Reading Roundup: Fresh Ideas in Risk Management

If risk is on your radar, take a look through the articles and insights below. They might just challenge your thinking…in a good way.

10 Steps to Effective Enterprise Risk Management

By Risk Management Magazine (Published by The National Law Review)

Excerpt: “One important function of the board ERM committee is to work with management to establish limits to risk taking. Management should make recommendations to the board, supported by reasonable data and arguments, which establish the boundaries of the organization’s risk appetite. Management’s role is to advise and inform, with the ultimate decision resting with the board.” Read More >>

Ethics and Mitigating Reputation Risks

By Michael Volkov (Published by JDSupra)

Excerpt: “A company faces a myriad of risks, some within its control and some outside of its control. Assuming a company’s reputation is a very valuable intangible asset, everyone should understand the importance of protecting and promoting the company’s reputation. A company’s commitment to an ethical culture is the most effective way to embed and promote its reputational value.” Read More >>

The Board’s Role in Managing Cybersecurity Risks

By Ray A. Rothrock, James Kaplan and Friso Van der Oord (MIT Sloan Management Review)

Excerpt: “Network breaches have become so routine that only the most spectacular events, such as the recent breach at the credit reporting agency Equifax Inc. that affected some 143 million U.S. consumers, make headlines. Corporate boards of directors are expected to ensure cybersecurity, despite the fact that most boards are unprepared for this role. A 2017-2018 survey by the National Association of Corporate Directors (NACD) found that 58% of corporate board member respondents at public companies believe that cyber-related risk is the most challenging risk they are expected to oversee. The ability of companies to manage this risk has far-reaching implications for stock prices, company reputations, and the professional reputations of directors themselves.” Read More >>

Enterprise Risk Management: Building Awareness, Understanding and Action

By Katie Wilcox (Onspring)

Excerpt: “How does a financial services company launch an Enterprise Risk Management (ERM) program with a department of just a few? The Onspring team had the opportunity to work with an organization to help build their ERM program from the ground up. Now, with multiple years of data to review, the company has discovered tangible benefits, wide sweeping perception improvements and actionable data to facilitate change in the right direction.” Read More >>

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