Risk Management

AvePoint, a software solutions provider, this week introduced the AvePoint Risk Intelligence System, enabling organizations to address the complete lifecycle of risk across the enterprise. ARIS extends risk identification to provide meaningful action to assessments, including quantifying, lowering, and monitoring instances. Details inside.

SWIFT has announced the addition of Peer Assessment to its Sanctions Testing service. SWIFT’s Sanctions Testing helps financial institutions optimize the performance of their transaction and customer screening systems by analyzing whether their systems are operating correctly and are able to detect illicit transactions or sanctioned customers. Details inside.

Netwrix, a provider of change and configuration auditing software, recently announced the release of Netwrix Effective Permissions Reporting Tool, a freeware solution designed to monitor privileged accounts by reporting on effective permissions in Active Directory and file shares. Details inside.

ComplianceBridge announced the release of its new TotalCompliance Compliance Risk, Audits, and Assessments Management solution. Designed by compliance officers, TotalCompliance automates the compliance risk assessment and management process, allowing you to create and manage a broad range of question sets; distribute them to organizations or appropriate individuals; and collect and organize information in real-time dashboards and reports. Details inside.

Image: Despite consensus that risk is a big deal—something companies should manage aggressively—recent academic research suggests that boardroom leaders focus on vastly different risks than compliance, audit, and risk executives do. “I wonder if there is a lack of understanding of the views of risk across the management team,” says Mark Beasley, a professor at North Carolina State. “The presumption may be that we are more on the same page than we really are.”

Amber Road, a provider of global trade management solutions, has acquired ecVision, a cloud-based provider of global sourcing and collaborative supply chain solutions.  “This acquisition delivers value for Amber Road customers by providing new global supply chain capabilities to increase product innovation while balancing product compliance risks and costs with shorter product lead times,” said Amber Road CEO Jim Preuninger. Details inside.

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.

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.

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.