Remove Audit Remove Hazard Remove Hospitality Remove Insurance
article thumbnail

5 Steps To Developing A Corporate Compliance Program

Reciprocity

Monitoring often incorporates audit requirements (either external or internal) as part of the regulatory or industry standard. Set up a mechanism for monitoring and auditing. You must assess the efficacy of your company’s compliance program and identify potential hazards. Elements of a Strong Compliance Program.

Audit 52
article thumbnail

5 Steps to Implement Enterprise Risk Management (ERM)

Reciprocity

Your ERM program should encompass all aspects of risk management and response in all business processes, including cybersecurity, finance, human resources, risk management audit , privacy, compliance, and natural disasters. Passing or sharing the risk via insurance, joint venture, or another arrangement. Risk Assessment. Risk Response.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

5 Steps to Implement Enterprise Risk Management (ERM)

Reciprocity

Your enterprise risk management (ERM) program – one that encompasses all aspects of risk management and risk response in all business processes, including cybersecurity, finance, human resources, risk management audit , privacy, compliance, and natural disasters – should involve strategic, high-level risk management decision-making.

article thumbnail

Strategies for Digital Risk Protection

Reciprocity

Any hazards associated with cloud architectural changes, the use of new platforms such as IoT devices, or new IT systems can lead to digital risk. Workflow management features offer easy tracking, automated reminders, and audit trails. This could include data breaches, intellectual property theft, and financial data theft. Technology.

article thumbnail

Risk Assessment vs Risk Analysis

Reciprocity

Audit risk. Various types of hazards must be considered. After identifying hazards and risks, consider how they are harmful and the possible outcomes. This means that risks presenting a higher threat must receive more comprehensive control measures than lower-risk hazards. Here are some others: Financial risk. Legal risk.

article thumbnail

IRM, ERM, and GRC: Is There a Difference?

Reciprocity

Not long ago, risk managers concerned themselves mainly with hazards such as fires and floods; or in the financial sector, loan defaults (credit risk). Organizations typically bought insurance to avoid the losses these risks could cause, thus “transferring” the risk to the insurance company.