This is the second article of a risk management series and covers 10 steps for successful risk management. The first article Eight Steps to Establish a Firm Risk Management Program highlighted the benefits and steps of establishing risk management program and the third will focus on business continuity planning and risk mitigation strategies. The articles are a…
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Given the frequency and magnitude of cyber attacks, there is still a significant amount of risk management work to be done by vendors, says a benchmark study issued. “Vendor risk management programs require more substantive advances,” says the study issued by global consulting firm Protiviti Inc., a unit of Menlo Park, California-based Robert Half International…
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We all manage risk, every day and all day, as we make decisions. Mostly, this is intuitive and we cannot prevent ourselves from doing it every time we decide what to do and how to act. That is not to say that we cannot improve the way we manage risk to ensure that our decisions…
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Management and stakeholders of different organizations are coming up with many smart programmes to deal with economic crime, which still remains a major concern. There are internal controls to safeguard the interest of investors and other stakeholders who rely on published financial statements. To check frauds, there is a business process internal control, which is…
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Cyberbreaches and internal information theft are often regarded as information technology (IT) problems. However, most information loss isn’t a pure-play IT issue, which might be part of data security problems. Should entities remove handling of cyberbreaches and information protection from IT? Should they handle the prevention and investigation of cybercrime in a separate fraud-related department?…
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Providing effective governance presents boards and management with a formidable challenge. Here’s how one company does it. Success in business is influenced by many factors: effective strategy and execution; deep understanding of the business environment, including its risks; the ability to innovate and adapt; and the ability to align strategy throughout the organization. Massachusetts Mutual…
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Eighty-three percent of 150 multinationals responding to a survey have suffered significant losses in emerging markets. For decades, large U.S. and European companies have invested in emerging markets, and the Great Recession of 2008, which brought growth in developed economies to a shuddering halt, further encouraged companies and their CFOs to look for greater returns…
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Supplier risk management is not a new concept. We often can’t help but consider supplier risk as we read the news, invest money in a company’s stock, eagerly await the release of the next generation of mobile device or even just purchase groceries. Most companies see supplier risk management as a key priority and many…
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The Risk and Insurance Management Society is pushing a bill that would streamline the current cyber-notification system under a single federal regulator. Worried about reputation risks and the fines their companies could be hit with if they fail to properly notify regulators of a data breach, risk managers are pushing a Congressional bill that would…
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With more than 3,000 filings collected through early April, three-fourths have disclosed that they have adopted the 2013 COSO internal control framework, with the rest either remaining on the 1992 framework or not disclosing what framework they followed. Based on an ongoing, unpublished analysis of filings through April 3 by consulting firm Protiviti, 2,318 public…
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