MHA Consulting

FEBRUARY 9, 2023

Risk transference is one of the four main strategies organizations can use to mitigate risk. Try a Dose of Risk Management Wise organizations determine how much risk they will accept then make conscious efforts to bring their risk down below that threshold.

Insurance 98

Insurance Insurance Outsourcing Mitigation 98

Risk Management Monitor

JANUARY 27, 2022

As ransomware continues to spread and payment costs increase, cyber insurance rates have gone up exponentially. Armed with this data, companies can take steps to make it easier to access optimal cyber insurance coverage and better insurance pricing. One way to do this is through analytics.

Insurance 66

Insurance Insurance Cybersecurity Response Plan 66

LogisManager

MAY 9, 2023

Silicon Valley Bank (SVB) Failures in Risk Management: 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.

Banking 98

Banking Risk Management Management Corporate Governance 98

Disaster Recovery Journal

OCTOBER 23, 2020

But that was my unofficial designation when I worked for the largest insurance broker in the world some 20 odd years ago. Thinking dark thoughts and looking hard at the what ifs are just a part of risk management. a control, mitigation, plan, or process is important to include in their own program and recovery plans.

Disaster Recovery 214

Disaster Recovery Risk Management Emergency Response Emergency Response 214

Risk Management Monitor

OCTOBER 25, 2022

Inflation’s Impact on the Insurance Market. In light of current economic conditions, the directors and officers (D&O) insurance market is now facing several notable inflationary risks. With high unemployment and higher costs, this also poses a risk to employment practices liability (EPL) insurers.

Insurance 40

Insurance Insurance Risk Management Management 40

MHA Consulting

MARCH 14, 2024

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 Risk Management (ERM) to reduce their exposure and improve their resilience. Risk can never be completely removed, but it can be mitigated. ERM is all about reducing.

Risk Management 52

Risk Management Management All-Hazards Mitigation 52

LogisManager

OCTOBER 12, 2021

What Is Risk Management? The world will always be filled with uncertainty and with uncertainty inevitably comes risk. Risk management, 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 Risk Management?

Risk Management 52

Risk Management Management Insurance Insurance 52

MHA Consulting

FEBRUARY 15, 2024

An emerging hot topic in business continuity and risk management is the software known as a risk management information system (RMIS). An RMIS can help an organization identify, assess, monitor, and mitigate risks, but often they merely seduce and distract companies that are not in a position to make proper use of them.

BCM 106

BCM Risk Management Mitigation Business Continuity 106

Reciprocity

MARCH 28, 2022

Enterprise risk management is critical for business success. The fundamental components of ERM are evaluating significant risks and applying adequate responses. Additional important ERM components are risk philosophy or strategy, risk culture, and risk appetite. Two ERM Must-Haves.

Risk Management 52

Risk Management Management Mitigation All-Hazards 52

LogisManager

MAY 20, 2021

Colonial Pipeline Hack: Failure in Risk Management. That’s why insurance premiums are increasing exponentially for those organizations that cannot provide evidence of an effective ERM program that has strong controls and a robust Incident Response program. Colonial Pipeline Hack: Introduction. Colonial Pipeline, a major U.S.

Risk Management 64

Risk Management Management Authentication Hospitality 64

Reciprocity

AUGUST 18, 2022

Enterprise risk management (ERM) is critical for success in the modern business landscape. Your ERM program should encompass all aspects of risk management and response in all business processes, including cybersecurity, finance, human resources, risk management audit , privacy, compliance, and natural disasters.

Risk Management 52

Risk Management Management Mitigation Strategic 52

MHA Consulting

MARCH 2, 2023

Inherent risk is the danger intrinsic to any business activity or operation. Residual risk is the amount of risk that remains in an activity after mitigation controls are applied. Putting it in mathematical terms: (Inherent risk) – (the risk eliminated by your mitigation controls) = residual risk.

