Dynamic risk assessment is a proactive method of risk management. In the ever-changing and disruptive business environment traditional risk assessment models which are mostly based on the impact and the likelihood, fail to recognize the interconnection among the risks and more effective risk mitigation actions. DRA enables organizations to have a deep understanding of the
When it comes to disruptive risks, the majority of them are foreseeable when there is continuous and effective coordination between Board, C-suite, and management. Conventionally, for risk management, Boards rely on information from management to help identify and provide oversight of disruptive or emerging risks with a significant and critical impact on the company’s long
Adaptive governance is a framework for analyzing and monitoring the financial, social and operational foundations of the multilevel governance models that are successful in building resilience for the challenges posed by the ever-changing risk landscape. When it is possible to have an insight over the disruptive and ever-changing risk landscape, board members can aid in
In the ever-changing and disruptive business era Environmental, social and governance concerns are positioned at the top of the Board’s agenda. These concerns are central in terms of overall business growth and sustainability. To achieve its strategic objectives or goals, the organization’s need to align the ESG concerns and increasing stakeholder’s expectation with Enterprise Risk
Businesses are changing to embrace technological innovations. These rapid innovations are altering the business models and as a result, increasing the organizational risks. The innovations and ever-changing risk universe are challenging internal audit functions to be more relevant and specific. The Internal Audit framework must be able to assess and analyze the big amount of
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