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Click here to access subscription content at The RTJ Bridge - The Premium Version of The RiskTech Journal 〰️
The RiskTech Journal
The RiskTech Journal is your premier source for insights on cutting-edge risk management technologies. We deliver expert analysis, industry trends, and practical solutions to help professionals stay ahead in an ever-changing risk landscape. Join us to explore the innovations shaping the future of risk management.
Charting the Future of Risk: The 2023 IRM Navigator™ Technology Market Reports
Risk management has become a paramount concern for organizations across industries in an era of rapid technological advancement, globalization, and ever-shifting regulatory landscapes. The growing business complexity and interconnectivity demand an integrated approach, propelling Integrated Risk Management (IRM) into the spotlight. IRM is no longer an option but necessary, shaping the contours of resilience, compliance, performance, and assurance.
The Future of Cybersecurity: Navigating NIST CSF 2.0 with IRM
In the complex and ever-changing cybersecurity landscape, the NIST Cybersecurity Framework (CSF) 2.0 emerges as a beacon for organizations striving to manage and mitigate cybersecurity risk. Integrated Risk Management (IRM) technology plays a pivotal role in this journey, bridging the gaps between various risk management disciplines and fully integrating cybersecurity risk with Enterprise Risk Management (ERM).
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.
Decoding the New SEC Cybersecurity Rules: Material Incident Reporting and Risk Management Disclosures
The Securities and Exchange Commission (SEC) recently adopted new rules to enhance and standardize public companies’ cybersecurity incident reporting and risk management disclosures. These rules, effective in December, represent a significant shift in the regulatory landscape. Companies must act now to ensure they are prepared, and Integrated Risk Management (IRM) can play a crucial role in this process.
Navigating Cybersecurity: The SEC's New Disclosure Rules and the Role of Integrated Risk Management
In response to the escalating significance of cybersecurity threats in today’s digital era, the Securities and Exchange Commission (SEC) has set the stage for a major transformation in corporate cybersecurity disclosures. Integrated Risk Management (IRM) can serve as the perfect ally to companies as they adapt to these changes.
The Dunning-Kruger Effect in Humans and Its Echo in AI: How IRM Can Help
Artificial Intelligence (AI) has become pervasive in our society, transforming how we work, communicate, and solve problems. However, it’s not immune to the cognitive biases that its human creators hold. An intriguing example is the Dunning-Kruger effect, a cognitive bias in humans that can inadvertently permeate AI systems, posing unique risks.
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.
3 Ways IRM Offers a Path Forward for Fragmented Risk Disciplines - Including GRC
In the dynamic world of business, organizations are constantly exposed to myriad threats and risks. To tackle these challenges, companies traditionally deploy different risk management disciplines tailored to address specific facets of risk. These disciplines include Operational Risk Management (ORM), Information Technology Risk Management (ITRM), Enterprise Risk Management (ERM), and Governance, Risk and Compliance (GRC). GRC is most often the outlier among these risk management disciplines due to its legacy nature as a standalone function. While this was accepted in the past, it is a significant barrier to more effective ways of managing risk.
EU's “Digital Decade Strategy” Demands IRM
In an era defined by digital revolution, the European Union (EU) has embarked on an ambitious journey called the 'Digital Decade', aiming for digital excellence by 2030. However, as we step further into this digital frontier, we confront an intricate web of potential risks. An increasingly relevant tool to counteract these hazards is integrated risk management (IRM) technology. This technology could prove instrumental in navigating the inherent digital risks while ensuring a successful and secure digital transformation.
5 Steps to Transform the Digital Risk Landscape into Business Advantage
Digital risk, a term traditionally associated with negative connotations, is coming to the forefront of boardroom discussions. Yet, understanding and managing this risk can unlock many opportunities for businesses, from improving the quality of digital products and services to enhancing the organization's competitiveness.
Digital Risk Deciphered: Eight Key Questions for Business Leaders
Business leaders, including board directors and the senior executive team, need to actively engage in discussions about digital risk. To guide these discussions, here are eight questions every leader should be asking about their organization's digital risk landscape.
Turning Risk into Opportunity: The Threefold Path of IRM
In today's increasingly complex and interconnected digital business environment, managing risks effectively is paramount. Integrated Risk Management (IRM) has emerged as a strategic approach to this challenge, founded on three critical pillars—framework, metrics, and technology.
The IRM Advantage: How Boards Can Navigate Digital Risks and Regulations
In the relentless tide of digital innovation, board members find themselves grappling with a new business challenge - digital risk. Defined as the risk manifested through technology and integrated into business operations, digital risk, including cybersecurity, has become a pivotal concern in the age of accelerated digital transformation.
The Sweet Potential and Hidden Risks of AI: An Investigative RiskTech Journal Report
This article explores the transformative potential of Artificial Intelligence (AI) and its paradox. On the one hand, AI is like an artificial sweetener, enhancing our experiences and offering transformative advantages. On the other, without proper understanding, it can lead to unwanted outcomes. Through this lens, integrated risk management (IRM) provides the vital balance we need in the world of AI.
The Federal Digital Platform Commission and EU Tech Acts: An In-Depth Review
This article probes into the detailed components of the proposed FDPC in the US, juxtaposed against the European Union's Digital Services Act (DSA), Digital Markets Act (DMA), and AI Act, to understand the possible alignment of these regulatory frameworks.