Risk Roundup - May 2017

May 16, 2017

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 May 2017.

[Report] 2017 Risk in Review Study – Managing Risk From the Front Line

This new study from PwC shows that leading companies are increasingly moving risk management decisions squarely in the purview of “first line” business units. Companies doing this most effectively are more likely to project higher revenues and profit growth. The survey outlines five “Front Line” steps companies should consider taking to build a collaborative, effective risk management approach. Read more

[Report] Excellence in Risk Management XIV: Ready or Not, Disruption is Here

Risk professionals have an opportunity to close the gap when it comes to understanding and managing rapidly advancing disruptive technology risks, according to a new report. The report finds an apparent lack of awareness among risk professionals on existing and emerging technologies, including telematics, sensors, the Internet of Things (IoT), smart buildings, and robotics, and their associated risks. Read more

Strengthening Internal Audit’s Impact and Influence

How can internal audit meet stakeholders’ needs to deliver not only assurance, but also to advise and anticipate risk? This article and report identify nine ways in which organizations can effectively respond to stakeholders’ needs, and increase internal audit’s impact and influence. Read more

Getting to Grips with Embedding Risk Management

While there is a lot of talk about embedding risk management, there is little agreement as to what it means. Most organizations want to embed risk management and integrate it in key business processes. This is easy to say but difficult to achieve. This article outlines eight critical steps to embed risk management and steer the strategic direction of an organization. Read more

Seeing the Bigger Picture

Risk registers can be useful in some contexts, but a risk visualisation approach is a far better way to accomplish the aims of risk management and support better decision-making. Visualisation can help reveal the bigger picture. Tools exist to enable the creation of richer, more context-aware risk visualisations based on information captured through normal risk identification and analysis processes. Read more

Two major characteristics of today’s world are that: 1) circumstances change faster than ever before, and 2) we are more interconnected than we have ever been. As a result of these characteristics, an agile approach to Enterprise Risk Management must be enabled and maintained, through these five steps outlined in a post on Enablon Insights.

5 Ways to Handle a Crisis

If a crisis hits your organization, it can be traumatic. Many firms have had a regular workday affected by a disaster that suddenly throws staff and customers into the path of peril. And if the fallout is mishandled, the company’s reputation can suffer also. Incidents are by their nature tough to foresee, so it’s hard to build a cast-iron plan for a response. But you can alleviate the risk. Read more

Understanding Risk Management Process & Architecture

Risk management processes are a part and subset of overall business processes. The risk management process architecture is the structural design of processes, including their components of inputs, processing, and outputs. While risk management processes can be very detailed and vary by organization and industry, there are five that organizations should have in place, and which are explained in this article. Read more

The State of Internal Audit: Facts vs Conjecture

Over the past year, numerous surveys have pointed to internal audit’s growing influence and clout in the C-suite and with boards. Stakeholders are demanding more of internal audit because they recognize it as an increasingly valuable partner to achieve sound risk management and governance. Read more

The Four Goods

Brazilian jiu-jitsu, a type of martial art, emphasizes a mantra composed of “the four goods”: good control, good technique, good position, and good submission. This article explains how these four goods can also work as the four goods of compliance programs. Read more

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

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