enterprise risk management

GRC Tuesdays: 3rd Party Risks? Treat Them Like Your Own, Because That’s What They Are!

No Man is an Island

In today’s economy, all companies operate in an increasingly complex network of actors that represent both a threat and an opportunity. As a result, 3rd party risk management is broader than pure supplier risk management. Yes, supplier risk is crucial as a disruption in your supply chain will in turn lead to a global disruption in your business. But 3rd party risk is much more than your suppliers – it’s your investors, distributors, counsels, advertisers… and of course your customers! (more…)

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GRC Tuesdays: ORM vs ERM, the Battle that Should Not Have Started

I recently had dinner with friends who all work in the environmental, health and safety (EH&S) area and we’ve all reached the same conclusion. Instead of breaking-down risk management silos, many companies going up the risk maturity curve build new walls.

This seems to originate from a battle that, to my mind, has no real grounds: enterprise risk management (ERM) vs operational risk management (ORM). (more…)

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GRC Tuesdays: In Risk Management, a Picture Is Worth a Thousand Words

To me, this adage fully applies to risk management where the complex situation and environment of a risk can more easily be grasped visually using dedicated graphical models like the bow tie representation. Indeed, I believe this type of representation can truly ease the risk identification and mitigation phases. Furthermore, with such an easy-to-understand representation, the myth of risk management being a complicated process vanishes and people can focus on the true value of risk management – making decisions. (more…)

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GRC Tuesdays: Country Risk and Enterprise Risk Management

In many companies, country risk is treated separately to risks registered in their enterprise risk management (ERM) framework and reported independently to the board – most often by using political risk maps. To me, this is an error because country risk has a direct impact on operational risks. This impact should be materialized so that the correct mitigation strategy can be decided and applied. (more…)

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GRC Tuesdays: Assessing Your Enterprise Risk Management Process

by Thomas Frenehard, GRC, SAP

Once you have implemented an enterprise risk management (ERM) process, one of the frequent questions becomes: So, is it effective? Furthermore, assessing the ERM process can now be a regulatory requirement in some regions.

In this post, I’d like to offer a few thoughts and some indicators that I believe could be a good starting point for such an assessment. (more…)

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