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That’s what we discussed in an episode of Castellan’s new podcast, Business, Interrupted , with Melanie Lucht, Associate Vice President and Chief Risk Officer at Carnegie Mellon University. At Carnegie Mellon, Lucht got a unique opportunity to lead its new enterprise riskmanagement department with an emphasis on organizational resilience.
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 mitigate risks across the supply chain. No supply chain is without risk.
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.
What Is RiskManagement? The world will always be filled with uncertainty and with uncertainty inevitably comes risk. Riskmanagement, in its simplest form, is assessing the possibility of something bad happening; i.e. “If I take this action, will it result negatively?”. What Is RiskManagement?
Colonial Pipeline Hack: Failure in RiskManagement. Risks for all business scandals, like the one at Colonial Pipeline, are always known months in advance, making the consequences preventable. With strong Enterprise RiskManagement (ERM), nearly 100% of all liabilities can be avoided.
In episode six of Castellan’s podcast, “ Business, Interrupted ,” we chatted with David Landsman , Senior Vice President and Head of Global Operations at JLL Technologies , about the changing threat landscape for our supply chains and the role third-parties play in our resilience management goals and successes.
Despite recent volatility, more than 60% of risk executives surveyed in a recent PwC US Pulse Survey were optimistic about the global economy, as well as the state of the pandemic recovery. This optimism could stem from a greater alignment between risk functions and the business. Enter new business partnerships more confidently.
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. Prioritize risks with the highest likelihood and potential impact on your operations.
As companies continue to navigate the changing work environment brought on by the pandemic, it has become clear that business leaders will need to get comfortable revising and adapting their strategies to deal with disruption brought on from new technologies and new regulation.
We’ve been living in a compound crisis since the start of the pandemic – we have been experiencing global political instability, war, an increase in cyber and ransomware attacks, labor shortages, shortages of critical commodities, etc. Product Recall. No consumer wants to be notified that a product that they’ve purchased has been recalled.
Turner calls business continuity her first love, adding that in her role at Microsoft, she had a unique opportunity to integrate riskmanagement into business continuity, initiating an operational enterprise riskmanagement program that united governance with business continuity as an operational risk.
Your Business Continuity, RiskManagement and related programs can get side-tracked during the holiday rush. A Pandemic can cause mass employee absenteeism – can your organization fulfill its brand promise when a third of the staff is home sick and incapacitated? People are “too busy” to participate.
The increased cost of transport and the rising price of raw materials – in conjunction with existing issues already exacerbated by the global pandemic – could lead to new shortages, additional delays getting products to port to help repair products, or extremely high costs.
While some companies sustained on-premises teams throughout the coronavirus pandemic—and some more have returned to that recently—many organizations still operate in a fully-remote or hybrid work environment. How do you know which new risks exist and how can your organization better plan to respond? Understanding Remote Work Risks.
Download our white paper on our “Building a Successful Travel RiskManagement Program” by Anvil, an Everbridge Company. In today’s changing world, businesses need to be risk resilient across their operations – and that includes business travel. DOWNLOAD WHITE PAPER. The Changing World of Travel.
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. Risks are not always the fault of the business. What Is a Risk Assessment?
Understanding the evolution of supply chain riskmanagement post-pandemic. Have you ever shared that idea with a leader or manager and it’s gone nowhere? It expands into risks related to and associated with suppliers and what organizations should do to do understand and mitigate those risks.
In today’s post-pandemic world, we’ve likely all learned a few things about how we conduct business and, at times, the frailties of the world in general. Ideally, a business should compare the third party’s pandemic plan versus actual performance. Solutions Customer Summit Series.
Concerns about escalating cyber activity around the crisis are a vivid reminder of the importance of knowing your threat model and adjusting your riskmanagement priorities accordingly. Evaluate and if possible, test your business continuity plans. Check it out here: [link].
Since the start of the global pandemic, we’ve seen global political instability, war, an increase in cyber and ransomware attacks, supply chain disruptions – including shortages of critical commodities like food and baby formula, increasingly frequent and severe climate incidents, inflation, recession and on and on. Assess your risk.
When was the last time you and your management team took a detailed look at your business continuity plan? Working practices have changed almost beyond recognition since the pandemic. Before the pandemic, this figure was estimated to be just 4.7%. appeared first on Security RiskManagement. Get in touch today.
According to an INTERPOL report , between January and April 2020, there was a significant increase in malicious cyber activities attributed to the pandemic shift to WFH. It’s crucial for companies to continuously evaluate and improve their cybersecurity strategies to mitigate risks and comply with legal and regulatory requirements.
From economic fluctuations to cybersecurity threats, from regulatory changes to environmental hazards, the risk landscape is constantly evolving, and organizations must be agile and proactive to stay ahead. In uncertain times, it is crucial to have resources to analyze and demonstrate risks.
From economic fluctuations to cybersecurity threats, from regulatory changes to environmental hazards, the risk landscape is constantly evolving, and organizations must be agile and proactive to stay ahead. In uncertain times, it is crucial to have resources to analyze and demonstrate risks.
