With the ever-changing and dynamic business environment, there has been no single approach to risk management. The risk management strategies or approach should be rational, to quickly adapt to the ever-changing risk universe. Nature, complexity and constantly changing regulatory regulations in which the businesses operate, increases the importance of adapting and implementing effective risk management
If the data quality is not good, a Business cannot use the information to make sound business decisions – no matter how many talented data analysts work upon it. Enterprise Risk Management, especially, requires high-quality, integrated data for making risk-based informed decisions. For this purpose, a data management system is the primary key for providing
Due to the digitization era, the majority of the companies are moving toward a digital business model, that is generating a vast quantity of data concerning customers. Thereupon proliferation of client data creates valuable opportunities for firms to research and bear on it. However, this can be creating people’s personal lives open and susceptible to
Like other risks associated with an organization, cybersecurity cannot be dealt with in vacuum. Board and C-Suite must strike the appropriate balance between the security of the organization and managing and mitigating losses while maintaining profitability and sustainable growth in a competitive environment. Cybersecurity is a significant enterprise-wide strategy and risk issue that affects
Managing and disclosing ESG (Environmental Social and Governance) risks is a compliance mandate in every significant jurisdiction. Identifying, navigating and being transparent about key ESG risks is critical for any company’s survival and long term sustainability. Businesses across all Industry Verticals need to understand potential ESG risks and use informed decision-making to respond to them
Disruptive risks are defined as those risks that have a significant, severe, and often sudden effect on a company’s revenue, profitability, competitive position, and/or reputation. Globally, Directors and the Companies that they oversee are facing disruptions caused by factors like geopolitical volatility, economic slowdown, emerging technologies, cyber-security threats, and climate change, among other forces. Whether
Risks and Opportunities create pressure points which trigger Board-level engagement with Business Strategy, Enterprise Risk and Compliance Management. Across all industry verticals, Board Directors are grappling with the need to define a robust strategy and implement a plan that can address questions related to Risks and Opportunities in a dynamic and volatile environment. The terminology
With automation, technological advancements in Internal Audit (IA) are happening at a rapid pace, rendering time efficiency and cost-effectiveness to this vital Business process. IA groups, whether large or small, have already begun the journey into the world of automation by migrating from conventional methodologies to emerging technologies like Artificial Intelligence driven Analytics, robotics process
In the wake of the two airline crashes, Ethiopian Airlines jet and a Lion Air flight last year, a major aviation Company’s planes got grounded globally and lost its share value as well as consumer confidence. The crashes killed all 346 people on the two flights. While the officials of the aerospace company are
Automating Risk Management process has become extremely important for Organizations who want to manage their internal and external Risks related to Data Privacy, Information Security, Infrastructure, Compliance, Project Management, and Business Continuity processes. A structured GRC program based on Industry frameworks cannot achieve high maturity scores without process automation for Risk and Compliance management as
