As you prepare to face the week ahead (professionally and personally), I would like to take a small point of privilege and respectfully suggest that effective and modern risk management is not, cannot be, just the methodologies, the standards, or the processes. Modern risk management is not a stand-alone process or a “fait accompli.” Much more…
How is that possible? (OK, OK, I AM SHOWING MY BIASES HERE) As you all may know, Operational risk assessments are essential tools for identifying potential hazards, vulnerabilities, and areas of improvement within an organization’s operations. By conducting these assessments, WASA can better understand the possible consequences of changes to their operations and develop strategies to…
As companies develop their strategic plans, I submit that agility must be one of the pillars of that plan. Companies must employ horizon scanning, using both a microscope and telescope to ensure they are looking at not only what is happening and immediate (what is close) but also what can happen (i.e., future-proofing) and what is farther away….
If operational risk failures can happen to a bank with a US200 million dollar asset base, what about your bank? Why are we so comfortable (normalized deviance, confirmation bias, or availability bias?) with the internal controls of our banks in the Caribbean? “The Office of the Comptroller of the Currency announced on Wednesday that the bank…
“Objects in the mirror are closer than they appear” is the “warning sign” on your vehicle’s door mirrors. Applying this warning to the risk management space, one can identify Examples of risks that are much closer to your organization (and you) than they may appear to be: I would also like to “tweak” that warning sign and…
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…
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…
