Risk Roundup - April 2018

April 23, 2018

Once a month, our Risk Roundup provides a recap of 10 interesting articles and online resources on Risk and GRC that caught our attention. Enjoy the recap for April 2018.

What is Risk Appetite and How Does it Differ from Risk Tolerance?

In this article, thought leader Norman Marks recalls his earlier descriptions of risk appetite and risk tolerance in 2011, and why both are essential. He also provides his current 2018 impressions on the topic, and shares some quotes from risk professionals on their perspectives on risk appetite. Read more

Digital Transformation: Bringing the Risk and Compliance Function to the Table

Digital transformation is taking place throughout many organizations. However the process is slow-going for many compliance and internal audit groups. In this interview, Ms. Balasubramanian, a Deloitte Risk and Financial Advisory principal, identifies the barriers that compliance and internal audit often face regarding digital transformation, and discusses how to potentially overcome these challenges. Read more

Artificial Intelligence – Friend or Foe for Risk Managers?

According to a survey, the number of risk managers is expected to go up, but the increased use of artificial intelligence (AI) is likely to threaten risk management jobs. In the face of such divergent predictions, does AI actually present an opportunity for risk management teams, or does its increasing prevalence really herald an existential threat? Read more

Q&A: Communicating Risk

Robert Cartwright Jr., RIMS (the risk management society) president for 2018, believes in networking, communicating and connecting with local communities and RIMS chapters. As a division manager of EHS and sustainability for Bridgestone retail operations, Cartwright oversees more than 400 locations in 14 states. In this article, he speaks about getting into risk management, the evolution of the profession, making risk relevant to the entire organization, and what he wants to focus on during his presidency. Read more

How to Mix Innovation and Risk Management

Innovation must be part of a company’s DNA if it is to survive and thrive in a fast-moving business environment. Some companies are integrating innovation efforts with risk management, understanding that setting strategic objectives without thinking through the business risks could curtail such objectives. Instead of performing risk management in a vacuum, leading companies embed risk management into the innovation process. Read more

​Four Urgent Keys to Transforming Internal Audit

The IIA’s 2018 North American Pulse of Internal Audit, titled The Internal Audit Transformation Imperative, taps into the views of more than 600 North American chief audit executives (CAEs), directors, and senior managers to provide a snapshot of the profession. It also identifies four keys to begin transforming the profession, and which are highlighted in this article. Read more

It’s not enough to identify only currently known risks. Emerging risks, those that are not yet affecting your enterprise, must receive as much attention and focus as currently known risks. You must learn to create an awareness of emerging risks to help your organization achieve its business, strategic and operational objectives.

Life Sciences Manufacturers: Continue the Shift to Integrated Risk Management

Today, customers, regulators, investors, employees, and other stakeholders demand accountability for management systems failures and the resulting incidents and accidents that harm people, production, profitability, reputation and shareholder value. Life sciences manufacturers should consider the advantages of a unified risk management framework to address all types of risks. Read more

Cultivating a Strong Reputation for a Crisis and Beyond

Reputation risk has never been so prominent. By implementing a proactive approach to reputation management, an organization can sense threats, seize opportunities, and shape beliefs and behaviors to achieve desired outcomes. This article provides key steps to help organizations start thinking about and building reputational resilience. Read more

The Case for Merging Sustainability, Risk and Compliance

The relationship between sustainability teams and functions that sit under governance, risk and compliance is complex, and characterized by both opportunities and tensions. This article highlights three areas where the sustainability team can better collaborate with risk and compliance departments: governance, enterprise risk management (ERM) processes, and cultures of compliance. Read more

Visit Enablon Insights again a month from now to learn more about what caught our attention in Risk and GRC!

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