The Financial Industry Regulatory Authority (FINRA) releases an annual letter outlining its Regulatory and Examination Priorities for the upcoming year. In line with letters and rules from other regulatory bodies such as the SEC, NAIC, and FFIEC, the 2016 FINRA Priority Letter puts the spotlight on risk and control management. What, specifically, are the FINRA…
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…
[Editor’s Note: The field of enterprise risk management is growing rapidly. Our new series, brought to you by the LogicManager Analyst Team, will keep you up to date on the latest news and developments in ERM.] Many business cases for enterprise risk management programs begin with what senior management can expect in terms of return…
We recently introduced the latest findings from studies of the RIMS Risk Maturity Model (RMM). In an effort to explain the model and results of the study more fully, it’s beneficial to break the RMM into each of its attributes. This week we’ll examine the first two attributes of an effective Enterprise Risk Management program,…
Hack Wilson was an MLB star in the 1920’s, but he had a drinking problem. Realizing his potential, Hack’s manager pulled him into the dugout and said, “If I drop a worm into a glass of water, it swims around fine. If I drop it into a glass of whiskey, it immediately dies. What does…
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…
With so many risk management standards and government regulations out there that require risk assessments, how should internal audit evaluate the effectiveness of your organization’s risk management program? How would you apply any one of these frameworks to an audit? How do you meet the reporting requirements of so many external stakeholders from regulators to investors to…
Getting the initial commitment for ERM is half the battle for a Risk Manager, and then meeting expectations with concrete results can be just as daunting a challenge. The RIMS Risk Maturity Model (RMM) allows you to score your organization’s risk management program, prioritize what areas need the most improvement, and achieve your business goals…
Articles on Enterprise Risk Management (ERM) typically provide valuable examples, but many risk managers have been asking for quantitative evidence supporting ERM standards. With contributions from the RIMS ERM Committee, I developed the RIMS Risk Maturity Model to meet the need of actionable guidelines that risk managers could use to generate requirements for their ERM…