technology risks

Risk Appetite and Risk Tolerance – Which Definitions Do You Use?

In follow up to our recent article on handling risks that exceed the company’s appetite, we would like to share this perspective from our friend Hans Læssøe on this complex and controversial topic. Hans’ article below describes how the world’s leading risk management standards, COSO and ISO 31000, have differing definitions on risk appetite and…
Read More
technology risk

Is Technology Risk Bigger Than “Cyber” Risk?

It’s not an earth-shattering thing to say that news of hacks, data breaches, and other technology hiccups has grown exponentially in recent years. Between January and September 2019, 7.9 billion records were exposed, marking a 33% increase from the same period in 2018. A few of last year’s data breaches include: An error in pharmacy…
Read More

Be Warned: Impacts from Cyber Attacks Not Fully Insurable

In speaking with clients or other organizations, I’m often astounded by the response I receive when I ask about cyber-attacks. Too often, the risk professional or executive I’m speaking with says something like this – “Oh, we have insurance coverage for that…” This is cringe-worthy, like fingernails on a chalkboard cringe-worthy to me. Black Board…
Read More

Using an ERM Assessment Process to Understand Vendor Risks

Every organization – even my boutique consulting firm – has vendors who provide a range of products or services. These can include things as simple as Internet services and office supplies to data storage, software, and raw materials to manufacture a product, and more. Any disruptions with a vendor will inevitably spill over and impact…
Read More
disruptive innovation

Disruptive Innovation and Change Resistance: A Death Sentence or Opportunity?

NC State and Protiviti recently released a report entitled, “Executive Perspectives on Top Risks 2018.” The report lists the top ten risks that account for the “key issues being discussed in the boardroom and c-suite” of those organizations surveyed. Topping the chart at risk #1: “rapid speed of disruptive innovation.” The report states: “This top…
Read More

8 Possible Consequences of Not Being Proactive in Risk Management

Rather than discuss the benefits of risk management in this article, I want to take some time to explain what can possibly happen if you do not proactively identify, assess and manage risks in your organization. As I explain elsewhere, risks in the ERM context is more than just potential hazards – it includes any…
Read More

Recent Southwest and Delta Outages Expose Huge Technology Risks

Just in the last month, two of the country’s largest airlines experienced massive technology outages that reverberated throughout their entire operation(s) during the peak summer travel season. The first outage occurred on July 20 when a computer meltdown led to the grounding of Southwest flights over a 3-day period. Although flights could land, the computer…
Read More
Menu