Risk management has never been more relevant in an increasingly volatile, complex, and hyperconnected world and should be considered a force multiplier. Yet, many large and small organizations have yet to deploy effective modern-day risk management. How many organizations adjust/tweak their strategic plans as risks emerge and are amplified? How many are considering future risks that may…
(a play on the song by Ricky Martin, Livin Lavida Loca) VUCA is a term that has its origin in the US Army, but the business/risk fraternity has begun using this trendy acronym to describe the environment that we now all find ourselves working and living in. VUCA stands for Volatile, Uncertain, Complex, Ambiguous. VUCA conflates four…
“The Office of the Attorney General and Ministry of Legal Affairs (AGLA) (Trinidad and Tobago) has detected a cyber-attack on its network. In a media release yesterday, The Ministry of Digital Transformation said that “This unauthorized and illegal access has negatively impacted operations at the AGLA and certain associated Divisions. Having taken actions to minimize…
And the answer is…………..you decide… Twitter threatens trade secrets lawsuit over Meta’s Threads app. Alex Spiro, a lawyer for Twitter, accused Meta of engaging in “systemic, wilful and unlawful misappropriation of Twitter’s trade secrets and other intellectual property” in a letter addressed to Zuckerberg dated Wednesday. The letter claimed that Meta had hired “dozens” of…
Did you know that: According to NIST: AI systems are inherently socio-technical in nature, meaning societal dynamics and human behavior influence them. AI risks – and benefits – can emerge from the interplay of technical aspects combined with societal factors related to how a system is used, its interactions with other AI systems, who operates it, and…
Several US federal government agencies have been hit in a global cyberattack by Russian cybercriminals that exploits a vulnerability in widely used software, according to a top US cybersecurity agency. Aside from US government agencies, “several hundred” companies and organizations in the US could be affected by the hacking spree, (according to a CNN report). Since late last month,…
Hello folks, We now find ourselves living and working with a pace of change, unpredictability, degree of uncertainty, and interconnectedness of risks and events that have transformed our environment.And if you throw in the continuous evolution and revolution of AI, that rate of change is going to move even faster. So what should you be doing…
While the entirety of risk management is undoubtedly now more complicated, Insider Risk in particular continues to be one of the most difficult to detect and reduce. CISA defines insider threat as the threat that an insider will use their authorized access, intentionally or unintentionally, to do harm to the department’s mission, resources, personnel, facilities,…
“The bank waited too long to address its problems and, ironically, the overdue actions it finally took to strengthen its balance sheet sparked the uninsured depositor run that led to the bank’s failure,” said Barr (Federal Reserve Vice Chair), adding that there was “inadequate” risk management and internal controls. The above questions apply to YOUR organization…
Risk management is not a panacea or a fait accompli to value protection in any institution. The most recent failures of the Banks in the US and including Credit Suisse are proof of that. Your risk managers, internal audit, and your external auditors may be “blind” to some risks if their focus continues to be singularly on “accounting”…
