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Risk Management
10 strategies
to keep risk management alive:
After developing a formal enterprise risk management framework, one of
the ongoing challenges is to keep your risk management program
up-to-date.
Source: inconsult.com.au
From Counting
Risk to Making Risk Count: Boundary-Work in Risk Management:
According to research, the cycle of risk management includes counting
risk through quantification and aggregation; controlling risk until
something like a financial crisis occurs; and then calculating new risks
in an attempt to avoid similar crises in the future.
Source: hbs.edu
Risk Management Kit for Terrorism:
The Risk Management Kit for Terrorism is designed to assist operators of
declared essential services to meet their legislative requirements under
the Terrorism (Community Protection) Act 2003.
Source: transport.vic.gov.au
Economist Intelligence Unit Report on the Maturity of Risk and
Compliance:
What I want to do here is highlight some of their findings which relate
to risk management that I believe are interesting and worth thinking
about.
Source: sustainablebusinessforum.com
Risk Management Comes of Age:
Companies are looking more closely at risk these days, and they are
finding not only that is there more risk to manage but that managing it
well can help them be more competitive.
Source: forbes.com
Unheeded Lessons: What Did We Fail to Learn from the Financial Crisis?:
Nearly two years after the financial meltdown of September 2008, is the
global economy any less risky?
Source: knowledge.wharton.upenn.edu
Report: Insurers Not Addressing Climate Change Risks:
Based on data from 88 insurance company state filings, report reveals
that the industry is still largely unprepared to deal with the
wide-ranging economic risks posed by climate change.
Source: insurancenetworkng.com
Outsourcing Risk
Aon unit sues
Riskonnect after employees jump ship:
Aon eSolutions Inc. has filed a lawsuit against a risk management
technology provider and three former Aon employees for alleged
misappropriation of confidential information and unfair competition.
Source: businessinsurance.com
41 Disruption Scenarios - FREE
InTouch readers who are thinking about conducting a business continuity
exercise and would like some ‘creative’ exercise scenarios can email
Tony Harb to get a list of 41 exercise ideas. Email
tonyh@inconsult.com.au
Emerging Risks
IMF’s Lagarde Warns World Economy Entering ‘Dangerous’ Phase:
The managing director of the International Monetary Fund chief, warned
that the world economy is in a “dangerous new phase” and that officials
must take new steps to strengthen growth.
Source: businessweek.com
Downgrading our politics; S&P's credit rating cut:
Decisions to downgrade Americas credit rating is momentous, but not, I
suspect, for the reasons most people will cite. Many worried that
interest rates would skyrocket and the markets sell off.
Source: lexisnexis.com
Social media risks surveyed:
Published findings of the 2011 Social Media Protection Flash Poll
examined how organizations protect themselves from negative consequences
of using social networking sites such as Facebook, Twitter and other
online forums.
Source: continuitycentral.com
Future energy risks are ‘top threat’ to UK organizations:
Energy risk – particularly in terms of security of supply and supply
costs - has been identified as the top threat that major business energy
users are facing.
Source: continuitycentral.com
Governance & Compliance
Creating a Culture of Compliance:
"Tone at the top" is an overused phrase, but if companies want to
mitigate fraud senior leaders need to speak up forcefully.
Source: cfo.com
Five Governance
Problems That Contributed to the U.S. Credit Rating Downgrade:
The recent decision to downgrade credit rating of U.S. government debt
from AAA to AA+ resulted not from lack of money, but poor governance
performance by federal officials.
Source: brookings.edu
ASIC boss takes
action on market transparency:
ASIC's announcements over the past few days are part of a move to
increase disclosure and transparency in the market.
Source: smh.com.au
Governance crucial to determining success
of carbon package:
In its initial response to the government’s carbon package announcement,
the Institute stated that the success of the carbon package depends on a
robust governance framework.
Source: charteredaccountants.com.au
Financial Services
ASIC releases new advertising guidelines:
ASIC released a consultation paper and draft regulatory guide containing
best practice guidance for the advertising of financial products and
financial advice.
Source: asic.gov.au
Corporate
Governance and Banks: What Have We Learned from the Financial Crisis?:
How did the governance structure of banks perform during the financial
crisis?
Source: harvard.edu
Asian insurers strengthening risk
mitigation techniques : IDC:
In order to comply with higher prudential standards insurers are
channelling more resources into risk management and mitigation
technologies for cost management over the next one year, according to
the latest survey.
Source: cbronline.com
Catastrophes
Not Enough To Stiffen Market:
The spate of catastrophic loss events witnessed in the first half of
2011 have battered insurers and reinsurers, but have not substantially
altered market dynamics.
Source: insurancenetworking.com
Global Financial Services Risk Management
Survey:
In the first quarter of 2011, a global publication called the Global
Risk Management Survey, 7th Ed was issued.
