Risk Taxonomy

Risk Taxonomy Step 2: Connecting What Matters

Organizations need to build a robust Enterprise Risk Management (ERM) framework or risk taxonomy, which provides a holistic view of all information and relationships across the organization. Taxonomy structures and preserves the integrity of information, so as changes occur in multiple parts of the organization, managers can compare risks on an ‘apples to apples’ basis and…

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Risk Taxonomy

Building a Risk Taxonomy: Finding What Matters

Risk taxonomy is the framework of naming, organization and managing the relationships to manage your risk information. Your ERM program and any Enterprise Risk Management (ERM) software you use depends upon it. Most organizations have an organizational chart of how their people are connected. To be effective in risk management, organizations must also have an organizational chart of…

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operational risk management

5 Reasons Why You Need ERM Software

How do you manage the uncertainty of what has not happened yet? That’s where enterprise risk management software (ERM Software) also known as operational risk management software comes in. It tracks the emerging risks and changes to existing risks across the enterprise and connects these changes to the activities and business metrics that run the business. A change…

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RIMS ERM

Landmark Risk Management Study to be Updated

Last week, at RIMS ERM Conference 2011, we announced that LogicManager and RIMS (The Risk and Insurance Management Society) have selected Queens University Management School (QUM) to update the landmark 2008 study that quantified a direct, positive relationship between the maturity of an organization’s risk management framework and its business performance.  Read the full press release…

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risk framework

Risk Monitoring: What Cantaloupe and Citigroup Have in Common

Two stories in the news recently that highlight failures in risk monitoring have caught my eye: one involving a listeria outbreak caused by tainted cantaloupe, and the other involving Citigroup losing $285 million for defrauding investors. In the cantaloupe story, the deadly, nationwide listeria outbreak was traced to a packing facility in Colorado operated by Jensen Farms, in which factors…

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vendor management

5 Steps for Better Risk Assessments

Risk managers are charged with ensuring transparency, alignment, and forward looking views throughout the organization.  The way this is achieved is through risk assessments. Successful enterprise risk assessments can be a powerful tool for board and management level strategic decision making by connecting business activities to goals and identifying the risks that threaten to derail…

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Risk management reporting

Takeaways from EGRC Magic Quadrant

Recently, Gartner released its 2011 Magic Quadrant for enterprise governance, risk, and compliance (eGRC) software.  While the report highlights the top vendors of eGRC, which includes LogicManager, it also identifies some revealing trends within the eGRC marketplace based on reliable consumer feedback.  The most notable trend recognized is the shift towards enterprise risk management (ERM) software by…

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High risk subjects

What the Board Should Know About IT Risk Management

Recently organizations have been faced with the increasing threat of cyber attacks, whether from external hackers such as lulzsec or from internal attacks such as wikileaks.  Your customers’ personally identifiable information, organization’s intellectual property, and confidential files are all vulnerable to attack. How prepared is your IT Risk Management? How vulnerable is your organization to a…

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