Whose Role Is It To Manage Operational Risk?
What is operational risk? It is usually defined as the prospect of loss resulting from inadequate or failed procedures, systems or policies or other external events. Generally, it is understood to be the uncertainties and hazards that an organisation has to deal with in the course of its day-to-day business
Challenges In Project Risk Management: How To Overcome Them
Even the best laid plans can go wrong; there is never absolute certainty about the outcome of a project. Project risk management should be applied from the very beginning of a project for a variety of reasons. Every project is unique, even if they are undertaken by the same team,
The Race To Operational Resilience In The New Normal
What is resilience? It’s what helps individuals and organisations bounce back from adversity. The result of experience, ability and strength, resilience is a dynamic process that has to be developed over time, and continually tested to gauge its fitness for purpose. Within the business context, resilience is what keeps companies
Factors Influencing Accelerating Adoption Of ERM
More and more organisations are beginning to realise the effectiveness of Enterprise Risk Management (ERM) and are actively looking for ways of making it work for them. Many factors have come together to bring about this growing acceptance; education, internationally-accepted standards for risk management and best practices are just three
Crisis Communications & Management: Just The Role Of PR?
In today’s business environment, organisations need to be prepared for a wide range of potential crises. These range from extreme weather conditions, product recalls, corporate malfeasance, cyberattacks or even acts of terrorism. The only thing that will be certain is that a crisis will hit without warning. Regardless of how
Machine Learning, Artificial Intelligence And Risk Management
Machine Learning (ML) is becoming an integral part of everything we do; there’s no getting away from it. We now reach for Google Maps and Waze – which are examples of how far ML has become integrated into our everyday activities – instead of thinking out our routes when we’re
ERM vs IIA’s 3 LoD: Spot The Difference
The 3 Lines of Defence (3 LoD) concept is not new, having first started in the wake of the Dotcom Shakeout about 20 years ago. It was a turbulent time for many companies; people were not managing risk properly. Not only were there deficiencies in managing risk, risk identification, ownership,
IERP®-UoW Townhall: Future-Proof Your Career As An Enterprise Risk Manager
A recent IERP®-UoW Townhall session focused on the potential of risk management as a long-term, lucrative career, with presenter Ramesh Pillai, Chairman of the IERP® stating right at the outset, that risk management was not so much about helping businesses avoid risks, as about helping organisations achieve their objectives. “It’s
What Is Missing In The ISO 31000 Guidelines
Drafted by the International Organization for Standardization, ISO 31000 is a set of guidelines that is intended to help organisation implement better risk management. It is designed to be used by any organisation operating in any industry. There is no certification for ISO 31000, unlike other ISO standards. With the
Why GRC Should Be Top-Of-The-Mind For All Board Directors
What does a Board do? The Board of Directors’ responsibilities include delivering effective leadership, developing strategy and giving proper direction to the organisation so that it operates successfully, within all legal, regulatory and compliance bounds, and is able to deliver value to its shareholders. But in today’s dynamic, volatile corporate