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For those with a suitable temperament and skill set, a career in riskmanagement can be rewarding due to the field’s broad scope, consequential nature, and rising prominence. In this week’s post, we’ll look at what a riskmanager does and the skills it takes to excel in this role. It’s a permanent ongoing activity.
Many companies spend millions of dollars implementing riskmitigation controls but are kept from getting their money’s worth by a disconnected, piecemeal approach. Successful riskmitigation requires that a central authority supervise controls following a coherent strategy. I wish it were true.
As a practical activity, enterprise riskmanagement (ERM) centers on eight distinct risk domains, some strategic and some operational. With respect to this process, the total landscape of risk that is assessed and mitigated can be divided into eight risk domains. Riskmanagement is not one-size-fits all.
Riskmanagement describes how a business identifies, analyzes, and responds to threats and risk factors that impact its profitability, viability, and strategic goals. Riskmanagement attempts to control future threats by planning preemptively and deploying effective risk-control measures.
Our head of GRC (governance, risk and compliance) consultancy, Damian Garcia, explains. Risk only ceases to exist when you shut the doors. If we know that security incidents are a matter of when, not if, how should organisations approach riskmanagement? Youll still need to accept the risk exists.
In recent posts, we’ve been talking about how important it is for organizations to reassess their risks as the economy opens up. Today, we provide a tool to help in … The post Checking It Twice: The Corporate RiskMitigation Checklist appeared first on MHA Consulting.
Many service providers tune out talk about supply chain riskmanagement since they think the issue only affects manufacturers and retailers. In fact, service providers are also vulnerable to vendor … The post What Service Providers Need to Know About Supply Chain RiskManagement appeared first on MHA Consulting.
With increasing regulatory pressures and a need for operational agility, your role as a riskmanager becomes more complex and essential. For riskmanagers, BPA offers a structured approach to identifying , managing, and mitigatingrisks that is both scalable and efficient.
Teams with mature supply chain riskmanagement strategies adapted to disruption and continued to delight customers. Here are four ways to build a cohesive riskmanagement strategy that you can use to proactively prevent and mitigaterisks across the supply chain. No supply chain is without risk.
This standard offers a blueprint to enhance resilience, optimize riskmanagement, and refine strategic planning. It also complements and works in tandem with other standards that focus on riskmanagement, business continuity management, and crisis management, like ISO 31000, ISO 22301, and ISO 22361.
Our current environment of rising global uncertainty is spurring organizations’ interest in business continuity and operational riskmanagement. As a result, the position of operational riskconsultant appears likely to become one of the “cool jobs” of the future.
Silicon Valley Bank (SVB) Failures in RiskManagement: Why ERM vs GRC By Steven Minsky | May 5, 2023 Silicon Valley Bank (SVB) was closed by regulators and reminded us of the recession associated with Lehman Brothers and Washington Mutual Bank in 2008. However, the evidence was inconclusive so their strategy continued unchanged.
Vulnerability management is the practice of identifying and mitigating the weaknesses in an organization’s people, processes, and technology. Then we work with the client on devising a plan to mitigate those weaknesses—and do all we can to get them to follow through on the plan (otherwise, what’s the point?). Don’t be that guy.
An emerging hot topic in business continuity and riskmanagement is the software known as a riskmanagement information system (RMIS). An RMIS can help an organization identify, assess, monitor, and mitigaterisks, but often they merely seduce and distract companies that are not in a position to make proper use of them.
Risk can never be eliminated but it can be mitigated. In today’s post, we’ll take a look at how organizations can get started using Enterprise RiskManagement (ERM) to reduce their exposure and improve their resilience. Risk can never be completely removed, but it can be mitigated.
But as their companies grow, business owners can and should start becoming more proactive about mitigatingrisk. As a business continuity consultant, I dislike risk and spend half my time trying to get my clients to reduce their risks. Mitigate the ones that have the greatest potential to impact your operations.
During COVID, business tended to focus on only two of the five risk types; however, organizations that want to prosper over the long term need to be cognizant of and plan for all five kinds of risk. Over the medium and long term, these last three risk types have the power to do grave injury to the company.
The storm marks another overactive hurricane season officially underway in the United States, prompting business leaders and property owners to ensure they are adequately prepared from an insurance and riskmanagement perspective. Some key recommendations to consider before and after any hurricane include: Preventative Measures.
Risk transference is one of the four main strategies organizations can use to mitigaterisk. Related on MHA Consulting: Global Turmoil Making You Ill? Try a Dose of RiskManagement Wise organizations determine how much risk they will accept then make conscious efforts to bring their risk down below that threshold.
In such times, the best thing an organization can do is get serious about riskmanagement. Related on BCMMETRICS: The ABCs of ERM: The Rise of Enterprise RiskManagement An Unstable Global Environment Not since the height of the Cold War has the global environment felt as shaky as it does now.
Reducing risk is at the heart of everything we do as business continuity professionals. This week’s blog post will spell out the key concepts relating to this all-important goal; call it “The Ultimate Guide to Residual Risk.” Inherent risk is the danger intrinsic to any business activity or operation.
Staying ahead of it all requires thorough riskmanagement. Yet when it comes to both existing and burgeoning risk, the majority of organizations are not adequately informed, let alone prepared. On top of that, respondents indicated they expect a 122 percent increase in optimized riskmanagement strategies in the next 18 months.