Mitigation 95

Mitigation BCM Acceptable Risk Risk Management 95

Reciprocity

NOVEMBER 5, 2021

Hence cyber insurance has become a lucrative product for insurance companies, and a must-have for businesses that want to offset the costs of attack-inflicted damage. What Is Cyber Insurance and Why Do You Need It? Cyber insurance costs can vary due to a number of factors. What You Need to Know About Cyber Insurance.

Insurance 52

Insurance Insurance Management Internet 52

Reciprocity

OCTOBER 8, 2024

Risk management is arguably the most effective way to navigate uncertain circumstances. That said, not everyone can handle the time and resource commitments associated with traditional risk management processes. If this is you, building an automated risk management program may be the wiser course.

Risk Management 52

Risk Management Cybersecurity Management Alert 52

Reciprocity

OCTOBER 8, 2024

Risk management is arguably the most effective way to navigate uncertain circumstances. That said, not everyone can handle the time and resource commitments associated with traditional risk management processes. If this is you, building an automated risk management program may be the wiser course.

Risk Management 52

Risk Management Cybersecurity Management Alert 52

LogisManager

OCTOBER 12, 2021

From the perspective of our Product team, the challenges of risk and compliance professionals are at the forefront. This collaborative group of developers, designers, lawyers and risk managers uses those insights, along with rigorous R&D, to inform the way LogicManager works. Risk Managers are asked to be prescient.

Risk Management 98

Risk Management Mitigation Insurance Insurance 98

LogisManager

OCTOBER 19, 2023

Additionally, there will be an over-arching requirement for these banks to adopt the 3 Lines of Defense Risk Management Strategy. What Changes Can Banks Expect When delving into some of the specific changes banks can expect to see, the frequency of risk appetite statements will come into focus.

Banking 98

Banking Corporate Governance Audit Risk Management 98

Reciprocity

MARCH 24, 2022

Vendor risk management (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 risk management begins with due diligence before signing a contract, as with any risk management program.

Risk Management 52

Risk Management Management Audit Cybersecurity 52

Reciprocity

FEBRUARY 4, 2025

The Hidden Costs of Poor Third-Party Risk Management The financial impact of inadequate third-party risk management extends far beyond immediate breach costs. System downtime leads to lost revenue, while emergency vendor replacements and increased insurance premiums create unexpected budget impact.

Risk Management 52

Risk Management Vulnerability Strategic Emergency Response 52

Reciprocity

NOVEMBER 5, 2021

The modern corporate organization faces a host of risks that can affect operational efficiency and regulatory compliance. Simple awareness is not enough to stay ahead of these risks. You must find ways to manage, mitigate, accept, or transfer these risks. Here’s where enterprise risk management (ERM) comes in.

Risk Management 52

Risk Management Management Audit Strategic 52

everbridge

MARCH 6, 2025

Operational resilience has become a defining priority for organizations in sectors like finance and insurance, especially in the UK and Europe. Organizations with robust resilience frameworks, including impact tolerance thresholds, not only reduce the frequency of incidents but also mitigate their cost. million in 2024.

Resilience 52

Resilience Financial Services Banking Manufacturing 52

Reciprocity

FEBRUARY 12, 2025

These incidents underscore a crucial reality: effective third-party vendor risk management isn’t just about ongoing monitoringit begins the moment you start evaluating a potential partner. Yet despite this critical need for early risk assessment, many organizations still rely on fragmented, manual processes for vendor onboarding.

Evaluation 52

Evaluation Vulnerability Audit Risk Management 52

Reciprocity

APRIL 4, 2022

Although people often use the words “assess” and “analyze” interchangeably, the terms are not synonymous in risk management. A risk assessment forms the backbone of your overall risk management plan. Security risks aren’t the only type of risk that organizations face.

All-Hazards 95

All-Hazards Mitigation Risk Management Hazard 95

Pure Storage

JANUARY 11, 2024

DORA’s five pillars include: Information and communications technology (ICT) risk management Incident reporting Digital operational resilience testing Third-party risk management Information sharing 2. The management, accessibility, and protection of data must be a central focus of any plan.

