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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.
The Strategic Evolution of Chief Risk Officers: Catalyzing Integrated Risk Management
Recent insights from the Optimising Growth: The Evolving Role of the Chief Risk Officer report by Bayes Business School and the IRM Navigator™ Buyer Persona Guide by Wheelhouse Advisors underscore the pivotal transformation of Chief Risk Officers (CROs) as strategic enablers within Integrated Risk Management (IRM). These findings highlight the growing importance of IRM frameworks in addressing the complexities of modern risk landscapes and fostering sustainable growth.
A Pivotal Moment for Integrated Risk Management: Lessons from Oracle's GRC Exit
Oracle's announcement to discontinue its Governance, Risk, and Compliance (GRC) solution by May 2025 marks a significant turning point in the Integrated Risk Management (IRM) landscape. This decision underscores the necessity for unified frameworks that encompass all risk domains: Governance, Risk, and Compliance (GRC), Enterprise Risk Management (ERM), Technology Risk Management (TRM), and Operational Risk Management (ORM). As businesses face increasingly complex regulatory environments and interconnected risks, the need for integrated approaches has never been greater.
Autonomous IRM: How AI Agents Are Redefining Risk Management for the Future
AI agents transcend traditional tools, evolving into intelligent systems capable of perceiving, predicting, and proactively responding to risks in a complex, interconnected world. This article explores the transformative potential of AI agents within IRM, including innovations such as dynamic internal controls, the challenges they introduce, and the implications for the future of risk management.
How Integrated Risk Management Will Propel the Board Agenda in 2025
As we step into 2025, corporate boards face an increasingly complex risk landscape characterized by geopolitical shifts, economic uncertainty, technological disruption, and heightened stakeholder expectations. Integrated Risk Management (IRM) is set to play a pivotal role in helping boards navigate these challenges and align risk oversight with strategic priorities. Leveraging insights from recent reports on board and audit committee agendas, this article explores how IRM will shape boardroom discussions and drive value creation.
Evolving Digital Risks: The Case for Integrated Risk Management
The recent settlement agreement between General Motors (GM) and the Federal Trade Commission (FTC) over privacy concerns related to the now-discontinued Smart Driver program underscores the complex and evolving nature of digital risks. While GM has taken significant steps to address the situation, this incident highlights a broader issue: the rollout of new technologies and services without adequate risk assessment and control mechanisms. As organizations innovate, they must simultaneously mitigate the digital risks inherent in connected products. Integrated Risk Management (IRM) can play a vital role in achieving this balance.
Integrated Risk Management in Healthcare: Managing AI's Rapid Evolution with a Responsible Approach
This article explores the need for a holistic risk management framework to address the evolving AI use cases in healthcare. As part of our 2025 Integrated Risk Roadmap, we emphasize the critical role of IRM in ensuring that AI-driven innovations align with ethical standards, regulatory expectations, and patient trust.
The Implications of DORA Starting Today: Opportunities for Integrated Risk Management to Drive Resilience
Today, January 17, 2025, marks a turning point for the European financial sector as the Digital Operational Resilience Act (DORA) officially takes effect. This comprehensive EU regulation introduces a harmonized framework for managing ICT risks, requiring financial institutions and their ICT third-party service providers (TPSPs) to meet stringent requirements for governance, incident reporting, and resilience. This article explores the implications of DORA, highlights the four key objectives of IRM, and provides guidance for financial institutions as they navigate this new regulatory environment. For further insights, visit wheelhouseadvisors.com.
Discover Wheelhouse Advisors’ 2025 Integrated Risk Roadmap for Research and Insights
As the world of risk management evolves, Wheelhouse Advisors remains at the forefront of delivering insights, research, and actionable strategies to navigate the complexities of today’s dynamic risk landscape. In 2025, we will focus on four overarching themes corresponding to the key segments of the Integrated Risk Management (IRM) framework: Technology Risk Management (TRM), Operational Risk Management (ORM), Governance, Risk and Compliance (GRC), and Enterprise Risk Management (ERM). These themes will guide our content delivery through the IRM Navigator™ Reports, IRM Vendor Compass™ Ratings, The Risk Wheelhouse podcasts, and articles in The RiskTech Journal.
NIS2 and the Global Risk Landscape: Harnessing Integrated Risk Management to Stay Ahead
The EU’s NIS2 Directive represents a significant evolution in cybersecurity governance, and its ripple effects are set to transform compliance landscapes for companies worldwide. Despite uneven transposition across EU member states, NIS2's broader implications underscore the urgency for proactive risk management strategies. Companies can leverage Integrated Risk Management (IRM) solutions to turn these regulatory challenges into competitive advantages.
Navigating the DORA Deadline: Why Integrated Risk Management is Critical
The clock is ticking for financial institutions and ICT suppliers as the EU’s Digital Operational Resilience Act (DORA) prepares to take effect on January 17, 2025. This ambitious regulatory framework aims to bolster the financial sector's resilience against cyber disruptions, mandating a series of stringent requirements on operational monitoring, incident reporting, and third-party risk management. Yet, the urgency of compliance efforts has uncovered a glaring challenge: organizations without Integrated Risk Management (IRM) systems risk falling short of these critical obligations.
