Smart Risk Management What Are Regulators Focusing On

Explore cyber risk and global privacy concerns from a regulatory perspective

Join this illustrious panel as they explore cyber risk and global privacy concerns from a regulatory perspective. With the backdrop of GDPR state sponsored attacks and escalating class action D&O and regulatory penalty risk this is a session that captive owners risk managers CISOs and CLOs cannot afford to miss.

Smart Risk Management To Satisfy Financial Services Regulators
Smart Risk Management based on what are regulators focusing on at the International Cyber Risk Management Conference ICRMC Bermuda December 2018

Captive owners risk managers CISOs and CLOs cannot afford to miss

The International Cyber Risk Management Conference in Bermuda is on 6th to 7th December 2018. Book your seat before the 3oth September 2018 for a $300 discount.

When you register for the conference if you use code RISKTV you will receive an extra 10% discount. So book today to avoid paying more.

Register for International Cyber Risk Management Conference Bermuda December 2018
Register for International Cyber Risk Management Conference Bermuda December 2018

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BusinessRiskTV Explore cyber risk and global privacy concerns from a regulatory perspective

Business Intelligence Tools and Techniques To Protect and Grow

Develop Your Risk Knowledge and Awareness

Our business intelligence tools and techniques protects your business better.   Grow more sustainably with less uncertainty.   Look to the horizon to see the threats and opportunities.   Put in place the best risk management action plan.

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Analyse emerging risks and developing existing risks

Our business intelligence solutions cover:

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Gather organise and analyse corporate risk information.   Inform your business decision making.   Make better decisions.

Assess the pros and cons of your current business strategy

Measure the upside and downside risk of your business strategy.   Use a holistic risk based approach to reduce uncertainty.   Develop business intelligence techniques for better decision making.

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Executives Behaving Badly

Corporate Misbehaviour Is A Misnomer

Corporate or enterprise entities do not make mistakes or create a bad business culture, executives do.   Illegal, unethical or bad business practices arise because that’s the way executives want a company to achieve corporate objectives.   Executives may or may not consider their business practices as bad or unethical, but the result is the same – corporate misbehaviour.

iso 31000 Enterprise Risk Management Framework Principles Best Practices

Understanding corporate misbehaviour

It may be a pointless waste of money undertaking a business health check if the executives are going to be unreceptive to the final risk management report, or simple pay lip-service to the outcomes.

Many CEOs know what game needs to be played with enterprise risk management ERM before they can return to their own agenda for the business.   Internal or external risk management audits can just play into the CEO’s attitude to risk management.   Such executives short-term philosophy seems to rely on the hope that the shit doesn’t hit the fan during their time as CEO and whatever happens after they move on is not a concern for some incumbent CEOs.

Much of executive misbehaviour, and therefore corporate misbehaviour, is a direct result of executive pay and associated benefits.   Misdirecting executive pay and rewards drives most if not all catastrophic corporate collapses.   Before the collapse poor executive pay and rewards strategies poison business innovation and employee motivation.

To anticipate which companies will survive sustainably you could look at how executives are rewarded.   It is the single biggest driver of corporate culture and long-term success, or not as the case maybe.

Executive managers cause corporate scandals, corporate scandals are not externally driven.   The proximate cause of the corporate scandal or collapse doesn’t start further down the organisation nor does it start from outside the company.   CEO bad behaviour is normally the proximate cost or the catalyst for corporate collapse.

Corporate Scandals

Corporate scandals aren’t a surprise to most executives, never mind the CEO.   They take the level of risk they think is required to achieve their business objectives.   They roll the dice and sometimes it pays off and sometimes it doesn’t.

For example, many in the banking and finance industry look upon the financial crisis as an external risk that impacted on their business strategy.   No, or little, blame can be placed at the bankers door!   It was all the other bankers and financers who were at fault for their share price collapse, mass redundancies and lost business opportunities – not their fault as their business was doing just fine until the financial crisis tsunami hit their business.

Such egotistical responses stem from either self preservation, or lack of care for their part in the near global systemic financial collapse of the banking and financial sector and the very near global anarchy which would have ensued.   Politicians, who were part of the problem, became part of the solution – make money as cheap as possible via low interest rates and massive almost unremitting quantitative easing QE.

