risk management

GRC Tuesdays: Emerging Risks – Hic Sunt Dracones

Hic sunt dracones – or here be dragons – as inscribed on some historical maps for uncharted territories.

Even if today it’s believed that this was not a widespread term, as once believed, it still resonates in people’s imagination for unexplored areas that could hide terrifying threats. (more…)

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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: Understanding the Silos in GRC: Systems of Evidence vs. Systems of Knowledge

Studies such as Managing Risk in an Age of Complexity continue to lament the issue of silos, as well as other problems, in GRC.

Audit maintains its own data and does not share. Risk information and control or compliance information exist in separate silos. It’s bad enough that most of the data is not shared, but worse yet, most GRC professionals neither care about nor understand their colleague’s data. In many cases, especially in larger companies, they don’t even know each other.

(more…)

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GRC Tuesdays: Dead Rats in Risk Management: The Myth of Complexity

Recent research commissioned and published by SAP (Managing risk in an age of complexity) reveals a startling conclusion that seems to reinforce the notion that complexity is a problem for GRC professionals.

“GRC is characterised by increased complexity. This, alongside pressures from the business to prove effectiveness, is creating significant challenges for GRC professionals.” (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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