Your regular update of enterprise risk management news and resources...

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New report shows that companies struggle with digital supply chain visibility
Despite 84 percent of businesses claiming to prioritize third-party risk management, more than 40 percent have insufficient visibility into their digital supply chain.
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• World

A new dawn in risk management: how will AI shape the future of compliance?
AI is set to transform the way companies manage their key business functions – risk and compliance included, says Craig Adams. In this article he explores the opportunities and the challenges that need to be addressed by GRC teams.
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• World

Data sovereignty is key to cyber resilience
Simon Pamplin explains why those organizations still taking a tech-first approach to cyber security are fundamentally misunderstanding the objectives of global data protection regulation – and leaving both individuals and the business dangerously exposed as a result.
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• World

New NIST Public Working Group to work on generative AI risk management
The US National Institute of Standards and Technology (NIST) is launching a new public working group on generative artificial intelligence (AI) that will build on the NIST AI Risk Management Framework to address this rapidly advancing technology.
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• US

Central Bank of The Bahamas sets out enterprise risk management guidance which regulated entities must comply with
The Central Bank of The Bahamas has announced the release of a new regulatory document, Enterprise Risk Management Guidance Notes.
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• Bahamas

Balancing ROI and Risk: A Practitioners’ Guide to Managing AI Security
The Global Resilience Federation (GRF) has released a new publication, ‘Balancing ROI and Risk: A Practitioners’ Guide to Managing AI Security’. This presents the results of a working group, convened with KPMG to facilitate discussions among AI and security practitioners...
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• World

Failure to act ethically is an increasingly damaging risk for organizations
Businesses hoping to ride out the economic downturn by reducing customer service or ditching their environmental and social commitments may find themselves punished by consumers, according to new research by management consultancy Baringa.
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• UK / World

AI is already mission critical for many organizations
A new survey has found that artificial intelligence (AI) is already powering mission critical activities in many organizations, but that digital infrastructure has not yet caught up.
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• World

OSFI launches Climate Risk Forum for Canada’s financial sector
Canada’s Office of the Superintendent of Financial Institutions (OSFI) has launched the ‘Climate Risk Forum’ (CRF) to build awareness and capacity within Canada’s financial sector to respond to climate-related risks.
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• Canada

2023 SONAR report highlights emerging and future risks
The 11th edition of Swiss Re's SONAR report says that the threats on the horizon are developing as dynamically as the technological, geopolitical, and social changes in the world today.
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• World

Email – the mundane but high risk threat zone where many organizations are failing
While the vast majority of CISOs implement email security, there’s an elephant in the room, that urgently needs to be prioritized. Deryck Mitchelson explains…
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• World

Systemic risk and vulnerability analysis of multi-cloud environments
A new academic paper looks at multi-cloud environments and how to address the challenges of analyzing, monitoring, and addressing risks and vulnerabilities.
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• US / World

Gallup report shows record high levels of employee stress
UK security leaders believe that their company’s employees are continually exposing sensitive data to the risk of a breach, yet organization’s are neglecting to take the necessary steps to control the risks.
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• UK

Many European companies have immature approaches to ESG
On 5th January 2023, the EU Corporate Sustainability Reporting Directive (CSRD) entered into force. Under this directive a broader range of companies will be required to report on sustainability from 2024. However, a new survey finds widespread lack of preparation for CSRD, especially with regards to ESG (environment, social, and governance).
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• Europe

US banking regulators issue final guidance on third-party risk management
US Federal bank regulatory agencies have issued final joint guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology companies.
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• US

Out of sight, out of mind? WORM data retention risks explored
Write Once, Read Many (WORM) data is used for a variety of reasons where data integrity, authenticity, and long-term preservation are critical. One area often missed with WORM usage is data retention risk, as Michael Jack explains…
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• World

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