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With increasing regulatory pressures and a need for operational agility, your role as a riskmanager becomes more complex and essential. When implemented correctly, BPA can be a strategic tool that minimizes costs, increases efficiency and establishes consistent processes across organizations.
KH : KFactor Global helps security manufacturers, integrators and practitioners create strategies that merge advanced technology and AI with business goals. KH : Our mission is to protect individuals, locations and assets, encompassing both digital and physical domains while reducing risk.
Understanding these risks can improve business practices and decision-making, and allow riskmanagers to implement wise risk mitigation and management controls. This article addresses common questions about strategic and operational risk, such as: What are strategicrisks and operational risks?
Enterprise riskmanagement (ERM) is critical for success in the modern business landscape. Your ERM program should encompass all aspects of riskmanagement and response in all business processes, including cybersecurity, finance, human resources, riskmanagement audit , privacy, compliance, and natural disasters.
You must find ways to manage, mitigate, accept, or transfer these risks. Here’s where enterprise riskmanagement (ERM) comes in. It helps you manage, minimize, and in some cases eliminate risks, to keep your organization safe and in business. What Are the Components of Enterprise RiskManagement?
Enterprise riskmanagement is critical for business success. ERM is the process of methodically identifying and dealing with any potential events that threaten the achievement of strategic objectives or competitive advantage opportunities. When establishing an ERM program, risk mitigation is a paramount concern.
For industries such as Financial Services, Healthcare, Energy and Utilities, Telecom, and Manufacturing, disruptions can have far-reaching effects. Embedding resilience into strategic decisions Align operational resilience with business goals , RiskManagement strategies, and Business Continuity Planning.
Organizations must take a proactive approach to supply chain riskmanagement, ensuring they have redundancy plans in place. Civil unrest and public safety risks Social and political movements have increasingly led to disruptions, affecting businesses, city infrastructure, and workforce mobility.
Although the virological, medical and epidemiological problems are obviously very complex, medical scientists - and politicians - should not be making riskmanagement and logistical decisions if they do not have the expertise.
Organizations that embrace, invest in, and elevate resilience as a strategic priority are able to more proactively sense issues, analyze vulnerabilities, and adapt to the evolving environment. Imagine a manufacturer losing revenue due to a cyberattack on just one of its suppliers.
With increasing regulatory pressures and a need for operational agility, your role as a riskmanager becomes more complex and essential. When implemented correctly, BPA can be a strategic tool that minimizes costs, increases efficiency and establishes consistent processes across organizations.
Identity management encompasses many aspects of riskmanagement, public policy, fraud prevention, privacy, data analysis, risk and governance, information technology and security. The winners for the 2022 Hebert Scholarship are: Alex Orr, Global Strategic Account Manager, Johnson Controls.
Secondly, the ISO 22361, which will be titled ‘Crisis Management – Guidelines for a Strategic Capability’. In both documents, I and a number of others are pushing the concept that there should be scenario-specific plans, at a crisis or strategic level. A major fire affecting your only manufacturing site.
Secondly, the ISO 22361, which will be titled ‘Crisis Management – Guidelines for a Strategic Capability’. In both documents, I and a number of others are pushing the concept that there should be scenario-specific plans, at a crisis or strategic level. A major fire affecting your only manufacturing site.
Regular internal audits help your organization to evaluate and improve the effectiveness of riskmanagement, control, and governance processes. Compliance risks, however, are just one category of risk that internal auditors monitor to evaluate the effectiveness of your organization’s riskmanagement process.
Kim Hooper is a regional loss prevention manager with Amazon, covering the Central Robotics Region, which includes four states and over 20,000 associates. She has over 20 years of experience in loss prevention, asset protection, riskmanagement, safety and investigations. Learn more and register to attend.
Automation can help make this process faster, reduce inefficiencies, and mitigate risksbut its important to approach it with a focus on risk. Riskmanagers know better than anyone how new tools can create vulnerabilities for the company. Why Use a Risk-Based Approach in Contract Management?
The various niches of riskmanagement have become a veritable alphabet soup of acronyms. For example, retail is now “e-tail,” manufacturing plants are increasingly automated, and nearly every step of the hiring and contracting process happens online, from application to background checks to payroll. Which is best?
In defence manufacturing, the licence to produce a particular product is linked to a particular geographical location and usually a designated building. It is unlikely that you would find the required manufacturing equipment at another site and the process would not be licensed to be built elsewhere even if the site was suitable.
In defence manufacturing, the licence to produce a particular product is linked to a particular geographical location and usually a designated building. It is unlikely that you would find the required manufacturing equipment at another site and the process would not be licensed to be built elsewhere even if the site was suitable.
