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.

The Hardest Risk to Avoid

The Hardest Risk to Avoid

You can't plan for the risks that haven't even crossed your mind. What's often not explored after the fact, though, is why we didn't see issues coming -- shouldn't we have been on the lookout? Isn't that the duty of those of us in risk management? James Bone outlines a more encompassing approach to risk management, one that takes into...

Reducing the Risk of Rogue Trading

Reducing the Risk of Rogue Trading

Rogue traders may be uncommon, but the risks they pose are serious. Jim DeLoach writes on the importance of tone at the top (as well as tone in the middle), prescribes potential solutions, and proposes several questions for Boards and senior executives to consider when seeking to reduce the risks of rogue trading.

Auditing at the Speed of Risk!

Auditing at the Speed of Risk!

Just as risks are ever changing, so should our plans for managing them be. Internal audit must do away with tired approaches to risk management and adopt more dynamic practices in order to keep up with industry changes. Otherwise, the audit department may find themselves continually playing catch up when it comes to handling the various challenges that crop up.

Trade Compliance: Implementing Export Control Reforms

Trade Compliance: Implementing Export Control Reforms

There have been three significant game changers lately that have served to complicate compliance with export control reform. LRN's Marian Ladner and Thomas Scott weigh in on the recent changes compliance practitioners need to be aware of in order to minimize risk and ensure compliance for their organizations now and going forward.

Enterprises Unprepared for New COSO Framework, Study Shows

Enterprises Unprepared for New COSO Framework, Study Shows

The deadline for implementation of the 2013 COSO Framework is just around the corner. Tim O'Hara offers us a look into what's remained the same from the 1992 framework and what's changed. Auditors will be taking a closer look at operations where the 2013 iteration parts ways from the 1992 version. Where does your organization stand? Is your company ready?

What the FIFA World Cup Teaches us about Risk Management

What the FIFA World Cup Teaches us about Risk Management

There have been more than a few lessons to learn from this year's World Cup. For the risk management professional, consider this: if your risk scoring system is as complex as FIFA's process for determining world rankings, you might be in trouble. More complicated systems don't necessarily garner more accurate results. In fact, often the opposite is true.

Russian Roulette with Security Breaches

Russian Roulette with Security Breaches

Many organizations aren't taking data security seriously, despite the fact that hackers continue to breach relatively secure systems at large corporations, subjecting those companies to reputational harm and loss of consumer trust. Some have recovered just fine, but smaller businesses don't bounce back as quickly. The fact is, a breach will happen to your company, too, sooner or later.

Managing Corruption Risk

Managing Corruption Risk

It's been made clear that violations of the FCPA can do an organization significant reputational harm and result in some very steep fines. To minimize the damage an employee or agent does to your company when engaging in corrupt behavior, you must have excellent controls in place. Even if the infraction is egregious, the fallout can be minimal.

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