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The Colonial Pipeline Hack: Failure in Risk Management

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Colonial Pipeline Hack: Failure in Risk Management. In recent years, these attacks have affected everyone from banks and hospitals to universities and municipalities; almost 2,400 organizations in the United States were victimized last year alone. Colonial Pipeline Hack: Introduction. Colonial Pipeline, a major U.S.

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Identifying and Preventing Provider Fraud in Workers Comp Cases

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In these cases, a worker may intentionally fake an injury (claimant fraud) or a business owner may misrepresent their employee headcount or incorrectly classify employees to obtain lower insurance premiums. Workers compensation insurance provider fraud has become a multi-billion-dollar industry that is bad for business.

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What Does a Compliance Management System Look Like?

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The Federal Deposit Insurance Corp. In June 2020, the OCC warned banks about compliance risks related to the COVID-19 pandemic. Senior Management. Once the board establishes business objectives, senior management begins the vendor risk management (VRM) process. Effective risk management.

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The Difference Between Strategic and Operational Risk

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New technologies, increasing digitization, and evolving customer demands create risks that can disrupt operations, weaken cybersecurity, and harm the organization’s reputation or financial position – and above all, leave the organization unable to achieve its business objectives. Enterprise Risk Management (ERM).

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Risk Assessment vs Risk Analysis

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Although people often use the words “assess” and “analyze” interchangeably, the terms are not synonymous in risk management. A risk assessment forms the backbone of your overall risk management plan. Risks are not always the fault of the business. What Is a Risk Assessment?

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Why Buying SaaS GRC Software Is a Smart Investment

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As organizations and businesses around the world and across industries migrate their IT to the cloud, C-suites are faced with a new dilemma for governance, risk management and compliance (GRC) solutions: cloud versus on-premise software. That’s time and money that might be better spent elsewhere.