Every riskmanagement program should include risks posed by your vendors. Beware, however: vendor riskmanagement is a complex process unto itself, requiring ongoing monitoring and measurement. What Are Vendor RiskManagement Metrics? What Are the Most Common Vendor Risks?
Advanced methodologies like predictive analytics can help you accurately predict future trends, forecast inventory, and manage resources. Prescriptive analytics, on the other hand, answers the “what-if” questions that can help you make strategic supply chain planning decisions.
The race is now on to strategically integrate generative AI and other AI tools in ways that allow businesses to keep up with and ideally outpace their competition. Operations Another major area where AI can exert strategic leverage is operations. In line with that focus, trends in AI use are beginning to emerge. 2024, January 4).
Secondly, the ISO 22361, which will be titled ‘Crisis Management – Guidelines for a Strategic Capability’. In both documents, I and a number of others are pushing the concept that there should be scenario-specific plans, at a crisis or strategic level. A major fire affecting your only manufacturing site.
You can use this systematic approach to identify and evaluate potential risks that might impact your change process. Use the assessment to determine strategies to address those risks proactively. Strategic: Assess whether the change initiative aligns with your organization’s longer-term strategic goals.
Of note, the term “management consulting services” is broadly defined by OFAC and includes “services related to strategic advice; organizational and systems planning, evaluation and selection; marketing objectives and policies; mergers, acquisitions and organizational structure; staff augmentation and human resources policies and practices.”.
To succeed, a business is well advised to use a dedicated GRC tool; the right one allows you to stay aware of your organization’s risk posture, align your business and strategic objectives with information technology, and continually meet your compliance responsibilities. RiskManagement. Governance.
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. Dive in to gain strategic foresight and practical guidance from the builders and implementors shaping the future of enterprise data protection.
The race is now on to strategically integrate generative AI and other AI tools in ways that allow businesses to keep up with and ideally outpace their competition. Operations Another major area where AI can exert strategic leverage is operations. In line with that focus, trends in AI use are beginning to emerge. 2024, January 4).
Essentially every company that manufactures goods today depends on other companies to supply the raw or value-added materials that go into their finished products. Implementing such a system requires considerable advance planning and strategic thought. Secure executive buy-in from procurement, supply chain and IT leadership.
As organizations and businesses around the world and across industries migrate their IT to the cloud, C-suites are faced with a new dilemma for governance, riskmanagement and compliance (GRC) solutions: cloud versus on-premise software. That’s time and money that might be better spent elsewhere.
When floods are especially severe or hit key manufacturing or shipping regions, the effects can be widespread. Organizations that can react more quickly to unforeseen circumstances hold a strategic advantage over competitors. So, how might other organizations improve their own flood riskmanagement? percent to 1 percent.
The session will feature insights from an enterprise security risk consultant and expert and a security technology manufacturer, each providing unique perspectives on risk-led security design.
Many of these protections are focused on isolated risks; for example, if a company has a critical product that has to be shipped no matter what – they may choose to store that product in two locations, thereby protecting it. This frequently resides under the CFO with a Director, such as Director of RiskManagement or Insurance.
Although corporate compliance can feel overwhelming at first, corporate compliance programs offer a sound foundation for business strategy and riskmanagement. The larger your organization grows, the more regulations and compliance burdens you encounter. What Is the Purpose of a Corporate Compliance Program?
While business continuity has been in practice since the 1970s and could be argued that it has been around since the 1950s through strategic planning it is something that is not common knowledge. In one case, a client we had many years ago was an original equipment manufacturer in the high-tech industry. Risk Assessment Reporting.
Recognizing a lifetime of outstanding service and achievement in the risk profession, the society’s top honor, the Harry and Dorothy Goodell Award, was presented to Joan Schmit, distinguished chair of riskmanagement and insurance at the University of Wisconsin-Madison. but remains a leader with the RIMS Chicago Chapter.
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Three years ago, we acquired Navigate Management Consulting, a worldwide consulting organization to technology systems integrators. Navigate focuses on improving their clients bottom-line results through strategic and business planning, operational excellence and cost reduction through improved efficiencies.
Regardless of the industry (non-profit organizations, professional services companies, manufacturing, public sector, etc.), Risk Assessment can also enhance an organization's strategic decision-making abilities. Vendor RiskManagement When developing organizational continuity plans, third-party providers (e.g.
Regardless of the industry (non-profit organizations, professional services companies, manufacturing, public sector, etc.), Risk Assessment can also enhance an organization's strategic decision-making abilities. Risk Methodology. Vendor RiskManagement. manufacturing facilities).
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