Resilience 117

Resilience Financial Services Banking Cybersecurity 117

Disaster Recovery Journal

OCTOBER 23, 2020

But that was my unofficial designation when I worked for the largest insurance broker in the world some 20 odd years ago. Thinking dark thoughts and looking hard at the what ifs are just a part of risk management. Likewise, none of us can mitigate everything. What a ridiculous title The Queen of Doom. Then 9/11 occurred.

Disaster Recovery 130

Disaster Recovery Risk Management Emergency Response Emergency Response 130

Solutions Review

DECEMBER 12, 2024

From advancements in AI-powered risk mitigation 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 risk management strategies.

Vulnerability 52

Vulnerability Cybersecurity Malware Audit 52

Zerto

MARCH 5, 2025

By functioning as a standardized blueprint, they outline the best practices to approach risk management and help businesses maintain resilience in the face of growing threats. HIPPA: The Health Insurance Portability and Accountability Act (HIPPA) enforces data protection regulations specifically for the healthcare industry.

Cyber Resilience 52

Cyber Resilience Security Disaster Recovery Resilience 52

Solutions Review

SEPTEMBER 27, 2021

AuditBoard also streamlines audit, risk, and compliance programs with an enterprise workflow engine purpose-built to automate interaction across those three lines. Enablon also allows users to establish, manage, and track Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs) to better meet objectives. Navex Global.

Government 92

Government Audit Risk Management Hospitality 92

Fusion Risk Management

NOVEMBER 3, 2022

Defense costs in connection with an SEC investigation can exceed $1 million in order to defend individuals, directors, and officers – and indemnification insurance may not always cover the cost. Circling back to third-party risks, fines for violating sanctions can range from $90,000-$1.5

Resilience 96

Resilience Mitigation Cybersecurity Risk Management 96

Reciprocity

SEPTEMBER 5, 2024

The equity risk premium (ERP) is the extra returns you can demand for taking on the risk of investment in the stock market rather than making a risk-free investment (say, in an insured bank savings account). What Are Some Methods for Managing Market Risk?

Marketing 52

Marketing Mitigation Risk Management Banking 52

Risk Management Monitor

MARCH 4, 2022

Concerns about escalating cyber activity around the crisis are a vivid reminder of the importance of knowing your threat model and adjusting your risk management priorities accordingly. and “How can we still work without any technology support?”. Check it out here: [link].

Management 56

Management Malware Cybersecurity Insurance 56

Fusion Risk Management

SEPTEMBER 12, 2022

Even if it is difficult to use that regulatory hammer to secure funding for budget to purchase technology, this should not stop a progressive organization from using effective risk management disciplines to run their programs and serve their customers. Ability to Procure Cyber Insurance.

Resilience 52

Resilience Insurance Insurance Outsourcing 52

MHA Consulting

APRIL 20, 2023

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 risk management, thus boosting resilience overall. What Is a Risk Maturity Model?

Resilience 52

Resilience Risk Management Mitigation BCM 52

MHA Consulting

APRIL 20, 2023

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 risk management, thus boosting resilience overall. What Is a Risk Maturity Model?

Resilience 52

Resilience Risk Management Mitigation BCM 52

Reciprocity

APRIL 4, 2022

Hence cybersecurity risk management is crucial to prevent and mitigate cyber threats. To combat those threats, businesses need to develop digital risk management. We can define that as the processes used to assess, monitor, and treat the risks that arise from the digital business processes that are so common today.

Mitigation 52

Mitigation Malware Cybersecurity Media 52

Erwood Group

OCTOBER 27, 2020

The first and most obvious to many is that business continuity planning helps organizations obtain reduced premiums on insurance. In some cases, we have seen providers work closely with the client to further mitigate risk by providing additional assistance and suggestions. Let’s look at each of these and others in more detail.

Business Continuity 59

Business Continuity Continuity Planning Insurance Insurance 59

Reciprocity

AUGUST 24, 2022

The various niches of risk management have become a veritable alphabet soup of acronyms. As a result, we now have: Enterprise risk management (ERM). Governance, risk management, and compliance (GRC). Integrated risk management (IRM). The advent of the digital age is partly to blame.

Risk Management 52

Risk Management Audit Insurance Insurance 52