Risk Roundup – January 2018
Risk management done poorly is linear and not very helpful. You perform your routine, you run into a snag, and then you launch an audit to help figure out what went wrong. It’s reactive. But realizing the benefits of risk management requires you to become proactive and agile. This article explains three key benefits of taking risk management seriously. Read more
Enterprise risk management (ERM) helps to gain an overview of strategic, financial and operational threats, and to mitigate and manage risks. A comprehensive approach to risk management is important because it helps to understand the true potential of threats and allows organizations to address the cumulative nature of risk. Read more
Learn why it’s vital that companies in any industry focus on everything they can do to mitigate every risk proactively to help keep their record and brand from being tarnished, and prevent property and lives from being lost. It is vital to get ahead of potential problems and justify the expense of doing so. Read more
What happens when project managers and their teams fail to identify risks in an iterative fashion? Teams spend their time and energy on things that don’t matter. Risks are not identified and turn into more costly issues. Project teams are not aware of emerging risks. This is why successful project managers manage risks. This article looks at seven tools and techniques to identify risks. Read more
Both occupational safety and health (OSH) professionals and leadership want to avoid unacceptable risk, but the challenge lies in determining what is acceptable and how to mitigate potential risks. This article identifies five steps of risk-based decision-making that help leadership and OSH professionals to make better safety decisions and help them communicate the rationale behind those decisions. Read more
Stakeholders are turning to internal audit to help navigate risks and opportunities. The profession is making progress towards earning “a seat at the table” and becoming a trusted advisor. New skills must therefore be developed to meet new demands and draw on the courage needed to address difficult challenges. The five resolutions in this article are meant to help the profession get there. Read more
Integrating data analytics into internal audit can yield considerable improvements in both speed and accuracy, but it requires a sweeping change in mindset and approach. With the exponential growth in data and availability of inexpensive new technologies to generate insight, this is a great time for the internal audit profession to provide greater value to their organizations. Read more
Digital transformation is about reinventing operations. It’s about accelerating business models, processes, and all sorts of organizational activities to leverage the opportunities presented by a variety of developed and emerging technologies, while addressing changing stakeholder expectations and shifting competitive factors. This article provides detailed examples of how internal audit could be digitally transformed. Read more
Finance executives and risk professionals are increasingly asked to provide insights on risks to inform decisions. The worlds of treasury and risk professionals are overlapping. Risk professionals are generally becoming more involved with capital deployment decisions, while treasurers and others in finance are taking on more traditional risk management functions, including insurance purchasing, claims management and enterprise risk management. Read more
The challenges of responding to a crisis event involve having to understand and arrange numerous concerns in real time, including defining the crisis, determining the cause, and generating options to stop and address impacts. As a crisis unfolds, information can be inaccurate, contradictory and sporadic. In this context, developing a common operating picture (COP) can help organize the response team. Read more
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Download Aberdeen’s “Optimizing Organizational Performance with Operational Risk Management” report to learn more about the process of achieving operational excellence and continuity with a standardized operational risk management program.