Source: deloitte.com
Can we help?
If you have any risk management, governance, internal audit or business
continuity matters you would like to discuss, contact InConsult on 02
9241 1344 or email your query to
info@inconsult.com.au |
GRC Technology
GuardianERM.net latest version highlights:
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New risk profiler
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View risk heat maps by risk category and new enhanced risk comparisons
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New ‘Quick Add’ function to speed up risk workshops
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Enhancements to audit module including alternate work paper format and
allow viewing of all control checklists.
GuardianERM.net
is a web-based Governance, Risk and Compliance (GRC) system that allows
people across an organisation to better collaborate, streamline
processes and integrate risk, control, audit and incident data to manage
risk and improve resilience. It supports best practice standards
including AS/NZS ISO 31000, AS 8000, AS 3806, HB 292, ISO 9000. If you
would like to find out how guardian can help you better sustain your
risk management framework,
click here
or
contact
InConsult to arrange a demonstration or trial.
Upcoming Training
16 September 2011
GIPA in Practice (half-day)
The
Government Information (Public Access) Act 2009 (GIPA) has come into
effect. The new Act will have a significant impact on the way in which
NSW Government agencies provide public access to government information…more
Fraud Risk
Five Ways to Curb Fraud:
CFO interviewed more than a dozen experts and examined several notable
legal cases and compliance failures to determine the five most effective
things finance executives can do to prevent risky or illegal activities.
Source: cfo.com
Key fraud syndicate members arrested:
Five 'key members' of an international fraud syndicate have been charged
following investigations into EFTPOS card skimming, police say.
Source: skynews.com.au
Fraud Management Health Check
No organisation can assume that its safeguards against fraud are
adequate…you need to know the gaps. Our Fraud Management Health Check is
a structured, independent review of your fraud management framework to
help provide you peace of mind. If you would like to find out more
click here
Business Continuity and Resilience
Business continuity management lessons from English public disorder
incidents:
The government has started the process of rebuilding public confidence,
whilst those directly affected have begun to rebuild their lives.
Source: continuitycentral.com
Internal Audit
Spending watchdog fails its own tests despite pledges:
EVEN the federal Finance Department fails to follow the purchasing
guidelines it oversees, despite Labor's bid to rebuild its financial
management credentials in the wake of the pink batts and school halls
controversies.
Source: theaustralian.com.au
Survey Shows
Opportunity for Internal Auditors to Align with CEO Focus on Strategic
Growth:
Recently announced results of an annual global survey on the State of
the Internal Audit Profession, found that as companies focus on
strategic growth, internal auditors have the opportunity to elevate
their roles by aligning their goals with new company priorities.
Source: finchannel.com
Internal audit call to dodge FoI:
The Institute of
Internal Auditors (IIA) has called for its PS members’ work to be exempt
from Freedom of Information laws because the threat of disclosure of
audit findings could compromise audits of governance and risk
management.
Source: psnews.com.au
Government
Inquiry finds
Defence contract 'sloppy' but no fraud:
A PARLIAMENTARY inquiry has found no evidence of fraud or insider
dealing in the awarding of contracts to transport Australian troops to
and from the Middle East.
Source: news.com.au
Australian
department fails to meet own procurement compliance rules:
The Australian government’s spending watchdog has been criticised for
not following its own purchasing compliance rules over a nine-month
period.
Source: supplymanagement.com
Amalgamation
raised its head at Destination 2036:
During a two-day conference on the future of local government in NSW,
held in Dubbo, general managers and mayors of the 152 councils called
for changes to be made to the sector.
Source: governmentnews.com.au
Financial Management
Most Likely to Commit Fraud: Finance Executives:
A lot of bad apples work for the corporate finance department, but the
number is shrinking, says a new study.
Source: cfo.com
Occ Health, Safety & Environment
‘Harmonisation’ occupational health and safety (OH&S)
laws:
As part of the national ‘OHS harmonisation’ initiative, the Commonwealth
and each State and Territory have agreed to amend their OHS legislation
so that each is consistent with the national Model Work Health Safety
legislation.
Source: legalbusinessonline.com
Safety
Institute of Australia Work Health and Safety Legislation 2012: What it
means in practice:
The issues discussed here include; the overview of the progress of
reforms, practical implications of Primary duty of care, practical
implication of Horizontal consultation and practical implications of an
officer’s due diligence obligation.
Source: sia.org.au
Deputies sacked before Pike River blast:
The Government made public a review of the Department of Labour's
interactions with Pike River, which includes a detailed, independent
assessment of four incidents at the mine. One concerned ongoing
ventilation problems underground.
Source: nzherald.co.nz
The Risks of Retaliation:
As if companies weren’t facing enough risks these days, there’s a new
one to add to the list: retaliation claims.
Source: cfo.com |