Mothers forget how bad childbirth was

More than a decade after the start of the financial crisis there is still mass unemployment in the developed world and the developing world lost a decade of opportunity to crawl out of poverty.   However, the key decision-makers in the business world have either forgiven themselves or reinvented themselves in position of power.   In addition, a new raft of politicians are in place, or about to find positions of power, to facilitate the next financial crisis.

At its least useful, enterprise risk management ERM is a tool to spread the blame should the shit hit the fan, so one would have thought that ERM could be more popular than it is.   At its most useful it helps business leaders make business decisions that are more likely to be good ones for the long-term sustainability of the business for the benefit of all stakeholders in the business – including the CEO.

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Further reading

Read more about governance risk and compliance GRC

Helping you to protect your business better and grow faster more profitably.

BusinessRiskTV Effective Enterprise Risk Management Framework

Are you confident you are managing all significant business risks cost effectively

Assuming you are managing enterprise risks well can be dangerous

You might be taking too much risk unknowingly but you might also be taking too little risk and failing to make the best use of your business assets.

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How confident are you that you are managing enterprise risks cost effectively?

What are the hidden costs of your failure to manage risk properly

  • Missed opportunities cost
  • Over protection of business wasting resources and increasing your costs
  • Under protection leaving you exposed threatening your survival or prosperity and stopping you getting a quiet night’s sleep

Can you demonstrate to your business stakeholders that significant enterprise-wide risks are being effectively managed? Have you a balanced risk -reward risk management plan that prioritises the allocation of resources for best potential effect on business objectives? When was the last time you reviewed your enterprise risk management plan?

Controlling the risks in the workplace is not just about safety and business insurance. Your business must control enterprise wide risks. What is the aggregate effect of risk on your business objectives? Do you understand the threats to objectives and the opportunities you have in front of you?

Find out how enterprise risk management can help you monitor your overall business’s performance

Identify and manage both external risk drivers and internal risk drivers impacting on your business success.

Do you have confidence your business is ready for emerging risks?

We are only at the beginning of the 4th Industrial Revolution. Many jobs are going to disappear. Many jobs are going to change. Businesses that don’t change to reflect emerging risks will not survive the rapid changes that have started but will accelerate over next few years.

Maximising business opportunities for growth 

There is a yin and yang to all threats and opportunities.  

  • Every threat comes with an opportunity to change for the better.  
  • Every opportunity comes with a threat that the new will destroy existing value.

Business decision makers have tougher choices now than many recent business leaders have faced and many choices may threaten survival if you choose badly.   Making good choices could also drive your business forward much faster than recently possible due to the financial crisis of 2008 and recovery therefrom.

Have you identified and assessed your enterprise-wide risks?

What have you done about the more significant risks to your business objectives? Managing risk is increasingly central to the art of business management. It is not a science. What is right for one business may not work for another in the same industry. Much will depend on the leaders of each business within the same industry.

Give your managers more confidence in your company to prperly assessing all the signiciant business risks to your organisation.

There is a risk to every business decision you make. Systematically look at all the risks across your business to enable you to focus your limited resources on the options most likely to boost your business performance, productivity and profitability.

Armed with the right risk management tools and techniques, risk knowledge and business intelligence you can manage risk more cost effectively more successsfully.

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How to monitor risk management plan

Evaluating risk management action plan

BUSINESSRISKTV CONFIDENTLY MANAGE SIGNIFICANT RISKS MORE COST EFFECTIVELY

Developing Role of Risk Management Function

Functions Of Risk Management Department

The risk management team or department should facilitate improved enterprise decision making to boost business performance.

Risk management principles practice and process should increase the efficiency and effectiveness of the business. The business leaders will be able to take more risk consciously as opposed to unconscious acceptance of higher risk levels.

What is the right level of risk will depend on the risk appetite and risk tolerance of the business leaders. There maybe nothing wrong with a high corporate risk exposure to achieve business goals and objectives as long as you know how exposed the business is and put in suitable risk control measures.

iso 31000 Risk Management Principles and Guidelines

Adopting the principles practices and processes of iso 31000 will increase the likelihood of a business strategy being a success. It will also reduce the level of uncertainty that can accompany more challenging business objectives.