Vendor riskmanagement (VRM), a part of vendor management, is the process of identifying, analyzing, monitoring, and mitigating the risks that third-party vendors might pose to your organization. Third-party riskmanagement begins with due diligence before signing a contract, as with any riskmanagement program.
Geopolitical risk is arguably at the highest level it’s been in 50 years. Related on MHA Consulting: Global Turmoil Making You Ill? Then develop ways to mitigate the threats, focusing on the threats that are the likeliest to occur and those which would cause the greatest impact if they did occur.
What this means is that your company’s own internal security practices are now only partial protection; a comprehensive security program must now include cyber riskmanagement strategies that cover your supply chain. Would you like to speak to a cybersecurity expert about managing supply chain cyber risk? link] Moore, S.
Real-world case studies show that organizations that integrate risk assessments into their decision-making processes are better positioned to navigate the uncertainties of change. Proactive riskmitigation is about foreseeing and addressing potential problems before they occur.
Protecting your corporate website as an enterprise riskmanagement strategy can keep your data, customers, sensitive information, and reputation safe. Why Protecting Your Corporate Website as an Enterprise RiskManagement Strategy Matters? Once you have identified the risk, you must consider ways to mitigate it.
Although people often use the words “assess” and “analyze” interchangeably, the terms are not synonymous in riskmanagement. A risk assessment forms the backbone of your overall riskmanagement plan. Security risks aren’t the only type of risk that organizations face.
There are many metrics that can be used to measure what could or would cause harm and unlike broader riskmanagement strategies, which aim to prevent disruptions entirely, impact tolerances acknowledge that incidents are inevitable. According to IBM, the average cost of a data breach alone globally was $4.88 million in 2024.
In today’s post we’ll look at the top 10 free or almost free resources business continuity management professionals can utilize to help them raise their BCM skills and effectiveness to ninja level. A great place to get an overview of the whole BC field, from Program Administration to Exercises to RiskManagement and Mitigation.
DORA’s five pillars include: Information and communications technology (ICT) riskmanagement Incident reporting Digital operational resilience testing Third-party riskmanagement Information sharing 2. The management, accessibility, and protection of data must be a central focus of any plan.
Related on MHA Consulting: How GRC Can Help You Gain Real Control Risk Governance Is for Everyone Every organization, regardless of size or industry, should implement a risk governance program to reduce the chances of its being impacted by a crisis.
Community, Environment and Disaster RiskManagement. He has since served in over thirty nations worldwide as consultant for United Nations, U.S. Emerald Publishing Ltd. Review by Donald Watson, co-author with Michele Adams of Design for Flooding: Resilience to Climate Change (Wiley 2011).
In today’s post, we’ll look at how such a model can help an organization understand its risks, mitigate the risks that threaten its core services, and integrate business continuity with enterprise riskmanagement, thus boosting resilience overall. Related on MHA Consulting: Who’s the Boss?
In today’s post, we’ll look at how such a model can help an organization understand its risks, mitigate the risks that threaten its core services, and integrate business continuity with enterprise riskmanagement, thus boosting resilience overall. Related on MHA Consulting: Who’s the Boss?
Related on MHA Consulting: Driving Blind: The Problem with Skipping the Threat and Risk Assessment The Need for Threat Intelligence Traditional business continuity methodology leans heavily on the threat and risk assessment or TRA, in which the organization identifies potential threats and ranks them in terms of likelihood and potential impact.
According to Stransky, there are five categories of data that are most important to determining your risk profile. For those that missed RIMS TechRisk/RiskTech, you can register and access the virtual event here. Sessions will be available on-demand for the next 60 days.
From advancements in AI-powered riskmitigation to new paradigms in regulatory compliance, these predictions provide actionable perspectives to help organizations navigate the complexities of 2025. This heightened accountability is set to redefine service contracts and riskmanagement strategies.
In enterprise riskmanagement (ERM), risk is commonly divided into eight distinct risk domains, some strategic and some operational. Before we discuss the eight risk domains, there are three general points about riskmanagement that are worth keeping in mind: 1. Following the risk assessment.
Related on MHA Consulting: Navigating Resilience: How to Create a BCM Roadmap A Distinction With a Difference Most people are familiar with the phrase, “That’s a distinction without a difference,” used to assert that a supposed difference between two things is so trivial as not to be worth mentioning.
With increasing regulatory pressures and a need for operational agility, your role as a riskmanager becomes more complex and essential. For riskmanagers, BPA offers a structured approach to identifying , managing, and mitigatingrisks that is both scalable and efficient.
Options available like manufacturer training on their specific platform, general industry-specific training content, as well as consultants for hire to provide specialized training unique to the team’s need and environment. Operating any organization entails managing a variety of technology risks.
The recently announced partnership between MHA Consulting and Kroll is a tremendous win for both firms and their clients. It’s also an exciting milestone for me personally as someone who, twenty-five years ago, started an independent business continuity consultancy with no guarantee of what the future held.
This post is part of BCM Basics, a series of occasional, entry-level blogs on some of the key concepts in business continuity management. If you spend any … The post BCM Basics: Inherent Risk vs. Residual Risk appeared first on MHA Consulting. by Richard Long.
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