Your monthly update of enterprise risk management news and information

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ClearView

Aon's 2019 Global Risk Management Survey identifies challenges organizations face in managing traditional and emerging risks
Economic and global trade concerns are challenging organizations' ability to invest adequately in preparing for and protecting the continuity of their operations, according to findings from Aon's 2019 Global Risk Management Survey.
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• World

Growing antimicrobial resistance crisis will impact all organizations and communities
A new United nations report, ‘No Time to Wait: Securing the future from drug-resistant infections’, highlights the imminent nature of the emerging antimicrobial resistance crisis and demands immediate, coordinated and ambitious action.
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• World

Mid-Market IT Priorities Report looks at technology risk trends
Node4 has published its Mid-Market IT Priorities Report, which surveyed 300 mid-market IT decision-makers, including IT managers, CIOs, IT directors and Heads of IT. It identifies how IT leaders in organizations from a range of industries are managing both their existing and new technologies.
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• UK / World

Assurance Software

BSI publishes analysis of global supply chain risks
BSI has identified five major themes that are most likely to impact the supply chain through 2019; these are described in the SCREEN Global Intelligence Report: Top Potential Supply Chain Trends for 2019.
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• World

Business continuity risk assessments: is looking at likelihood a waste of time?
Charlie Maclean Bristol discusses whether you should consider likelihood when conducting a risk assessment as part of the business continuity process. Do you need to know how likely it is that a threat will become an actuality; or is knowledge of the impact of the threat enough?
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• UK / World

Organizations where risk management has a seat at executive management meetings are more likely to have high-performing programs
73 percent of high-performing risk programs that have risk management represented in executive management meetings (most or all the time) are more likely to exceed performance goals and achieve higher growth according to a new risk management survey by Deloitte.
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• US

Daisy

Emerging Risks Monitor finds that accelerating privacy regulation is the top emerging risk
Concerns about rapidly accelerating privacy regulations and their associated regulatory burdens has become the top emerging risk that organizations face globally, according to Gartner’s latest Emerging Risks Monitor report.
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• World

Survey shows the business impact of trust failures
Failing to maintain trust undermines customer loyalty and damages revenues, with over three quarters (79 percent) of UK consumers saying they’ll leave a supplier that they don’t trust anymore.
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• UK

European Supervisory Authorities publish ICT risk management and cybersecurity guidance for European Commission
The European Supervisory Authorities (ESAs) have published two pieces of Joint Advice in response to requests made by the European Commission in its March 2018 FinTech Action Plan. The guidance documents aim to promote stronger operational resilience and harmonization in the EU financial sector.
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• Europe

Risk Logic

Proposed ISO standard on cyber insurance is ‘premature and inappropriate’ according to FERMA
The Federation of European Risk Management Associations (FERMA) has expressed concern about the ISO/IEC 27102 ‘Information Security Management Guidelines For Cyber Insurance’ standard, which is currently under development.
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• Europe / UK

Board involvement is a key indicator of vendor risk management maturity
Protiviti and the Shared Assessments Program have released findings of their 2019 ‘Vendor Risk Management Benchmark Study: Running Harder to Stay In Place’ report, an extensive study of organizational risk posture assessed by industry sector and program criteria.
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• World

Organizations should prioritise the ‘digital fitness’ of risk management functions
Organizations should focus on developing stronger digital skills and capacity in their risk function in order to make more informed decisions about risk in a technology-driven world, according to the eighth edition of PwC's Risk In Review study.
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• World

eBRP

An overview of enterprise risk management practices
The ERM Initiative in the Poole College of Management at North Carolina State University has issued a report which makes ten key observations about how organizations are using enterprise risk management.
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• US/ World

New global study shows deep concern about third-party cyber risk
BitSight and the Center for Financial Professionals (CeFPro) have released the results of a joint study shedding light on how financial institutions are addressing challenges associated with third-party cyber risk.
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• US/ World

Third-party cyber risk management practices are ‘important but ineffective’
CyberGRX has announced the results of its inaugural ‘Cost of Third-Party Cybersecurity Risk Management’ study carried out by Ponemon Institute. Surveying over 600 IT security professionals, the study illustrates a persistent theme that organizations and third parties see their third-party cyber risk management (TPCRM) practices as important but ineffective.
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• World

Fortress

Current and emerging supply chain continuity risks examined
A new report from DHL examines last year's major supply chain challenges and identifies trends that will shape the risk landscape in 2019. Key events in 2018 included climate-driven disruptions affecting shipping, higher than expected cyber attacks targeting supply chain assets, and industry zone shutdowns impacting production activities.
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• Europe / World

Trends and issues in risk management affecting mid-size and large US banks
The Risk Management Association has published the results of its recent regulatory survey, which aims to identify trends and issues in risk management affecting mid-size and large banks.
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• US

APRA identifies reputational damage, flooding, regulatory changes and cyclones as the top climate-related risks
Releasing the results of its first climate risk survey of regulated entities today, the Australian Prudential Regulation Authority (APRA)called on entities to move from gaining awareness of the risks to taking action to mitigate against them.
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• Australia

Brexit: the unintentional evolution of a Black Swan event
Geary Sikich explains why he believes that Brexit is a Black Swan event and describes various issues that enterprise risk managers should consider when assessing and managing Brexit risks..
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• UK / Europe

The likelihood of a catastrophic geomagnetic storm occurring may have been over-estimated
Researchers have developed a new model which shows that the probability of a catastrophic geomagnetic storm occurring is much lower than previously estimated; but the risk still needs to be taken seriously.
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• Europe / World

New Controls Framework provides guidance for managing IoT risks
The Cloud Security Alliance (CSA) has announced the release of its new IoT Controls Framework, which introduces the base-level security controls required to mitigate many of the risks associated with an IoT system operating in a range of threat environments.
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• US / World

Majority of US organizations rank active shooters as their top threat
Three quarters of US organizations list an active shooter situation as their top threat, according to Everbridge, Inc. Active shooter situations outrank concerns such as natural disasters, cyber attacks and supply chain disruptions.
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• US

Seven emerging security and risk management trends to be aware of
Gartner, Inc. has identified seven emerging security and risk management trends that will impact security, privacy and risk leaders in the longer term.
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• US / World

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