The Future of AI Agents in Integrated Risk Management
The digital transformation of risk management has entered a new era with the emergence of AI agents, autonomous systems that promise to revolutionize how organizations approach integrated risk management (IRM). These sophisticated systems represent more than just an automation tool; they offer a fundamental shift in how organizations identify, assess, and respond to risks across their operations. As organizations face increasingly complex risk landscapes, AI agents provide the capability to handle this complexity while maintaining the comprehensive perspective essential to effective IRM.
How S&P 100 Leaders Drive Cybersecurity Excellence Through Integrated Risk Management
Recent insights from the Gibson Dunn report, Cybersecurity Overview: A Survey of Form 10-K Cybersecurity Disclosures by the S&P 100 Companies, highlight key trends and practices among public companies. Integrated Risk Management (IRM) is increasingly recognized as the critical approach enabling organizations to meet these requirements while driving strategic value. In this analysis, we'll explore the evolving regulatory landscape, key trends in cybersecurity disclosures, and how IRM empowers organizations to align their cybersecurity strategies with enterprise-wide governance frameworks.
Looking Back: The RiskTech Journal’s Top 10 Trends and Innovations of 2024
The 2024 edition of The RiskTech Journal provided a front-row seat to the critical shifts and emerging innovations transforming risk management. Through expert insights and in-depth analysis, the Journal detailed how organizations across industries are adapting to a dynamic risk landscape, using tools like Integrated Risk Management (IRM) frameworks and advanced technologies to stay resilient.
The Evolving Perspective on Generative AI: From Technology Risk to Operational Risk
In financial services, generative AI (GenAI) has rapidly emerged as both a transformative opportunity and a formidable risk. According to a recent ORX survey, three-quarters of financial institutions now classify oversight of GenAI under operational risk. This pivotal shift highlights how GenAI is increasingly perceived as a broader business risk rather than merely a technology-specific challenge. For banks and other financial institutions, this development underscores the necessity of integrated risk management (IRM) frameworks to effectively navigate the complexities of AI adoption.
Restating Trust: Tackling the Rise in Financial Restatements with Integrated Risk Management
The financial landscape has been disrupted by a concerning surge in financial restatements among U.S. public companies. According to the Financial Times, 140 public companies reissued their financial statements in the first ten months of 2024 due to material accounting errors—a nine-year high. These restatements erode investor confidence and raise critical questions about the quality of financial reporting, the robustness of internal controls, and the effectiveness of corporate governance. Notable cases, such as Macy's misclassification of $132 million in delivery expenses and Archer Daniels Midland's overstated profits in its nutrition segment, underscore these errors' severe reputational and financial implications. This trend highlights systemic weaknesses that can no longer be overlooked. The rise in restatements calls for a comprehensive solution—one that Integrated Risk Management (IRM) technology and related RiskTech innovations are well-equipped to deliver.
Cyber-Attacks and Corporate Ruin: The Ripple Effects Leading to Bankruptcy
In today's hyperconnected world, cyberattacks have become existential threats capable of reducing even the most established businesses to insolvency. Recent high-profile cases, such as the collapse of National Public Data and the bankruptcy of Stoli Group's U.S. subsidiaries, highlight how cyber breaches and ransomware attacks devastate systems and create cascading impacts that extend far beyond the initial compromise. These incidents serve as cautionary tales about the interconnected nature of operational, financial, and reputational risks in the digital age.
The Key to the RiskTech Kingdom: How the Model Context Protocol (MCP) Unlocks Autonomous IRM
The risk management landscape is transforming as technology evolves to meet the demands of increasingly complex business environments. A new open-source tool from Anthropic, the Model Context Protocol (MCP), could represent the pivotal technology that unlocks the potential of autonomous Integrated Risk Management (IRM) systems. MCP may revolutionize how organizations deploy AI-driven IRM solutions by providing seamless, universal connectivity to diverse datasets. At the heart of this transformation is the emergence of AI agents, which stand to benefit significantly from MCP's capabilities.
The Rising Tide of Cyber Threats: How Integrated Risk Management Can Combat AI-Driven Attacks
The cyber threat landscape is changing rapidly, with artificial intelligence (AI) serving as both a powerful tool for defense and a formidable weapon for attackers. In a recent interview with The Wall Street Journal, Amazon's Chief Information Security Officer, CJ Moses, revealed a staggering increase in daily cyber threats faced by the company. Over the past six to seven months, Amazon has witnessed an escalation from 100 million to an average of 750 million cyber-attack attempts per day. This exponential rise underscores the urgent need for organizations to implement Integrated Risk Management (IRM) strategies to protect their assets in an increasingly complex digital environment.
AI's Transformative Economic Potential and the Accelerated Evolution of Integrated Risk Management
Artificial intelligence (AI) is ushering in a new era that promises to redefine the global economy and risk management landscape. Recent projections by IDC estimate that AI will contribute a staggering $19.9 trillion to the global economy by 2030, driving 3.5% of the worldwide GDP. For every dollar invested in AI, an impressive $4.60 is expected in economic returns. Simultaneously, KPMG International's 2024 Future of Risk report reveals that 61% of executives anticipate a significant increase in risk levels over the next three to five years.
Cyberattack on Grocery Giant Exposes Global Risk Management Gaps
As organizations like Ahold Delhaize increasingly rely on technology for inventory management, e-commerce, and logistics, cyber disruptions can extend beyond IT systems to affect global supply chains and customer trust. This event serves as a wake-up call for businesses globally to adopt an Integrated Risk Management (IRM) approach to ensure performance, resilience, assurance, and compliance in an interconnected digital landscape.