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Inside Internal Controls

News and discussion on implementing risk management

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strategic objectives

A board that would fail any test of its governance practices

I am planning a meeting with the CRO from a company during which I had planned to share some of the principles of effective risk management, based on what is considered world-class, and the governance of risk management by the board.

 

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Selecting a framework for managing risk

arol Williams has a website, ERM Insights, where she writes about risk management (I prefer to talk about the management of risk, rather than risk management, to ensure we are talking about how the organization addresses what might happen, i.e., risk, rather than talking about a function or team).

 

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Assessing the effectiveness of your risk management program

The IIA has published a new Practice Guide, Assessing the Risk Management Process. In IIA-speak, this is recommended but not mandatory guidance for its members.

 

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Treating cyber as a business problem

Cyber risk can only be communicated to leadership in a way that is meaningful and actionable, enabling them to make informed and intelligent decisions, if it is done using business language.

 

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Reporting on risk to the board

Those charged with reporting on risk to the board and to the executive team should understand what they are trying to achieve, what information they need to be successful and how they can help.

 

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