Enterprise risk management is not a once in a business lifecycle activity. It is a continuous activity that supports business development and implementation of a more risk aware business strategy.

iso 31000 Risk Management

Enterprise Risk Management Framework

Better Business Protection Faster Business Growth Tips Advice Support from BusinessRiskTV.comUse an enterprise risk management ERM framework to help you develop an effective business management strategy that protects your business assets and helps you grow faster.

A robust enterprise risk management framework will help embed a more risk aware culture up and down the organisation.

An effective risk management system will require a clear role for the risk management function in the business. The risk management function in the business can only develop added value for the organisation if it is fully supported in the boardroom. With the board behind the risk management function, all levels of the organisation will develop enhanced risk management capability enhanced by the risk manager or risk management team.

The risk management function will support corporate governance and risk oversight but cannot control corporate risks on its own.

Risk Management Function Supports Risk Identification Risk Assessment and Risk Control

However the risk management function does not control corporate risks on its own.

  • The risk management function is integral to the risk management process but it isn’t the sole component of the risk management process.
  • The risk management function educates informs and trains all levels of the organisation to assess prioritise and control corporate risks. It enables business leaders to manage enterprise risk better.
  • The risk management function helps to develop and embed risk control techniques to reduce the likelihood of losses and the size of losses. It should also identify, assess and help seize business development opportunities.

Do you want help developing your enterprise risk management function?

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Groupthink

Conformity Of Global Financial Leaders Led To 2008 Financial Crisis

Global financial leaders made faulty decisions because as a group they lost touch with reality and had an inherent poor moral compass. That has not changed.

Global Leaders Poor Moral Compass Will Lead To Next Financial Crisis

The financial services industry is like a cartel. It deliberately publishes false economic risk analysis  and critically evaluates global risks to benefit the financial services preferred strategic direction. Such groupthink is creating business decision making that will lead to financial failure yet again.

The City is thinking as one to protect The City not to develop a sustainable UK economy. It is fighting to protect itself in the short to medium term. If it succeeds it will miss the opportunities for more rapid business growth and the UK will miss out too.

The financial services industry is a highly cohesive and organised sector of the economy which is massively supported by the media and politicians.

Enlightened Holistic Risk Management Framework and Risk Assessment Process

The saviour of capitalism is the full adoption of enterprise risk management ERM principles and practices.

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Enlightened Holistic Risk Management Framework and Risk Assessment Process

BusinessRiskTV Groupthink Theory

Jail Financial Services Leaders For Action and Inertia

Financial Services Industry Risk Management

Management of risk in financial services industry.

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Scores of bankers have been jailed for their part in the financial crisis but the rest of the world should hang its head in shame for its lack of demonstration of accountability for actions and inaction in face of corporate risk

Financial services industry leaders not just bankers were highly culpable for the financial crisis upon which people committed suicide and a lost their shirts.   Financial leaders should lose their liberty.

The next financial crisis is just around the corner. We have seen many incidents since the financial crisis that haven’t quite been systemic risk events but they have cost financial services companys billions in fines for poor and deliberate malpractice. Financial services leaders haven’t learnt their lesson. They are just paying lip-service to good corporate governance. Only the real threat of the jail will stop the next financial crisis happening.

Not only have the culprits for the financial crisis got away with it, they have gone on to be leaders in the financial services industry or other leading businesses.

From leading bankers to leading politicians to leading regulators to leading credit rating agency leaders to leading central bankers they have all prospered despite the financial crisis and many have gone from causing the financial crisis to other positions of power without being held to account for their actions or inaction.

There has been limited tightening of global financial services regulations but the ultimate sanction of losing your liberty is still highly unlikely. It still more likely that financial services leaders will depart their employer with handsome pay-offs and pension packages rather than serving time in a USA or UK jail.

Until individual financial services industry leaders face and are convicted of criminal prosecutions business leaders will continue to lead their employers to hefty financial penalties and even liquidation. If you kill someone at work, you at least have some real chance of going to jail. If you kill a corporate entity, you will almost certainly not go to jail in UK and USA. Appearing in court to face charges is not the same as losing your liberty for 7 to 10 years.

