Despite looming federal reporting requirements for publicly traded companies in the U.S. (and newly released requirements in the EU), many companies still fail to incorporate ESG fully into their risk management frameworks. Compliance professionals Ximena Restrepo and Nakis Urfi offer tips to break down silos. While some U.S. organizations have taken a proactive approach assessing ESG risks, many still struggle to incorporate these risks into their existing compliance, legal and enterprise risk management (ERM) programs while breaking down siloed communications among their leaders.  C ..read more

KPIs, policies & procedures and integrated risk management frameworks Whitepaper ESG, ERM & Compliance Reporting What’s in this whitepaper from CCI and author Ximena Restrepo: While some U.S. organizations have taken a proactive approach assessing environment, social and governance (ESG) risks, many still struggle to incorporate these risks into their existing compliance, legal and enterprise risk management (ERM) programs while breaking down siloed communications among their leaders. Compliance professionals have an opportunity to transform and create a unified risk man ..read more

Persistent inflation and economic issues have unseated the war for talent as the biggest long-term risks facing business leaders around the world, according to a new survey by Protiviti and NC State University. But the next 10 years will see that change. The survey of more than 1,100 board members and C-suite executives from global organizations paint a picture of the biggest risks today — and what are expected to become the biggest risks by 2034, and while some things never change (regulatory scrutiny made it into the top five for both today and tomorrow), technological advancements are exp ..read more

Demand for strategic and seasoned risk leaders is on the rise, a new RIMS survey reports, with U.S.-based enterprise risk management directors seeing their salaries climb more than 13% since 2021. U.S. risk professionals at all levels have seen their compensation increase by an average of 7%, according to RIMS’ survey of about 1,100 North American risk professionals, while Canadian risk professionals saw a more modest 2% increase since 2021. A few more findings from RIMS’ report, which explores the impact of education, experience and demographics: The median annual base salary for U.S. risk ..read more

Risk in Focus provides practical, data-driven research to help internal auditors and their stakeholders understand today’s risk environment and prepare audit plans for the year ahead. Whitepaper 2024 Risk in Focus Survey Results Global Summary What’s in this Survey Report from the Internal Audit Foundation: Global Risk in Focus provides practical, data-driven research to help internal auditors and their stakeholders understand the current risk landscape and prepare internal audit plans for the years ahead. The research represents an ambitious expansion of the European Institutes ..read more

Protiviti’s Jim DeLoach revisits some of his writing from half a decade ago to see if companies are making good on the promise offered by technology to deepen the effectiveness of their risk management processes. Five years ago, I contributed an article to these pages titled, “Does ERM Really Matter in Your Organization?” This article described the status quo in risk management as I envisioned it at that time and concluded that more needed to be done to elevate risk management to help organizations face the dynamic realities of the 21st century.  I pointed out that risk management, as a ..read more

Chief audit executives have identified risk orientation, stakeholder management and team leadership as the three biggest characteristics of effective audit executives, according to a new Gartner survey. The survey of 114 chief audit executives (CAEs), which was conducted in the spring, sought to quantify executive effectiveness across 180 areas to determine the most important traits. The six biggest include management satisfaction; CAE and audit department performance; perception of the CAE; audit engagement quality; CAE impact; and team engagement. “Risk orientation was the single biggest f ..read more

3-D Risks Require a 3-D Approach On paper, risks may seem one-dimensional, but they can be far more complex in reality. A one-dimensional approach to three-dimensional risks won’t suffice. Especially at a time when risk management is undergoing a global transformation, organizations must ensure ERM is creating value for the organization. If you haven’t noticed lately, risk management is going through a global transformation wherever you look! The COSO ERM framework is being revised with a new tagline, Enterprise Risk Management – Aligning Risk with Strategy and Performance.  Dennis Chelse ..read more

Is Yours Missing the Point? The purpose of risk management isn’t solely to avoid and mitigate risks – it’s a key part, yes, but most risk professionals overlook the also critical bit about improving business processes and decisions.  Here are three common traps risk managers and consultants fall into. Warning: this article may upset some conservative risk managers. Risk management in modern nonfinancial companies is very different compared to, say, five years ago. The level of risk management maturity, for lack of a better word, has grown significantly. As more and more companies acr ..read more

Some early-stage, high-growth companies choose to stay private instead of going public in part so that they have the opportunity to grow under the radar without intense scrutiny from securities regulators and the press.  However, as Elizabeth Holmes, the founder, chairman and chief executive officer of Theranos, recently learned, staying private does not guarantee that a company will avoid becoming the target of investigative reports by major media outlets or coming under fire from business partners.  If a company has not prepared in advance to weather these storms, in the worst case ..read more