Your monthly update of enterprise risk management news and information

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Assurance Software

New paper says that cascading environmental risks could lead to societal breakdown
A new paper from the UK Institute for Public Policy Research (IPPR) says that the world is facing ‘a new domain of risk’ with cascading environmental risks potentially leading to severe impacts on human systems from local to global levels.
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• UK / World

Gap in terrorism insurance closed for UK businesses
UK Business owners will now find it easier to buy terrorism insurance that will pay out if they lose custom in the wake of a terror attack because they cannot trade or are prevented from accessing their premises.
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• UK

Majority of US CFOs don’t feel fully prepared to handle the current risk landscape
Nearly 75 percent of CFOs are at least moderately concerned about the risks they might face in the next 12 months, according to a national survey released today by Euler Hermes Americas.
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• US

ClearView

AI has growing implications for European risk managers says FERMA
The development and application of artificial intelligence (AI) has growing implications for European risk managers, the Federation of European Risk Management Associations (FERMA) has told the European Commission.
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• UK / Europe

ENISA publishes online tool for IoT risk assessments
ENISA, the EU security agency, has released an online tool aimed at helping IoT users to conduct risk assessments and to save time when identifying threats and prioritising security areas of importance.
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• Europe

Assessing the impacts of a global ransomware attack
A new report published by Lloyds explores the impacts and economic costs of a future highly effective ransomware attack and concludes that the global economy is not ready to deal with such an attack.
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• World

Daisy

DEWA and BSI agree to develop a risk management standard for the energy and utilities sector
The Dubai Electricity and Water Authority (DEWA) and the British Standards Institution (BSI) have signed an agreement to develop the PAS 60518:2020 standard for risk management in the energy and utilities sector.
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• World

Financial institutions are beginning to re-engineer their risk management systems: Deloitte survey
In a volatile market environment and with the edict to ‘do more with less’, many financial institutions are beginning efforts to re-engineer their risk management programs, according to a new survey by Deloitte.
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• US / World

Survey of corporate leaders finds that executives’ lack of proper risk governance is putting their businesses in jeopardy
Company executives are not adequately identifying and preparing for risks that can have potentially catastrophic implications on business operations, according to DuPont Sustainable Solutions’ (DSS) annual global survey of company executives.
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• World

Risk Logic

Third party risk management trends and insights for 2019
Today’s business climate dictates that organizations will need to continue to rely on third parties to remain competitive and alleviate internal processing burden. All of these relationships present some sort of risk to organizations that requires managing and monitoring.
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• World

Global talent shortage is now the top emerging risk facing organizations: Gartner
Staff shortages have escalated in the last three months to become the top emerging risk organizations face globally, according to Gartner, Inc.’s latest Emerging Risks Survey.
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• US / World

The 2019 South Africa risk profile: business resilience will be key
ContinuitySA has published a list of the most pressing risks facing South African companies in 2019; and highlights how resilience enables organizations to respond to whatever threats emerge during the year.
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• Africa

eBRP

The World Economic Forum issues its annual Global Risks Report
Each year the World Economic Forum publishes its ‘Global Risks Report’ which assesses the risk climate around the world and horizon scans emerging risks. It incorporates the results of a survey of approximately 1,000 experts and decision-makers around the world.
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• World

Cyber incidents join business interruption as the risks most worrying businesses
The recently published Allianz Risk Barometer 2019 says that traditional risks such as natural catastrophes continue to challenge, while other threats, including business interruption and reputational risk, continue to evolve.
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• World

Cyber risks are the biggest threat to business say risk managers
Sword GRC has published findings from its annual survey of global risk managers. Almost 150 risk managers from highly risk-aware organizations worldwide were canvassed for their opinions. Overall, cyber risks are seen as the biggest threat to business, with a quarter of organizations stating that this is the case.
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• Various

Extended enterprise risk management will be a focus in 2019: survey
A recent survey by Deloitte has shown that organizations are concerned about several extended enterprise risks, including supply chain, financial, regulatory, legal, and strategic. Organizations need to manage these areas centrally, leading to an expectation that ‘extended enterprise risk management’ (EERM) will be a 2019 priority.
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• US / World

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