Before the outbreak of the coronavirus pandemic in early 2020, the U.S. While other industries around the globe struggled to adapt—and many experienced unprecedented job losses—business continuity managed to thrive and grow. We even saw two weeks in the height of the pandemic reach 75 new job postings. DOWNLOAD NOW.
That’s why it’s more important than ever to ensure you’re taking the right steps to use it to your advantage, which all starts with strong riskmanagement. In the banking industry, managing reputational risk is a complex and ongoing discipline. Just like any business, banks face a myriad of risks.
Risk leaders should be prepared to experience a spike in the number of attempted cyberattacks as unavoidable data security breaches spill over globally and impact your third parties directly. Evaluate your most critical third parties and ensure you have a resilient risk response plan. appeared first on Fusion RiskManagement.
Episode 101: How to Make Your Supply Chain Resilient This episode is brought to you by Fusion RiskManagement, Building a More Resilient World Together. From the shortages we’ve seen resulting from the pandemic, to the Suez Canal Obstruction in 2021, we’ve seen some unprecedented supply chain crises in a short period of time.
Episode 101: How to Make Your Supply Chain Resilient This episode is brought to you by Fusion RiskManagement, Building a More Resilient World Together. From the shortages we’ve seen resulting from the pandemic, to the Suez Canal Obstruction in 2021, we’ve seen some unprecedented supply chain crises in a short period of time.
Episode 101: How to Make Your Supply Chain Resilient This episode is brought to you by Fusion RiskManagement, Building a More Resilient World Together. From the shortages we’ve seen resulting from the pandemic, to the Suez Canal Obstruction in 2021, we’ve seen some unprecedented supply chain crises in a short period of time.
Additionally, Pandemic/Epidemic Response Plans and Emergency Response & Evacuation Plans extend beyond routine challenges to encompass broader human and environmental risks. The Vendor Third-Party RiskManagement (3PRM) Plan governs external dependencies by assessing partners risk profiles and reliability.
Operational Risk and Resilience Teams Need to Balance a Complex Agenda Now more than ever, resilience is essential. Whether facing a natural disaster , cyber attack or IT outage , or global pandemic, resilient organizations are better equipped to navigate these challenges and emerge stronger. The key is to be prepared for them.
According to an INTERPOL report , between January and April 2020, there was a significant increase in malicious cyber activities attributed to the pandemic shift to WFH. It’s crucial for companies to continuously evaluate and improve their cybersecurity strategies to mitigate risks and comply with legal and regulatory requirements.
New technologies, increasing digitization, and evolving customer demands create risks that can disrupt operations, weaken cybersecurity, and harm the organization’s reputation or financial position – and above all, leave the organization unable to achieve its business objectives. Enterprise RiskManagement (ERM).
The business case evaluates and weighs benefits, cost and risk of a preferred solution against alternative options to solve an identified problem/gap. “To Since the COVID-19 pandemic began, security specialists have reported an increase in fraud, crime and overall risk.
From the Suez Canal blockage to the Colonial Pipeline ransomware attack to the Texas freeze, disruptions have hit every sector, dramatically affecting global supply chains and businesses – and the pandemic only accelerated the trend. Disruptions have impacted more than businesses; they have also affected our personal lives.
Common Data Breaches Caused by Third-Party Vendors Phishing and ransomware attacks have been spiking, especially during the COVID-19 pandemic, when the number of employees working from home soared. It begins with a robust and responsive vendor riskmanagement policy, which can be divided into several action areas.
As riskmanagers, compliance with these new sanctions tests the bounds of third-party programs – as guardians of companies, risk practitioners can’t do business with sanctioned parties and operate lawfully. The post Ukraine-Russia Conflict Sanction Impacts appeared first on Fusion RiskManagement.
Well before the pandemic, leading organizations in every industry have that strong supplier relationships and a reliable supply chain are paramount. But following a deliberate series of steps can help you structure a solid program: Figure out what you want to accomplish with your supplier management program.
Most of the plans and documents they are using are ones left over from the last pandemic. I always say that our role as business continuity professionals is to horizon scan and look out for new risks, but many of us, including the government, didn’t identify and prepare for this new threat.
Most of the plans and documents they are using are ones left over from the last pandemic. I always say that our role as business continuity professionals is to horizon scan and look out for new risks, but many of us, including the government, didn’t identify and prepare for this new threat.
In June 2020, the OCC warned banks about compliance risks related to the COVID-19 pandemic. So compliance riskmanagement requires a complex web of compliance activities (from change management to compliance monitoring, and much more) to assure that all enterprise business units conform to applicable laws.
In teaching the Business Continuity Institute’s (BCI) “Good Practice Guidelines” (GPG), one of the points we stress is that in business continuity we do not look at scenarios such as flood, fire, pandemics, but we look at the impact on our organisations’ key assets, categorised by PPRS.
In teaching the Business Continuity Institute’s (BCI) “Good Practice Guidelines” (GPG), one of the points we stress is that in business continuity we do not look at scenarios such as flood, fire, pandemics, but we look at the impact on our organisations’ key assets, categorised by PPRS.
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