Enterprise

At the Junction of Corporate Governance & Cybersecurity

Source FERMA. A joint working group, representing risk managers and internal auditors from 8 EU countries and  6 different economic sectors (bank, transport, defense, IT, food services and telecom) has developed recommendations for organizations on innovative ways to internally organize the management of cyber risks. These recommendations include a cyber risk governance model between the key internal stakeholders and the […]

Ten Questions Every Board Should Ask in Overseeing Cyber Risks

Nasdaq & Simpson Thacher present – in June 2017 – a compact, highly informative and well written document, which in fact is a general guideline and a first step for an integrated approach of risk management. It is suitable for in fact every company or public organisation which has experienced or will be experiencing cyber attacks. It is offering a […]

2017 Global Risk Management Survey

By AON. The report concludes, that by the rapidly changing business environment and the world’s increased connectivity means that traditional and emerging risk are becoming more and more unpredictable. Despite big data, companies are less prepared for managing those risks. You might expect otherwise. The report highlights developments as disruptive technology and innovation, cybercrime and political risks and uncertainties. The main conclusions: Leaders […]

Distortions and deceptions in strategic decisions

Source: McKinsey Quarterly, by Dan P. Lovallo and Olivier Sibony. Companies are vulnerable to misconceptions, biases, and plain old lies. But not hopelessly vulnerable. The chief executive of a large multinational was trying to decide whether to undertake an enormous merger—one that would not only change the direction of his company but also transform its whole industry. He had gathered his top […]

The evolution of model risk management

By Ignacio Crespo, Pankaj Kumar, Peter Noteboom, and Marc Taymans. McKinsey&Company An increasing reliance on models, regulatory challenges, and talent scarcity is driving banks toward a model risk management organization that is both more effective and value-centric. The number of models is rising dramatically—10 to 25 percent annually at large institutions—as banks utilize models for an ever-widening scope of decision making. […]

Transforming enterprise risk management for value in the insurance industry

By McKinsey&Company Leading insurers are retooling the role of their risk function from incident response and compliance to an essential partner in advancing the business strategy. The value of enterprise risk management (ERM) in the insurance industry was given a decisive demonstration in the financial crisis. McKinsey research showed that the better their ERM systems, the better insurers performed financially in […]

Strengthening Value and Risk Culture Using a Real-time Logical Tool

Source: ISACA Journal Quote from Introduction: “While many lessons were learned from the 2007 global financial crisis, the Basel Committee on Banking Supervision identifies as one of the most significant the fact that the IT and data architectures used by banks were inadequate to support comprehensive management of financial risk. Many banks lacked the ability to aggregate risk exposures and identify concentrations quickly and accurately at the bank group […]

22 Strategic Risks

This is a clear list of strategic risks, described by Devin Fowler on Simplicable Management Guide. The words “strategic risk” strike fear into the hearts of investors and executive leaders everywhere.  Strategic risk invokes images of imploding companies, scandal and loss.   The path to managing the business menace of strategic risk begins with risk identification. The following risk types are a […]

Clear risk reporting creates value

By Marinus de Pooter and Cees Visser  Organisations benefit from high-quality reporting about risk management. Stakeholders greatly appreciate receiving information about risks and about the way in which an organisation is managing these risks. Another benefit is that clear reporting forces the board to take stock and draw up a list of the risks and risk management systems. This is […]