“Be Brave” Resolution #1 – Critique and Hone Your Risk Rating Scales All risk rating scales are not created equal. The new year is a good time to consider critiquing yours…and honing them, as advisable. Here are some thoughts for severity and likelihood rating scales: 1) Mere adjectival identifiers (e.g. high, rate etc.) are worthless,[…]
A World-Class Enterprise Risk Management (ERM) or Governance, Risk and Compliance (GRC) program offers numerous benefits to organizations of all sizes and across various industries. Here are 20 key elements needed for the creation of an efficient, effective, and successful program: 1. Mission Statement Purposeful connection of strategy and tactics 2. Framework – Part A[…]
One acronym after another. An ice cream headache, for sure, trying to understand the similarities, differences and connectivity between all these terms. You need to do it, however. Simplify, simplify, simplify. Break it down and truly comprehend everything. Get ready for the proverbial elevator speech, if the need for one materializes. Toward that goal, here[…]
When it comes to any discussion involving the acronym GRC (Governance, Risk and Compliance), understanding the speaker’s frame of reference is paramount. From a vendor’s perspective, GRC refers to an automated suite of capabilities designed to address a broad range of challenges associated with critical disciplines managed by the client (e.g. compliance, risk management, audit,[…]
Risk is best defined as the “effect of uncertainty on the achievement of objectives.” The successful management of risk, therefore, is integrally connected to the achievement of the company’s strategic objectives. Enterprise Risk Management (ERM) is an essential discipline that all companies need to install, embed, and inculcate into the organization, in order to: Set[…]
One of the biggest challenges to risk management programs, including cyber risk, arises from imposed belt tightening when economic downturns constrict funding and other resources. We’ve all been there from one time or another. All your efforts to re-evaluate risk management program needs, gaps, and improvements to further your maturity and completeness are derailed when[…]
Like cars, whose investment and value we protect and preserve with regular annual maintenance at the least, your GRC and risk management processes and tools require careful regular service to preserve and extend their value and utility. Business environments are fluid. Change is a reliable variable from one year to another. Your business may have[…]
Enterprise software has a reputation for strength, resilience, and robust capabilities that enable it to fulfill all the expectations of management and lead to solid justification for the expense of staff resources, time, and treasure needed to establish its presence. Or so the story goes. This is the sales pitch, and candidly, it’s sometimes what[…]
Subconsciously, we all manage risk throughout our daily lives. We pack an umbrella in case it rains, (unless we live in the Pacific Northwest where that’s considered unnecessary). We check our car tire pressure and fluid levels before a long road trip. We bring along water for a summer hike, and so on. You can[…]
There’s a lingering belief that these are IT management concerns. That lingering belief is founded upon a “perceived reality” of a business operating in an environment where IT was little more than a contributing discipline to complete tasks and deliver efficiency. It made some narrow sense in a world free of cyber anything, pre-internet, where[…]
