Risk

Risk refers to threats an organization faces -- loss of earnings, loss of reputation, or harm of any kind.  These articles explore the challenges of preventing, identifying and mitigating risk. Risk can come in many forms, including financial issues, legal liabilities, strategic or leadership errors, or accidents and natural disasters. Today,  IT- and data-related risks are growing concerns. The following articles about risk look at the issue from many angles, especially from that of compliance officers and risk managers.

A Silicon Valley Bank sign

Business Continuity Lessons From Our Year of Banking Failures

In the nearly six months since the failure of Silicon Valley Bank (SVB), three others have gone belly-up, the most recent of which was just last month. While many have focused on the risk-related causes of SVB’s failure and the lessons one could draw from it, Riskonnect CEO Jim Wetekamp shines a light on a less-discussed angle: business continuity. The...

payment fraud credit cards

FinServ Layoffs Increase Risk of Payment Fraud

Financial services companies, at a heightened risk of payment-related fraud due to the nature of their services, are also at an elevated risk of layoffs so far in 2023. Baptiste Collot, CEO of Trustpair, warns against letting leaner teams fall victim to the risk of payment fraud. The overall economic outlook of the U.S. may have improved since early in...

natural disaster flood

Business Continuity & Disaster Planning 101

Disaster doesn’t come in one shape. From pandemics to extreme weather to cyber attacks, effective business continuity and disaster planning is a modern problem that requires modern solutions, says Chris Axton, director of business continuity at b1BANK. If the past few years have felt like one crisis after another, you are not alone. The pandemic, inflation, Russia’s invasion of Ukraine...

Swirled lollipop

As M&A Market Enters Its Sweet Spot, Don’t Let Deals Sour From Poor Due Diligence

Mergers and acquisitions have always been influenced by market conditions, and the current landscape is no exception. While uncertainty and market volatility tend to slow down M&A activity, these headwinds can also present attractive valuations and opportunities for strategic deals. This double-edged sword has Prodinity’s Theunis Viljoen optimistic about the M&A prospects for the remainder of the year, with one...

paper boat in ocean

Sustaining Value in Disruptive Times

The 2020s are well on their way to earning the dubious distinction of being a volatile, disruptive period, but there remain viable opportunities amid the challenges. How do organizations sustain themselves during such unpredictable times? Protiviti’s Jim DeLoach explores the questions around our chaotic moment. A global survey of about 1,500 corporate directors released last year found that directors “are...

construction hats

How Robust Compliance Programs Can Ensure Worker Safety

Compliance departments are certainly familiar with in-office safety training, but what about when the office doesn’t exist yet? The construction industry, while a hot job market at the moment, has one unfortunately common risk: worksite injuries and even deaths. Bradley M. Sussman and Christopher Ward of K2 Integrity explore what owners and developers need to know about worker safety and...

parliament in the rain

What Would UK Corporate Crime Changes Look Like in Practice?

UK lawmakers are considering sweeping changes to the so-called identification principle, which makes prosecuting corporate crimes notoriously difficult. Economic crime lawyer Lloydette Bai-Marrow explores what the changes would look like in practice — if they make it into law. The identification principle as established by the 1971 case of Tesco v Nattrass has been a proverbial thorn in the side...

Allianz Professional Indemnity Insurance Trends_fv2

Building Safety, Cybercrime Biggest Professional Indemnity Risks

What are the top liability risks for professionals like consultants, auditors and lawyers? Professional Insurance Claims Insights 2023 Building Safety, Cybercrime Biggest Professional Indemnity Risks About this report from Allianz: Architects and engineers face greater scrutiny over building and fire safety defects. Financial services professionals may be accused of mismanaging investment funds negatively impacted by inflation. A lawyer’s untrained use...

Voltmeter pointing to high voltage

European Regulators Moving the Needle on Real-Time AML Monitoring

Financial institutions may have adopted methods of detecting fraud in real time, but money laundering detection remains an after-the-fact judgment. Finserv specialist Sujata Dasgupta explores how one bank’s adoption of EU guidance could chart a path forward for true money laundering prevention. Financial services have undergone tremendous transformation in terms of speed, channels, products and reach — and even expanded...

supplier burden

To Drive Due Diligence and Compliance, Don’t Overburden Your Suppliers

Satisfying third-party due diligence and compliance requirements can be time-consuming, especially for your suppliers — and global regulations around supply chain due diligence are only growing. Aravo’s Dean Alms offers his advice: Make things easier on your suppliers, not harder. Bribery and corruption, cybersecurity attacks and data spills, ESG concerns, geopolitical shifts and manmade or natural disasters pose complex and...

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2023 Risk & Compliance Benchmark Report

Where does the risk & compliance industry stand today — and what does the future hold? Benchmark Report 2023 State of Risk & Compliance About this report from NAVEX: What are the true markers of a mature risk and compliance program? What are the differences in how European and American professionals assess their program efficacy? What have shifts to hybrid...

warren buffett

When in Doubt, Apply Warren Buffett’s Newspaper Test

When making decisions, transparency and potential consequences are powerful influencers. For directors and CEOs — as well as for their personal brands — this is a key question: What will decision makers in their organization do in critical situations when no one is watching? Protiviti’s Jim DeLoach shares advice on how company leaders can instill and reinforce ethical practices. When...

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