European countries have been a little more robust at jailing the guilty but only a few can be proud of their resolve to improve corporate governance in practice.

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20th June 2017 SFO charges former Barclays chief executive John Varley and three others Roger Jenkins Tom Kalaris and Richard Boath. After a five-year investigation into the £12bn bailout fundraising recapitalisation of Barclays bank by Qatar

Barclays strategy was to go to Qatar for money instead of UK government. The bank and the ex-bank executives will officially respond to SFO charges on 3rd July. The charges include conspiracy to commit fraud by false representation in relation to a fundraising in June 2008. The ex bank executives are facing potential jail of up to 10 years if convicted.

Other charges for some of those accused and the bank include providing unlawful financial assistance through a loan.

Barclays said it was considering its position in relation to these developments and awaiting further details of the charges.

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Executives Behaving Badly

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How to prepare for emerging risks trending risks and key corporate risks to focus on now

Emerging Risks and Trending Risks In Focus Now

How can CEOs senior management teams risk managers business owners and entrepreneurs make the right decisions more often? Find out whats on the horizon. Understand better the business risks acting on your business right now.

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Horizon Scanning

How do business enterprise key decision makers use limited resources more cost effectively and more successfully ?

The pace of business change is increasing. How many people will drive for a living in the next decade? How many people will work in warehouses in next 10 years? What new risks are emerging for businesses when the dramatic changes of 4th Industrial Revolution expected soon are commonly in place?

Cyber crime or error is just one of the threats. How should a business like Amazon react if they are threatened by a cyber criminals who say they have the capability to shut down its warehouse and distribution drones! They presumably have not but even if it was never possible how would Amazons share price react? What will this mean for Amazon’s ability to borrow to invest in its future?

Cyber Risks Forum


Like Amazon every business has its own most threatening risks and most exciting opportunities to grow.

Both the threats and the opportunities mean rapid changes are afoot for most businesses in the coming decade. With limited resources, what should your business focus on?

Do you have the time and energy to cope especially with information overload disrupting your ability to pick the right key risks to manage and which to accept or avoid.

Corporate Risk Spotlight

Change does not mean bad disruption to the norms change can bring good disruption for your business

Are you innovative? Is your business innovative? Do you have people in your business who are innovative?

Sure you are! Yes it is! Yes you do! You may not have found the best way to harness a well of innovation in your business till now.

BusinessRiskTV and its business partners will facilitate an innovative process in your business to overcome good and bad disruptive risks facing your organisation now and in future :

  • There are cheaper ways to do what you do now
  • Experts in business can help you
  • Get a quiet night’s sleep knowing threats are reduced
  • Seize a competitive advantage to grow faster
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Solve the big questions being asked of your business

Positive Risk Management
Positive Risk Management

Get the answers you need to know what to do next that will have the best net positive impact on your business. What are the critical risk factors you need to manage? How viable are your existing business opportunities?

Some corporate risks are mature and well known but how does YOUR business manage them in the most cost effective way? Other corporate risks are just emerging. Do you know which ones present the biggest threats and opportunities for your business?

If you know what the key risks are do YOU oversee the impact on your business or have you delegated it?

Do others in your organisation want to seize a business advantage of your competitors as much as you do? Do your competitors want any of your existing business revenue?

No you can not do everything yourself but are you creating the right risk management culture to ensure that others are of the same mind as you?

If you are not changing your failing!

  • Do you currently have a sustainable business model?
  • Have you assessed and managed your competitive advantages to squeeze the best out of your existing resources in terms of performance?
  • Do you have a Business Enterprise Risk Management Road Map to make achieving your business objectives more likely?

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Accepting Corporate Risks

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Tips to protect your business better and grow it faster

The BusinessRiskTV Enterprise Risk Management magazine aims to publish original work that explores conceptual and empirical papers, articles and case studies from all branches of enterprise risk management. Exchange ideas  and collaborate with risk practitioners and your peers to protect your business better and grow it faster.

Papers are invited from researchers practitioners policy makers and other stakeholders in the field of enterprise risk management ERM. We welcome your contributions in the form of articles Press Releases case studies and video.

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