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 June 2018.
EHS and operations leaders face significant challenges with greater compliance obligations, complex business networks, increased stakeholder demands for transparency, and rapid change. As change accelerates, the risk environment gets more complicated, and risk management becomes necessary to deal with uncertainty. To be resilient, organizations need to incorporate risk management into decision-making and resource allocation throughout the enterprise. Read more
The evolution of risk management conveyed in the updated ISO 31000 standard and COSO ERM framework may represent a change in the status quo of how risk management is viewed and integrated. Risk professionals and their organizations should view such changes as an opportunity to strengthen the organization so that it can more effectively achieve strategic objectives. Read more
Risk management can provide clarity and assurance to decision-makers anywhere in the organization, not just the risk management team. This article identifies four key competencies risk managers in non-financial companies should develop to successfully support decision-makers and risk takers, and add value to their organizations. Read more
Companies are working more intensively with third parties, but their risk management strategies may not be keeping pace. Companies are also looking for untapped potential in third parties. They’re seeing the opportunity to reduce costs and innovate. This article presents eight performance measures to monitor third-party partnerships. Read more
Sustainability is increasingly positioned at the top of board agendas as expectations of investors around ESG continue to increase. Investors also believe that ESG factors provide critical insight into how the company is driving and protecting value. Traditionally, sustainability has focused on topics such as environmental disasters, labor relations, safety incidents, and scandals, but today sustainability also factors into disruptive market trends and other developments impacting an organization’s ability to compete and build shareholder value. Read more
Some people are very familiar with internal audit and how it adds value, while others are not. The vast majority of people have a vague notion of what internal auditors do. In other words, they possess limited awareness about internal audit. The modern internal audit profession has been around for less than 100 years. Yet many myths and misperceptions have evolved about the profession during this time. Read more
Boards are enhancing their risk oversight practices by clarifying and formally approving the organization’s risk appetite, the aggregate level of risk that management is willing to take in pursuit of its strategy. As a first step, boards must also sign off on management’s strategy. Formally articulating the organization’s risk appetite and linking it to strategy will help management and the board acknowledge the risks, and the related opportunities, the organization faces in pursuing a strategy. Read more
Companies that continue to operate in a linear economic ‘take-make-waste’ approach and the financial institutions that invest in these businesses are exposed to risks that are mostly overlooked and are missing in traditional risk evaluation approaches. This report highlights the risks of linear economic business models and seeks to help the financial and business community to recognize them. Download report
Recent corporate scandals linked to problematic company cultures, and the responsibility to protect their companies’ and their own reputations, are leading directors to look for ways to better monitor corporate culture and to understand potential cultural risks. This publication helps to define “culture” and why it matters, and to provide practical suggestions for overseeing culture risk. Read more
If scope issues have caused you significant pains in the past, take action to mitigate these risks going forward. It starts with identifying the risks. First, educate your project team on what is included in the scope of the project. Next, determine how you will identify the risks, and develop your risk response plans. 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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