<img src="https://secure.leadforensics.com/85060.png" style="display:none;">

2017 in review – ERM is on the rise, but there’s still room for improvement

As businesses start to implement their plans for a new year, we’ve taken a look back at 2017 to review how the handling and perception of risk management has changed. From our team’s vast experience of working with our clients and other organisations in the industry, we’ve found overall that there is a rise in the understanding, and use of formal risk practices. However, as always, there is still room for improvement. 

Topics: risk management RMIS ERM

The benefits of an RMIS when creating an ERM framework

Spreadsheets are great. However, they really don’t cut it when you are trying to develop a complex enterprise risk management (ERM) framework. Multiple formulas, lots of sheets/tabs, broken links, numerous people editing the same document, version control issues… The list of issues goes on.

Topics: enterprise risk management ERM

Risk managers should have cyber threats like social engineering at the top of their risk register

Cyber threats are consistently catching companies out, meaning organizations must adapt their IT measures and procedures to mitigate the evolving threat. Risk managers should designate cyber threats as one of the top risks to a business and should have relevant controls in place to help manage the threat level.

Topics: Data Security ERM

Register (your risks) now!

You have your risk management framework in place but what is the next step? Firstly, well done for getting this far. A lot of hard work goes into a good framework. Now you have to put it into practice.

As part of the risk management plan you will need a log of all the potential risks that might affect your business. A risk register, also known as a risk log, is an important part of a company’s risk planning and helps to fulfil many regulatory requirements. Here is some guidance on what a risk register is and how to develop one.

Topics: enterprise risk management ERM Risk Register

Why, and how, your organization should stress test its ERM and key business processes

We hear about financial institutions conducting stress tests to assure they have the needed capital and processes in place to weather another crisis in the global financial community. How many organizations test their operational business processes to assure they can withstand serious stress?

Topics: ERM

From Start-up to Corporate – How Risk Management Changes in a Growing Company

All businesses have risk, and with many start-ups failing within their first four years, somebody needs to take responsibility for managing risk, even in a small company.

When a start-up makes that all-important decision to grow, there are huge risks to deal with and there are even more on-going risks associated with being a large company. What was a basic risk management solution is now no longer enough – you need an enterprise risk management framework.

Topics: risk management enterprise risk management ERM

Risky Business: A Risk Manager’s Introduction to ERM

 

Topics: risk management enterprise risk management ERM

New approach needed to ERM and managing risk? Thinking the Unthinkable

I Just attended the inaugural AIRMIC ERM forum and  I found the first plenary speaker, Nik Gowing, was really thought provoking.

Topics: ERM Insights

Operational risk on a broader scale: 3 ways to turn vision into action

Earlier this week, Advisen’s Front Page News, a valuable daily collection of news related to risk management, directed me to a very useful article from American Machinist: “4 Things Plant Managers Need to Know About Operational Risk.” As the title of the article indicates, author Paul Leavoy’s piece is geared to operations management at manufacturing and heavy-industry firms; however, as I read the article, it occurred to me that Mr. Leavoy was shedding light on a challenge risk managers in any kind of firm often face: demonstrating to their operations colleagues that risk is not an “abstract, top-management priority that doesn't clearly relate to their roles or the boots on the ground they are responsible for.”

Topics: risk management enterprise risk management ERM