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The Digital Operational Resilience Act (DORA) deadline is fast approaching. By January 17, 2025 , financial institutions and ICT service providers in the EU must meet stringent requirements to enhance IT resilience, managerisk, and recover quickly from disruptions.
And how to become resilient with ISO 27001 and ISO 22301 Unfortunately, even the most secure organisation can suffer an incident. This is where cyber resilience comes in. Cyber resilience combines cyber security with the ability to detect, respond to and recover from cyber incidents. How will you ensure operational resilience?
“Are we doing everything we should be doing to build organizational resilience?” Plans, projects and technologies may occupy most of your time, but it’s worth taking a step back to reflect on how your resilience-focused activities may be aligned…or misaligned. Key points include: Designing and formulating a resilience policy.
A recent survey of CIOs shows that nearly all of them are aware of the threats coming down the pike – but far fewer of them are using the resilience and mitigation tools that would help them survive. The post Survey: CIOs Know Their Risks – But Not Business Continuity appeared first on DRI Drive.
Strategic RiskManagement Last Updated: December 19, 2023 Strategic RiskManagement (SRM) is integral to navigating the complexities of today’s business landscape and securing long-term objectives. What Is Strategic RiskManagement? What Is Enterprise RiskManagement (ERM)?
Understanding Operational Resilience In an era marked by escalating threats such as natural disasters , geopolitical tensions , cyberattacks, and social unrest, an organization’s ability to adapt, react, and maintain operations is crucial.
Operational resilience has become a defining priority for organizations in sectors like finance and insurance, especially in the UK and Europe. The concepts within operational resilience have merit even in pharmaceutical, healthcare, and manufacturing. What are impact tolerances in operational resilience?
Less resilient organizations experienced inventory shortages, unexpected demand shifts, decreased productivity, shipment delays and, in some cases, a tarnished brand reputation. Teams with mature supply chain riskmanagement strategies adapted to disruption and continued to delight customers. No supply chain is without risk.
Organizations face a growing need to adapt their security strategies, ensuring they can anticipate, mitigate, and respond to threats effectively. Unlike one-size-fits-all security strategies, resilience requires an approach that accounts for regulatory complexities, interdependent infrastructure, and a highly digitalized economy.
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.
The third crucial step in risk assessment is risk control, which involves crafting effective strategies to mitigate the identified risks. There are four fundamental types of risk control: risk acceptance, riskmitigation, risk avoidance, and risk transfer.
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.
Lucht brings unique insight into the congruences between riskmanagement and business continuity to shore up operational resilience, especially related to disaster recovery and response. They’ve also come to appreciate the value of just riskmanagement in general…”. The idea behind this core group is simple.
It illustrates the risk profile of the organization at a specific point in time, a profile that will evolve over time as new risks are identified and/or controls are put in place to mitigate some of them. The Importance of a Risk Map The risk map is a vital component of risk assessment.
Disaster risk is becoming systemic with one event overlapping and influencing another in ways that are testing our resilience to the limit,” Mizutori said. The odds are being stacked against us when we fail to act on science and early warnings to invest in prevention, climate change adaptation and disaster risk reduction.”.
Operational resilience is the ability of an organization to deliver critical business operations, even during disruptions. Unlike organizational resilience, which focuses on the broader capacity of an organization to adapt and survive, operational resilience focuses on maintaining critical operations.
Riskmanagement is typically discussed under two categories: Governance, Risk, and Compliance (GRC) or Integrated RiskManagement (IRM). Strategic risk. What is strategic risk, and how do you manage it? Solutions Customer Summit Series.
In the previous post of this riskmanagement series, we covered the business impact analysis (BIA) , which is a crucial step in understanding the impact of potential disruptions to critical business processes. Now, we move on to the next critical step in the process: risk assessment , and its first stage, risk identification.
The Critical Role of Business Impact Analysis In the first part of our miniseries on riskmanagement, we introduced the operational riskmanagement process and outlined its different parts. BIA is an essential component of riskmanagement and business continuity planning efforts.
By incorporating velocity into the risk analysis, organizations can develop more effective mitigation strategies that consider the response speed required to minimize risk impact. In some cases, nonfinancial factors play a more critical role in determining the impact of a particular risk.
5 Key Takeaways from the EU’s Digital Operational Resilience Act (DORA) by Pure Storage Blog In our recent white paper, “ Strengthening Operational Resilience in Financial Services , ” we explore how operational resilience (OR) has emerged as one of the most important issues in the financial industry.
