Lots of people hear the terms compliance and risk management and assume the two terms are the same. While there is overlap between the two, it’s important to know the differences so you can assure your company is using each strategy to its full advantage. Let’s look at what each strategy is, how they differ, …
Continue reading “The Difference Between Compliance & Risk Management: What You Need to Know”
Is risk management taking a back seat to compliance? Risk management frameworks are often seen as a lower priority than the specific activities associated with compliance. In a busy commercial environment, it is easy to focus on complying with rules rather than implementing effective risk management. It is also easy to focus on a headline, …
Management information (MI) to identify compliance related risks and issues within a financial services entity can be wide-ranging. Metrics such as KPIs and KRIs serve as risk management tools that can be used as an “early warning” signal, to address an issue before it increases in gravity. MI can help uncover systemic issues and track …
“Risk Culture – the values, beliefs, knowledge, attitudes and understanding about risk shared by a group of people with a common purpose.” Institute of Risk Management To successfully influence risk culture, we need great structural mechanisms or formal arrangements that support strong risk management practices in our systems, policies, procedures, and governance – and – …
Continue reading “Getting your GRC into the hands of decision makers”
The 21st century opened with a slew of “unprecedented” events crash, 9/11, the financial crisis of 2008, SARS, Eboli, BREXIT, and COVID-19 to name a few. So many that one has to wonder if “unprecedented” is the new normal. This onslaught highlighted the need for improved risk identification and a more effective way to quantify …
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Traditional Risk Management (TRM) is comparable to a very complex puzzle with many pieces that have many connections and relationships. The industry norm/tendency is to jump into the middle of the puzzle and start working. The problem is that TRM is a complex but smaller puzzle that fits inside a larger “Enterprise Risk” puzzle. Many …
Continue reading “The Traditional Risk Management Puzzle-5 Essential Pieces to a Strategic Platform”
Embracing foundational principles of Enterprise Risk Management (ERM) will be one of the most powerful things an organization can do to put structure to its success. ERM is a “Risk Based” approach to operating your business that applies logic to overcoming obstacles and taking advantage of opportunities. Its ROI can be significant and its value …
Continue reading “Enterprise Risk Management – Structure to Your Business Success”
For me, it started with a simple question: “Why is it that sales organizations, the very heart of every growth company, are not as well served with technology as their counterparts in Finance, Human Resources, Marketing, Manufacturing and Operations?” I spent a lot of time thinking about this last summer when I had some time …
The enterprise tech world is evolving with newer ambitions. While the wings of innovation are spreading to newer skies, the technologists are finding it hard to play catch-up and are making sure they are in tune with the technology juggernaut. CIOCoverage aims to bridge this very gap that exists between the tech-savvy where he rests, in the very heart of it. Awakening a keen insight in you to move along the flow, CIOCoverage works to make the entrepreneurs, versatile to the sturdy technological influences.
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