compliance program

Compliance vs. Risk Focused Software – Can One System Serve two Masters?

To save time, money, or both, many of us have the tendency to re-purpose tools and processes for something they weren’t originally intended for. Depending on the circumstances, this approach sometimes works … Take, for example, a client who uses a system called Jira designed for facilitating IT help requests. With a few tweaks, this…

The Why, What, and How of ERM Software: An Essential Buyer’s Guide

PART 1: INTRODUCTION PART 2: WHY ERM SOFTWARE IS NEEDED PART 3: TYPES OF ERM SOFTWARE PART 4: HOW TO FIND THE RIGHT ERM SOFTWARE SYSTEM PART 1: INTRODUCTION What do you think is the most difficult part of enterprise risk management for risk managers and executives to make sense of? Is it risk appetite…

Preparing for Regulatory Oversight of Advanced Modeling and AI

In today’s competitive and tumultuous environment, companies are beginning to rely on advanced modeling and artificial intelligence tools to drive decisions. With increased use of Monte Carlo simulation models and other tech-based tools, regulators are beginning to ask more questions about models and the data that goes into them. An article prepared by McKinsey &…

Will the Wells Fargo Settlement Actually Result in Change?

In some of my prior articles on reputation and positive risk culture, I’ve sometimes referred to the ongoing Wells Fargo saga. From 2002 until coming to light in 2016, the company engaged in a variety of fraudulent activities. Unrealistic sales targets aggressively pushed by leadership led many employees to create thousands of bogus accounts. The…

How Regulators Perpetuate Enterprise “List” Management

As a former regulator of property & casualty insurance companies in Florida, I can appreciate the importance of some regulation of certain companies. After all, you don’t want to find out after a hurricane that your insurance carrier is insolvent. Risk management related regulations like ORSA for insurance companies, Basel III for banks, and some…

Poor Risk Culture Leads to Largest Corporate Fine in Australia’s History

I had an interesting conversation a few months ago with a risk professional in Australia who told me about a scandal involving his country’s largest bank, the Commonwealth Bank of Australia (CBA). CBA not only operates in Australia, but also New Zealand, Asia, the U.S. and the U.K. Unlike banks in the U.S. and Europe,…

Was Organizational Culture the Key Driver in the Collapse of a Major Company?

A large (~5£ billion) publicly traded construction company, Carillion, collapsed earlier this year after months of ignored financial warnings. In fact, because of the size of the organization and how this all went down, the UK Parliament conducted an in-depth investigation into the collapse. The report of the Parliament investigation is quite interesting. It starts…

4 Possible Paths Your ERM Program Can Take

Setting up an enterprise risk management (ERM) program is just the beginning of a continuous process to help your organization achieve strategic and operational objectives. Like many things in life, this is easier said than done… Companies will establish an ERM program for a variety of reasons – perhaps a simple question from a board…

The “Next Frontier” of Enterprise Risk Management – From Compliance to Strategy

Is this really the next frontier of the enterprise risk management process’ role within the organization? Or is the future now? When it comes to seeing what the future holds, you need to know the history. The same applies to enterprise risk management (ERM), which has an interesting history. In fact, this history is nicely…

Enterprise Risk Management and Compliance in Higher Education – How Are These Concepts Integrated?

“When Eating an Elephant, Where Do You Begin” was a webinar hosted by URMIA (University Risk Management & Insurance Association) on October 18, 2016. Presented by a compliance officer and Associate Counsel from the State University of New York (SUNY), the webinar is directed toward universities in the United States without a compliance program or…

compliance program

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