricanes Harvey and Irma, Typhoon Hato, the earthquakes in Mexico and other disasters as catalysts to re-evaluate their emergency planning. Read more
The lessons learned from scandals and organizational crises that trace back to the early 2000s make one thing clear: Without an ethical and compliant culture, organizations will be at risk. More and more, culture is moving from a lofty, “squishy” concept to something that should be defined, measured and improved. Read more
In this article, thought leader Norman Marks gives his perspectives on the 8 biggest risks that internal auditors should consider in 2018, such as: 1) Auditing risks that don’t matter to the board and top executives, and 2) Failing to communicate what matters when it matters. Read more
Technology has accelerated the pace of change. We are in an era when a backlash to too much change in too short a period of time is affecting diverse areas. Some of the current geopolitical upheaval and economic uncertainty are repercussions of that pace of change. This article identifies five issues driven by technology and the pace of change that should spook all internal auditors. Read more
According to a report, 66% of managers do not have adequate visibility of their supply chain, yet 70% of them faced disruptions in the past year, 41% of them occurring in Tier 1 suppliers, and 34% of them experiencing incidents with cumulative losses of at least $1 million, resulting in reduced profit margins, decreased revenue, brand and reputation damage, delayed deliveries and, ultimately, customer losses. Read more
Everyone in the extended food supply chain works hard to ensure the safety of consumers. Companies also work to understand the various risks inherent in the supply chain. Selecting suppliers has inherent risks, so a comprehensive process is needed to mitigate any threats. Without properly vetting potential suppliers, companies may encounter existential challenges. Read more
A risk management plan should vary in size, depending on the size and scope of your projects. A project manager should work with their team to develop a risk management plan that is fitting to their project, aids in decision-making, and adds value. The plan should be documented but also kept practical and to-the-point. 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.