board accountability

Increased Board Accountability is Real

By this point, the Volkswagen scandal is old news (we first blogged about it last October). Yet details about the case continue to emerge, most recently about board accountability. As of last week, a Volkswagen “internal probe into its emissions-cheating scandal found no evidence of wrongdoing by members of senior management…” In other words, VW’s…

operational risk management

Risk Identification and Monitoring Ensure Hospitals, Labs, and Retailers Remain in Compliance with EPA Standards

In light of recent events, the Environmental Protection Agency is using new monitoring techniques to evaluate the quality of companies’ classifications and reporting of hazardous materials. Ironically, as we all learned recently, even the EPA itself isn’t immune to catastrophic, if preventable, mistakes. New compliance regulations increase the importance of standardized risk identification, mitigation, and…

board accountability

Volkswagen Side-Steps Enterprise Risk Management

Volkswagen has been side-stepping environmental compliance standards by “programming some diesel-fueled cars to turn on emission controls only when being tested.” In the days since this discovery, Volkswagen has been hit with over 30 federal lawsuits and 40%+ decline in stock value, all stemming from the same source—poor Enterprise Risk Management. In this case, poor…

What to Present to Your Risk Committee

The RIMS Risk Management Society (LogicManager’s co-author for the RIMS Risk Maturity Model) promotes the adoption of Risk Committees for organizations looking to formalize their enterprise risk management processes. With more organizations adopting risk committees or similar governance groups, the question remains: What should risk managers present to their risk committee; or conversely, what should…

HITRUST CSF

How ERM Integration Creates Efficiencies

Lack of transparency makes risk, performance and compliance information hard to discover, collect and maintain. Within every organization, governance areas are conducting activities, each based on different assumptions with different standards, all of which contain a risk component. While these are typically not thought of as risk activities, when the responsibilities of each governance area…

ERM regulation

SEC Reprioritizes ERM in 2014

The Security and Exchange Commission announced its examination priorities for the New Year, and Enterprise Risk Management heads the list. The priorities, selected by Senior Staff from the National Examination Program, aim to address areas of weakness that threaten fair, orderly, and efficient markets. On the subject of Enterprise Risk Management, the NEP states that…