The Benefits, Value of Crisis Simulation

From Delloitte CIO Journal -

More organizations are turning to crisis simulations to test their ability to respond to unexpected events. When well-planned and executed, these exercises provide participants with a realistic sense of their roles and responsibilities during a crisis and help to reveal blind spots. Four organizations from different industries that have undertaken crisis simulations in recent years share lessons they’ve learned and benefits they’ve derived from the experience.

Five key drivers to integrating a successful GRC platform

From Information Age –
“With the ever-changing regulatory landscape, companies and organisations are finding that an increased level of awareness of governance, risk management and compliance (GRC) has become crucial to the corporate psyche and lifecycle of a company.

One of the biggest opportunities and challenges for organisations is determining what type of GRC platform is needed, and in tandem, how to successfully implement this framework into everyday business practices.

In a recent study examining challenges at 86 financial institutions, Deloitte reports that over 85% of respondents felt organisations would benefit from integrating and streamlining the use of technology for GRC activities enterprise-wide. This number is quickly on the rise as governance practices continue to take a front seat in the financial world.”

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Boards Failing to take Ownership of Cyber Risks

From Continuity Central

“Despite growing levels of awareness and understanding of cyber risk among large and medium-sized corporations across the UK and Ireland, board-level ownership of the issue remains comparatively low with many firms relying on their IT departments for the strategic direction of their cyber risk strategies.

According to the Marsh Risk Management Research, UK & Ireland 2014 Cyber Risk Survey Report, cyber risk now features prominently on the corporate risk registers of organizations across the UK and Ireland, with one quarter (24 percent) of respondents placing it in the top five risks they face and over half (56 percent) placing it in their top ten.”

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Exercising Risk Oversight: Five Questions for Boards to Consider

From Wall Street Journal

 “Boards of directors are working hard to define and fulfill their risk governance and risk oversight roles and responsibilities. The changing economic, business, competitive and regulatory landscapes ensure that this work will continually evolve, so staying abreast (or ahead) of developments is the order of the day. Within that context, and given competing responsibilities, boards need to direct their risk oversight efforts toward the most productive areas and assist management in ways that most benefit shareholders and other stakeholders.

Stephen Alogna, director, Deloitte & Touche LLP, discusses ways in which boards of directors can sharpen their focus on risk. Further below, Dan Konigsburg, managing director of the Deloitte Global Center for Corporate Governance, Deloitte Touche Tohmatsu Limited (DTTL), takes a closer look at global practices regarding board-level risk committees.”

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