Every organizational unit has some level of risk it must address. Yet, most internal teams lack the ability to identify priorities and accountability to stay ahead of new threats to the business, thus leaving the process of managing risk to be more reactive. While many risks exist within each function, there is often no connected […]
Risk Management
Posted inRisk Management
When Enterprise Legal Management and GRC Collide
Software vendors offer a range of products known as “enterprise legal management” to help the legal department analyze spending, discern patterns, and manage costs. Given that many legal costs are the result of some governance or compliance risk, is there an opportunity to use enterprise legal data to improve your GRC program? The answers aren’t clear yet, but they are intriguing. More inside.
Posted inRisk Management
Practical Ideas on Managing Reputation Risk
Image: Reputation risk is the strategic business issue for many boards and senior executives today, and yet few know how to address it well. “Reputation is an ‘amplifier risk,’ because it attaches itself to other risks,” says Andrea Bonime-Blanc, head of consulting firm GEC Risk Advisory. She and others recommend several concrete steps to manage reputation risk, but they are not the sort of controls and processes you’re used to. More inside.
Posted inRisk Management
Compliance Risk Concepts Adds Two New Executives
Compliance Risk Concepts, a compliance consulting firm, has added two new senior executives to its team: Elin Cherry as principal and head of capital markets, and Roland Reyes as director of professional services. Details inside.
Posted inRisk Management
EXIGER Names Managing Director
EXIGER, a global regulatory and financial crime, risk and compliance firm, has appointed John Melican as managing director. He joins EXIGER from Bank of Tokyo-Mitsubishi UFJ, where he most recently was head of anti-money laundering, sanctions and anti-corruption compliance for the Americas. Details inside.
Posted inRisk Management
Bottomline Acquires Intellinx; Offers Cyber Risk Management Solutions
Bottomline Technologies, a provider of cloud-based payment, invoice, and digital banking solutions, is now offering comprehensive cyber fraud and risk management solutions following its acquisition of Israel-based Intellinx. Details inside.
Posted inRisk Management
Smarter Assessments of Cyber-Risk
Image: Every compliance and audit executive wants to manage cyber-security risks. That assumes, however, that the whole organization agrees on what a cyber-security risk is. Taxonomies do exist to build a more disciplined approach to cyber-security. Try to take all steps to manage all such risks, and “it’s going to be very difficult to manage,” warns Greg Michaels, of Kroll’s cyber-security practice. More inside.
Posted inAccounting & Auditing
COSO Tacks Toward Cyber-Security
As cyber-security works its way onto the corporate board agenda, COSO is suggesting ways that its frameworks for internal control and risk management can be a starting point for companies to anticipate fast-emerging risks. “Just as the board is responsible for enterprise risk management, this is very similar,” says Mike Rose, a partner at Grant Thornton. So is the basic COSO approach, whether the risks are financial or cyber. More inside.
Posted inRisk Management
Survey: Cyber-Threats a Growing Concern for European Risk Managers
Image: Title: HirsWhile traditional risks due to business interruption and the supply chain remain risk managers’ top concern, cyber-risks are moving up the list, particularly in some European countries. Allianz SE’s Risk Barometer 2015 showed cyber-risks cracked the top five concerns globally for the first time, up from 8th last year, and they rose into the top three for Germany, Austria, and the United Kingdom. “The growing interdependency of many industries and processes means businesses are now exposed to an increasing number of disruptive scenarios … Risk management must reflect this new reality,” Allianz CEO Chris Fischer Hirs said. More inside.
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Hidden Costs of Compliance: Reducing Transactional Tax Risk
Debates over online sales tax and related statutory rules and rate changes have vaulted sales and use tax compliance to the top of every finance organization’s 2015 action list. The challenge is on to understand how to implement safeguards and systems, monitor widely varying statutory rules, and find efficient ways to collect and remit the […]
