RiskTech Journal
Managing Risk, Embracing Technology
In today's dynamic business landscape, managing risk and embracing technology are essential components of sustainable success. The RiskTech Journal delivers timely insights for business leaders seeking better ways to manage risk using modern approaches and tools. Harnessing the power of technology enables businesses to optimize processes, enhance decision-making, and stay competitive in an increasingly digital world.
Browse the latest RTJ insight articles and news updates and below
The RiskTech Journal Online Subscription is a premier resource for executives and professionals focused on the intersection of risk management and technology. It provides subscribers with access to a curated collection of articles and expert insights designed to enhance risk management strategies through technological innovation. With its online format, the RiskTech Journal offers flexible access to critical information, helping leaders make informed decisions and stay competitive.
RiskTech Insight Articles
Climate Disclosure Unveiled: Optimizing Risk Management in Response to SEC's Final Rules
The U.S. Securities and Exchange Commission (SEC) has enacted groundbreaking rules requiring companies to disclose their climate-related risks, marking a significant milestone in our collective journey towards sustainability and transparency in the financial world. Among these rules, the stipulation for registrants to disclose their processes for identifying, assessing, and managing material climate-related risks, and the integration of these processes into their overall risk management systems, stands out as a clarion call for a more sophisticated, integrated approach to risk management.
IRM at the Crossroads of Digital and Sustainability Risks
Risk management is undergoing a significant transformation in the rapidly evolving world of business. Integrated Risk Management (IRM) is at the forefront of this change, offering a strategic framework that navigates through both traditional and emerging risks. The "15 Trends Reshaping Business Risk Management Strategies," highlighted by The Newsweek Expert Forum, underscores the critical role of IRM in addressing a wide array of challenges, including the increasingly pivotal areas of digital and sustainability risks.
The SEC Eyes Digital and Sustainability Risks: How Can IRM Help?
Gary Gensler, Chair of the Securities and Exchange Commission (SEC), yesterday delivered a thought-provoking speech at Yale Law School, addressing the opportunities and challenges presented by digital risks (encompassing Artificial Intelligence) and sustainability risks (including climate change). While acknowledging the potential benefits of AI, he emphasized the need for robust risk management frameworks to address issues like explainability, bias, and systemic risk. This raises the crucial question: how can Integrated Risk Management (IRM) help companies navigate this evolving landscape?
How Integrated Risk Management Helps Businesses Comply with California's New Climate Laws
California is setting a new regulatory precedent with the passage of Senate Bill 253 (SB 253) and Senate Bill 261 (SB 261), collectively aimed at enforcing climate-related disclosures among large companies. These pioneering laws pave the way for a national wave of similar regulations, including pending rules from the Securities and Exchange Commission (SEC). In the midst of this regulatory shift, Integrated Risk Management (IRM) emerges as a crucial methodology for comprehensively managing the complexities of climate-related disclosure.
The ESG Controller in the Age of Regulatory Shifts and Integrated Risk Management
The rapid evolution of the ESG Controller role underlines the pressing need for organizations to standardize and validate their ESG reporting processes. Recent data from AuditBoard reveals substantial gaps in ESG program readiness, further emphasizing the critical function of ESG Controllers in mitigating compliance risks. Integrated Risk Management technology offers a pathway to bridge these gaps, ensuring that companies are compliant and better positioned to navigate an increasingly complex regulatory landscape.
Four IRM Tips for Conquering the Biggest Accounting Experiment in 100 Years
We must go beyond the traditional Governance, Risk Management, and Compliance (GRC) approach focusing on compliance risk to address these new sustainability risk disclosure requirements. While GRC is a critical component of risk management, focusing solely on it can limit our view of specific regulatory mandates, often missing the "bigger picture" of strategic risk. Integrated Risk Management (IRM), on the other hand, incorporates GRC but goes further. Here are four tips to help companies succeed.
EU Commission's Final Rules on Corporate Sustainability Disclosures: A Focus on Materiality and Global Alignment
On July 31, 2023, the European Union's executive body finalized the rules for corporate environmental, social, and governance (ESG) disclosures, confirming earlier moves to ease the requirements. This decision aligns with European Commission president Ursula von der Leyen's pledge to cut red tape across the EU executive's work this year, as companies have expressed concerns about the mounting cost of environmental rules.
Integrated Risk Management: The New Frontier in COSO-Driven Sustainability Reporting
In contrast to the traditional GRC approach, an Integrated Risk Management (IRM) approach offers a more comprehensive and strategic perspective on sustainability reporting. It provides a structured approach to managing the broad spectrum of risks associated with sustainability, including performance, resilience, assurance, and compliance risks.
Global Impact of EU's CSRD: The Essential Three-Step Action Plan
The forthcoming European Union’s (EU) Corporate Sustainability Reporting Directive (CSRD) is poised to transform corporate sustainability reporting. This directive seeks to enhance the transparency of companies' impacts on society and the environment. Here, we present three crucial actions to help you navigate and meet the requirements under this directive.
The Race Begins 1/1/24: Get Ready for the New Age of Sustainability Risk
In 2024, the landscape of sustainability risk disclosures is set for a significant transformation. We are witnessing the simultaneous implementation of the International Financial Reporting Standards (IFRS) Foundation's takeover of the Task Force on Climate-related Financial Disclosures (TCFD) responsibilities, the recent launch of IFRS S1 and S2, and the adoption of the European Union’s (EU) Corporate Sustainability Reporting Directive (CSRD). The United States Securities and Exchange Commission (US SEC) is also gradually adjusting its stance toward this trend with its climate-related disclosure rules.
Steering the Corporate Ship: CEOs See Rough Seas Ahead
CEOs increasingly find themselves at the helm in a dynamic corporate landscape, steering their organizations through rough seas. According to a study conducted by the IBM Institute for Business Value in collaboration with Oxford Economics, the two areas of greatest concern for CEOs over the next three years are environmental sustainability and cybersecurity/data privacy.
ISSB Standards: The New Language for Climate Risk Reporting and the Promise of IRM
As the ISSB standards begin to shape the corporate reporting landscape, companies must harness the power of Integrated Risk Management (IRM) to navigate this new terrain successfully. The introduction of the ISSB standards represents a significant leap forward in standardized, global sustainability disclosures. However, this new language also brings new challenges, making the role of an integrated risk management approach even more vital.
The Tectonic Shift in Global ESG Reporting: A Comparative Look at UK, EU, and US Regulations
The world of corporate reporting is amid a seismic shift, with new ESG reporting regulations in the UK, EU, and the US setting the stage for an era of heightened corporate sustainability and accountability. This article aims to provide a comprehensive overview of these regulatory landscapes and their potential impact on companies worldwide.
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