Thinking dark thoughts and looking hard at the what ifs are just a part of riskmanagement. Â By ensuring business resilience, we help preserve the family life of the employees who work for our companies. a control, mitigation, plan, or process is important to include in their own program and recovery plans.
In part one of this five-part mini-series, we covered business resilience and highlighted three aspects of resilience on which an organization has the most control. Let’s cover the first one of these: operational resilience. What Is Operational Resilience? It is narrower in scope than business resilience.
This is part 2 of a two-part series exploring the resilience movement, how it can positively impact modern business, and the roles executives and key stakeholders play in ensuring operational resilience while managing efficiencies and adapting to changing environments with an expanding threat landscape. Resilience Assessments.
As such, these evolving work environments have created new challenges for business continuity, including new and evolving risks for resiliencemanagement. Unfortunately, many resilience and security teams were just not prepared to respond to challenges created by the rapid adoption of these remote teams.
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? The Evolving Role of Supply Chains for Resilience. It’s about risk appetite, risk registers, and riskmitigation.
The terms business continuity and business resilience are superficially similar and a world apart. The terms business continuity and business resilience are a distinction with a difference. This was the context in which the concept of business resilience was born. The likely answer is not that much.
As the threat landscape and risks continue to evolve and expand in business continuity and operational resilience for organizations of all sizes around the globe, it is becoming increasingly more important for industry professionals to evolve and change with it. From Disaster Recovery to Operational Resilience.
Strategic RiskManagement Last Updated: December 19, 2023 Strategic RiskManagement (SRM) is integral to navigating the complexities of today’s business landscape and securing long-term objectives. What Is Strategic RiskManagement? What Is Enterprise RiskManagement (ERM)?
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 resiliencemanagement goals and successes. Materials and Movement.
At a high level, it may seem natural to use the terms business continuity management and enterprise riskmanagement interchangeably. As a resiliencemanagement professional, why is it important to know where these two terms split? What is Enterprise RiskManagement (ERM)?
Vulnerability management is the practice of identifying and mitigating the weaknesses in an organization’s people, processes, and technology. It’s a practical, down-to-earth approach that focuses on small things, but it has the power to bring big gains to an organization’s resilience. Riskmanagement is the overall program.
It emphasizes a shared responsibility in mitigatingrisks and ensuring uninterrupted delivery of essential services, renewing the focus on protecting infrastructure assets. With Everbridge , your organization can leverage an advanced riskmanagement and communication platform to support the objectives outlined in the NSM.
This is part 1 of a two-part series exploring the resilience movement, how it can positively impact modern business, and the roles executives and key stakeholders play in ensuring business resilience while managing efficiencies, and adapting to changing environments with an expanding threat landscape. DOWNLOAD REPORT.
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.
Cyber Security: 8 Steps to Cyber Resilience. You’ve heard of cyber security, but have you heard of cyber resiliency? Cyber resilience is the ability to maintain business operations despite a cyber attack or breach. Let’s breakdown 8 steps businesses must take to optimize cyber security and cyber resilience strategies.
What is the relationship between Business Continuity and RiskManagement? The relationship between Business Continuity and RiskManagement depends on the organization. In most cases, Business Continuity is a sub-domain of RiskManagement. It is a collection of good management practices linked together.
Four Impactful Risk Reporting Presentations to Maximize Board Engagement Last Updated: April 14, 2024 The Dual Goals of RiskManagement Reporting Riskmanagement is a complex and crucial aspect of organizational governance.
Enterprise riskmanagement (ERM) can be a challenging endeavor – but a rewarding one, too. While the benefits uncovered by effective ERM don’t always add to the balance sheet directly, they do help a company’s resilience in the face of approaching dangers. Simply being aware of them is the first step to overcoming them.
Enterprise riskmanagement (ERM) can be a challenging endeavor – but a rewarding one, too. While the benefits uncovered by effective ERM don’t always add to the balance sheet directly, they do help a company’s resilience in the face of approaching dangers. Simply being aware of them is the first step to overcoming them.
The Role Corporate Governance Plays in RiskManagement Last Updated: June 4, 2024 As an auditor, compliance officer or riskmanager, you’re used to balancing the delicate processes that impact your company’s performance.
billion people across the globe, putting communities and the businesses they support at risk. As severe weather continues to threaten more people and cause greater harm, building resilience against natural hazards and climate threats is paramount: the time for governments and enterprises to act is now. Severe Weather Trends.
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.
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