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Inside Internal Controls

News and discussion on implementing risk management

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Backup and Disaster Planning

Cyber and reputation risk are dominoes

As I was reading the book, I realized that I have a problem with organizations placing separate attention to reputation risk and its management. It’s simply an element, which should not be overlooked, in how any organization manages risk – or, I should say, how it considers what might happen in its decision-making activities.

 

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Lawful access: The Privacy Commissioner reiterates its position

Patricia Kosseim, Senior General Counsel and Director General, Legal Services, Policy, Research and Technology Analysis for the Office of the Privacy Commissioner of Canada, was asked, at the request of Commission’s counsel, to provide an overview of the legislation for protecting privacy in Canada and to answer questions about lawful access issues from a federal perspective.

 

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CCOs say policies are getting stronger; adoption of technology – not so much

KPMG recently published its latest survey of chief compliance officers. The report highlights the increasing value of effective Compliance. It also reveals growing pains of our industry, specifically in maximizing efficiencies.

 

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Is there a duty of device security? U.S. regulator fires warning shot over obligations of IoT manufacturers

A complaint filed by the U.S. Federal Trade Commission against D-Link Corporation, a Taiwanese computer networking equipment manufacturer, and its U.S. subsidiary, is raising questions about the extent of responsibility that networking equipment manufacturers may have for the security of their products, and how much of that responsibility rests with consumers and end users.

 

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Guidelines on the National Security Review of Investments

With the highly anticipated release of its Guidelines on the National Security Review of Investments, the Canadian government has finally shed some light on circumstances which may draw investors and parties involved in the investment into the realm of a national security review.

 

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How much cyber risk should an organization take?

I did a video with Joe McCafferty of MISTI last month. I am interested in whether you share my views. I also have some questions for you—after you watch the video.

 

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Why do so many practitioners misunderstand risk?

My apologies in advance to all those who talk about third–party risk, IT risk, cyber risk, and so on. We don’t, or shouldn’t, address risk for its own sake. That’s what we are doing when we talk about these risk silos. We should address risk because of its potential effect on the achievement of enterprise objectives.

 

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Selecting software to help manage user access risk

I believe software is essential in managing user access risk, not only for SOX but also for other business risks. In fact, the potential harm from inappropriate access is typically greater for other business risk (such as the possibility of disruption of activities such as revenue generation or manufacturing, reputation risk, and the protection of valuable intellectual property) than it is for SOX.

 

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Views on the future of risk management

James Lam has an impressive resume: Chief Risk Officer for major financial institutions, author of a respected book on ERM, consultant, and board member. Recently, he wrote a white paper that is available through RIMS or Workiva, Next Frontier: Performance-Based Continuous ERM. I think it is fair to say that James and I agree on many points but disagree on others.

 

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Cybersecurity best practices for connected cars

Some of the most significant concerns with connected vehicles are cybersecurity and privacy protection. These concerns were the main impetus behind the creation in the US of the Auto Information Sharing and Analysis Centre (ISAC) by a group of US automakers in July of 2014. The group allows its members to share information about threats and vulnerabilities, conduct analysis and develop industry solutions. The Auto ISAC has now released its “Automotive Cybersecurity Best Practices”.

 

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Cybersecurity: CSA issues new guidance

Cybersecurity is top of mind for corporate boards and securities regulators alike. On September 27, 2016, the Canadian Securities Administrators (CSA) issued CSA Staff Notice 11-332 – Cyber Security (2016 Notice). The 2016 Notice updates the CSA’s previous notice on the same topic, CSA Staff Notice 11-326 Cyber Security for reporting issuers, registrants and regulated entities.

 

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Cyber risk and audit

Clearly, cyber risk and audit is the topic of the day, if not the year and decade. The leader of Protiviti’s IT audit practice, David Brand, has weighed in with “Ten Cybersecurity Action Items for CAEs and Internal Audit Departments”. He has some valuable ideas that merit consideration, not only by internal auditors, but by security professionals, boards, risk officers, and more broadly among the executive group. I will let you read his post and suggested action items.

 

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Survey results: Risk-based internal audit planning

Clearly, the great majority base their audit plan on some combination of (macro) enterprise-level risks and (micro) risks at a lower level of the organization. Somewhat more have weighted their plan towards the micro level than the macro level. So what does this all mean?

 

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Data breaches: All’s not lost, even if your data is (and if you’ve taken precautions)

As anyone who’s ever left a USB key in a Kinko’s knows, it’s easy to lose a mobile device containing sensitive user information. As a recent statement from the Newfoundland and Labrador’s Office of the Information and Privacy Commissioner shows, taking preemptive steps to make the user information on a mobile device more secure could protect the information – and your organization – if the device ever falls into the wrong hands.

 

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The board of directors’ role in crisis management

Sooner or later, every enterprise will face a crisis. When it hits, the ability to side-step disaster depends on the effectiveness of your company’s response. Preparedness and oversight of crisis management is a key responsibility of the board of directors.

 

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