cybersecurity vulnerabilities

Risk Management Challenges for the Insurance Industry

Risk is a double-edged sword for insurance companies. On one hand, customers buy coverage because their businesses face a variety of risks. On the other hand, risk management challenges for the insurance industry are numerous. These include risks like “underwriting, credit, market, operational, liquidity risks, etc.,” according to the National Association of Insurance Commissioners (NAIC).…

adapt to political risk using enterprise risk management

Regulators Target Risk Management Negligence in Small to Mid-Sized Firms

Last month, the Consumer Financial Protection Bureau (CFPB) investigated Dwolla, an e-commerce and online-payment company. It found Dwolla guilty of risk management negligence regarding data security practices. The investigation has some significant implications. Before we take a deeper look, here are a few key takeaways: Dwolla payed a civil penalty of $100,000, despite the fact…

good governance is made possible by ERM

Ignorance Is No Longer an Excuse for Poor Board Oversight

Gerry Grimstone, keynote speaker at the IIA’s recent conference in London, has a message for senior executives. “You can’t easily blame a board member for not knowing something,” Grimstone said. “But you can blame a board member for creating a culture where he doesn’t know something.” Grimstone spoke at length about the latest example of…

Credit Union Industry

Five Reasons Your Company Hasn’t Adopted ERM Software, and Five Reasons it Should

The Risk and Insurance Management Society (RIMS) has released two executive reports, “Why a Mature ERM Effort is Worth the Investment” and “Testing Value Creation through ERM Maturity.” Together, these reports look at recent findings that detail the benefits of investing in enterprise risk management. Despite evidence that mature ERM programs add significant value, many…