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This Week in Consulting

Wednesday, July 17th , 2019

Managing Risk in an Agile Organization

THIS WEEK’S MUST READ

“As organizations move to agile delivery, control functions, including risk, compliance and business control teams, will need to rethink their interaction models for executing credible challenge and advising the business in near real-time methods.”

In this paper, Protiviti shares its Agile Risk Management philosophy. Risk management has to be designed appropriately to keep pace with agile organizations. They define practices for next-generation risk management that are more agile and better aligned, allow for operational excellence, and are focused on customer satisfaction.

This Week’s Must Read is an insight piece from Protiviti on the foundations of agile risk management.

Read on to Find out More: “Managing Risk in an Agile Organization


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THIS WEEK’S VIDEO:

Dr Salim Al-Harthi and Dr David Hillson explain the purpose of the “100 Risk Questions” video project, and outline the structure of the video series.

THOUGHT LEADERSHIP

  • What is enterprise risk management? How to put cybersecurity threats into a business context– “Security is growing in significance to effective enterprise operational risk management Tight alignment with both the ERM and crisis management programs is essential.” Many companies still have a traditional approach to enterprise risk by assessing financial, regulatory and operational risks. But cyber risks are an increasing part of the equation. Are ERM program mature enough to assess these new risks?  | Maria Korolov
  • The future of risk management: “Firms should focus as much on risk response as on risk mitigation,” advises John Drzik, president of global risk and digital at Marsh, one of the report sponsors.” From cyber attacks to physical risks, are all low-probability/high-consequence events truly beyond our ability to identify and manage? | Helen Yates
  • Confronting the risks of artificial intelligence: “With great power comes great responsibility. Organizations can mitigate the risks of applying artificial intelligence and advanced analytics by embracing three principles.” We have all acknowledge the potential of artificial intelligence. But are we prepared to manage the risks that will arise from a broader application of AI in our organizations?   | Benjamin Cheatham, Kia Javanmardian, and Hamid Samandari, McKinsey
  • 2019 The state of Risk Oversight: “An increasing number of organizations have embraced the concept of enterprise risk management (ERM), which is designed to provide an organization’s board and senior leaders a top-down, strategic perspective of risks on the horizon so that those risks can be managed proactively to increase the likelihood the organization will achieve its core objectives.” The portfolio of potential risks is increasingly complex. How do leaders identify, assess, and manage these risks? The article presents an overview of enterprise management practices.  | Mark Beasley, Bruce Branson and Bonnie Hancock, North Carolina State University
  • The Global Risks Report 2019: “Profound political, economic, societal, technological and environmental transformations are occurring at an unprecedented scale and pace and have become a part of day-to-day business life.” Is your company responding effectively to the risks it is facing? The 14th edition of the Global Risks Report, prepared by the World Economic Forum, is compulsory reading if you are interested in risk management. | John Drzik, Marsh & McLennan

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