Risk Roundup – February 2018
The 13th edition of the World Economic Forum’s Global Risks Report prioritizes 30 global risks in terms of likelihood and impact across different categories. Environmental risks continue to grow in importance, with all five risks in the environmental category ranked higher than average over a 10-year horizon. Download the report or explore the results.
In this article, thought leader Norman Marks explains through a hypothetical example how risk management is not about managing risks. It’s about managing the achievement of objectives. It’s about being successful, and success is measured through the achievement of specified objectives. Read more
Enterprise Risk Management – Applying Enterprise Risk Management to Environmental, Social and Governance-Related Risks
Businesses face an evolving landscape of emerging environmental, social and governance (ESG)-related risks that can impact a company’s profitability, success and even survival. COSO and the WBCSD released a draft guidance to facilitate the process of applying Enterprise Risk Management to ESG-related risks. Read more
ESG concerns can make or break a company. Neglect them, and it can be the downfall of a brand. On the opposite end of the spectrum, ESG issues can define a brand and company values. Sound ESG risk management not only can protect a company’s reputation, but also help increase efficiency and improve the bottom line. Read more
Job titles tell us more about employee roles and help us identify stakeholders. But job titles can also be misleading, especially in risk management. When you see a “Risk Manager”, or even a “Chief Risk Officer”, your instincts would rightly tell you that their roles have something to do with risk management. But if you go one step further and assume that a Risk Manager or CRO is also responsible for identifying and mitigating risks, you would be wrong. Read more
What if a keyword search is performed on past audit reports? Are boards of directors, audit committees, and senior management seeing what they need to see? What words are being used to achieve positive outcomes in organizations? This article identifies the top five words expected to show up regularly in audit reports over the next 12 to 18 months. Read more
The question “who can fire a Chief Risk Officer or the most senior risk manager” has serious implications for risk management in a organization. For organizations to be properly protected against significant risks, it is essential that CROs be confident that providing honest advice won’t result in losing their job. Read more
This article shares 30 risk evaluation tips that you can use. You may already be familiar with many of the tips, and even find them obvious, but there may be a few that you may not have thought about. Read more
There is increasing pressure to innovate and get products to market sooner, which can create risks to a product’s quality and safety. There are also other risks to product safety from many sources, including third-party suppliers, cyber criminals and even customers, and such risks can result in costly product recalls. Product safety and recall analytics can help companies mitigate the cost of product recalls, reduce future incidents, and protect shareholder value and brand reputation. Read more
When analyzing a situation, game theory can help to understand what motivates each of the players who affect outcomes for that situation. If risk management is about anticipating what might happen and making informed decisions, then we have to consider how others will react. Game theory can help to assess a situation, understand and assess the risks, and make an informed decision. Read more
Visit Enablon Insights again a month from now to learn more about what caught our attention in Risk and GRC!
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.