Hacking, data breaches, and information security issues are ongoing threats in every industry and organization. The sophistication of cybersecurity risks has grown so quickly that many senior executives feel like they can’t keep up. For many organizations, IT risk management resembles a game of whack-a-mole — every time one risk has been mitigated, another pops up. Reactive or manual management approaches fall short in adequately understanding and addressing the complexity and interconnectedness of risk…
After over a year and a half of living through the new normal of a world shaped by the coronavirus pandemic, building a robust governance program hasn’t gotten easier. Crises test, shape, and reveal resiliency, and organizations with management frameworks that support good governance and ethical practices emerge as the frontrunners. Corporate culture can make or break an organization. Senior management and employees alike contribute to a culture of ethics and integrity, which sets…
Adopting and embedding risk appetite and tolerances is not only essential for financial services organizations to make informed, risk-based decisions, but also supports the long-term health and success of the institution. As a core component of an effective enterprise risk management (ERM) framework, risk appetite is more than a metric, COSO points out in Risk Appetite – Critical to Success. It “can lead an organization to proactive, forward-looking opportunities that tie appetite and strategy…
Cyber risk exposure is a complex mesh of vulnerabilities that crosses different departments and functions, and the threat it poses to organizational resilience cannot be understated. The constantly evolving nature of cyber risk and the digital landscape makes assessing cybersecurity critical for CISOs and their teams. However, many organizations fail to understand the serious risk and compliance implications of inadequate cybersecurity management. Cyber Risk Management Challenges The challenges of information management and data protection/privacy…
Data is the fuel for many organizational decisions and strategies. Used to track performance and drive improvements, data analytics is a key but often underutilized tool for effective governance, risk, and compliance (GRC) management. As compliance teams seek better ways to manage, document, and report on their activities, investing in data analytics — and related capabilities like integration and automation — offers a path to program maturity. Benefits of Compliance Data Analytics 1. Better…