Companies are showing improvement in risk management—but they’re not quite there yet.

As recent problems at Walmart and JPMorgan indicate, companies still have more work to do on refining risk-management systems. And those high-profile cases have pushed companies to re-double their efforts.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...