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Common Risk Management Strategies: Risk Avoidance vs. Risk Mitigation
If companies operated in a utopia, they could easily keep costs low, prevent fraud, avoid geopolitical tensions, and sidestep cyberattacks. Their processes, systems, and people would never fail, and they would never struggle to fulfill their financial obligations or achieve their strategic objectives. Natural disasters would not adversely impact them, and neither would regulatory changes. […]
Tags: Risk Management
September 24, 2024
How to Create a Compliance Risk Assessment Template
Global data privacy and cybersecurity regulations are becoming more common and stringent. That puts added pressure on organizations to manage their risks appropriately or face potentially painful consequences. In particular, organizations worldwide and across industries are experiencing high demand from regulators to implement different types of risk assessment methodologies. The most effective compliance risk management programs begin […]
Tags: Risk Management
September 23, 2024
5 Common Risks Involved in Mergers and Acquisitions
The total global value of corporate mergers and acquisitions (M&A) reached $5.9 trillion in 2021. For 2022, the figure is expected to reach $4.7 trillion. This would make 2022 the second-best year on record for the M&A market after 2021. Clearly, robust M&A opportunities exist for companies looking to stimulate growth, increase market share, and influence supply […]
Tags: Risk Management
September 22, 2024
Identifying Your Risk Universe
A risk assessment is a crucial first step to develop your company’s risk management program. The assessment process itself begins with identifying all potential risks; determining your “risk universe” is a simple and effective way of defining and categorizing these key risks. A risk universe consists of every risk that could affect your organization, on every […]
Tags: Risk Management
Traditional Supply Chain vs. Digital Supply Chain
A supply chain is the ecosystem of processes, systems, and entities that work together to transform an idea into a final product and customer-ready offering. That lifecycle consists of multiple moving parts. As global supply chain complexity increases, organizations in every industry require robust and reliable supply chain management (SCM) tools, processes, and people. Coordination […]
What is an Internal Penetration Test and How Are They Done?
What Is an Internal Penetration Test, and How Is it Done? A famous 2011 article by security adviser Roger Grimes is intriguingly titled, “To beat hackers, you have to think like them.” In the article, Grimes explains that IT security professionals must view IT systems through the eyes of hackers — and search for ways to break […]
Tags: Audit Management, NIST
September 21, 2024
Risk Remediation vs. Risk Mitigation
Remediation and mitigation are words commonly used interchangeably to describe a wide variety of risk management measures within an organization or project. They are, however, distinct concepts under enterprise risk management (ERM) principles, with particular relevance for safeguarding the organization and its stakeholders. Remediation activities focus on fixing a problem to avoid or prevent the arrival of a […]
Tags: NIST, Risk Management
Regulatory Compliance in Healthcare
Every day, healthcare providers must perform the nerve-racking task of complying with increasing healthcare regulations. According to one report, the healthcare industry spends nearly $39 billion every year on the administrative burdens of regulatory compliance. Today, healthcare organizations must comply with more than 600 regulatory requirements. These compliance laws encompass numerous occupational sectors, from pharmacies and insurance companies to cloud service providers. […]
Tags: Healthcare, HIPAA, NIST
Risk Control Measures That Work
Conducting a regular risk assessment is an integral part of any organization’s overall risk management plan. It’s sometimes even a legal requirement, depending on your industry, contractual obligations, or the number of people you employ. Risk assessments also help you perform a risk analysis to evaluate the risks associated with a hazard after the hazard is […]
Tags: NIST, Risk Management
Internal Control Practices to Prevent Inventory Loss
In 2020, more than 15 percent of U.S. retailers experienced inventory shrinkage — that is, loss of physical inventory — of 3 percent or more. According to the 2019 National Retail Security Survey, shrinkage cost the U.S. retail industry $50.6 billion that year. A common cause of inventory shrinkage is larceny, defined as the taking of property […]
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