We asked a panel of risk management professionals how strategic risk stacks up at their organizations. Here are the results. To find out more about Wdesk for Enterprise Risk Management, go to https://www.workiva.com/products/enterprise-risk-management.
Strategic Risk Management as a CFO: Getting Risk Management RightProformative, Inc.
Video & Presentation: http://www.proformative.com/events/strategic-risk-management-cfo-getting-risk-management-right
Enterprise Risk Management should be simple. Unfortunately, companies are responding to regulators and business imperatives to improve their risk management practices, all the while aligning with business strategy and performance as well as capital allocation. Leading practitioners are seeking insight and value from risk management and are using risk management to focus audit and compliance activities. In fact independent research commissioned by SAP and others suggests many successful ERM initiatives still make little use of the increasingly sophisticated technology available. This session will summarize recent research by SAP and others on the state of ERM and will provide simple, practical strategies for how Finance can drive risk management practices that build success and add value.
Speakers:
Bob Tizio, GRC Officer-Americas, SAP America Inc.
Bruce McCuaig, Director, Solution Marketing for Governance Risk & Compliance, SAP
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Finance Technology | Session: 5
Leaders everywhere face increasing risks for their organizations. But not all risks are created equal. And not all organizations have the same ability to measure, manage or mitigate these risks.
The State of Enterprise Resilience - Resilience Survey 2015Julian R
A survey of how companies monitor and analyse the risk landscape, organisational risk governance, and the gap between theoretical understanding and practical application.
Time Inc., the publisher of iconic magazines and related web platforms such as Time, Fortune, People, Sports Illustrated, and many others, spun out of Time Warner Inc. in 2014 to become a stand-alone publicly traded company. As part of that spin, Time Inc. established its own Internal Audit and Enterprise Risk Management (ERM) functions. This presentation covers first-hand information on the efforts, challenges, successes and pitfalls of Time Inc.’s ERM journey. You will take away valuable information including tools and templates that you can put to use in your own organization.
Presentation by: Russ Charlton, SVP – Internal Audit and Enterprise Risk Management, Time Inc.
Third-party Governance and Risk Management - 2018Deloitte UK
This report shows how Third-party Risk Management had continued to benefit from greater executive awareness in 2017 which have allowed organisations to tackle the topic with a renewed focus and investment. This is even more important due to amid prevalent threats of high profile business failure, illegal third-party actions, or regulatory action with punitive fines.
IFAC Senior Technical Manager Vincent Tophoff presentation during the Institute of Chartered Accountants of Pakistan's CFO Conference 2013, CFO: Meeting Future Challenges! Mr. Tophoff discusses current trends and thinking in risk management and best practices.
Strategic Risk Management as a CFO: Getting Risk Management RightProformative, Inc.
Video & Presentation: http://www.proformative.com/events/strategic-risk-management-cfo-getting-risk-management-right
Enterprise Risk Management should be simple. Unfortunately, companies are responding to regulators and business imperatives to improve their risk management practices, all the while aligning with business strategy and performance as well as capital allocation. Leading practitioners are seeking insight and value from risk management and are using risk management to focus audit and compliance activities. In fact independent research commissioned by SAP and others suggests many successful ERM initiatives still make little use of the increasingly sophisticated technology available. This session will summarize recent research by SAP and others on the state of ERM and will provide simple, practical strategies for how Finance can drive risk management practices that build success and add value.
Speakers:
Bob Tizio, GRC Officer-Americas, SAP America Inc.
Bruce McCuaig, Director, Solution Marketing for Governance Risk & Compliance, SAP
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Finance Technology | Session: 5
Leaders everywhere face increasing risks for their organizations. But not all risks are created equal. And not all organizations have the same ability to measure, manage or mitigate these risks.
The State of Enterprise Resilience - Resilience Survey 2015Julian R
A survey of how companies monitor and analyse the risk landscape, organisational risk governance, and the gap between theoretical understanding and practical application.
Time Inc., the publisher of iconic magazines and related web platforms such as Time, Fortune, People, Sports Illustrated, and many others, spun out of Time Warner Inc. in 2014 to become a stand-alone publicly traded company. As part of that spin, Time Inc. established its own Internal Audit and Enterprise Risk Management (ERM) functions. This presentation covers first-hand information on the efforts, challenges, successes and pitfalls of Time Inc.’s ERM journey. You will take away valuable information including tools and templates that you can put to use in your own organization.
Presentation by: Russ Charlton, SVP – Internal Audit and Enterprise Risk Management, Time Inc.
Third-party Governance and Risk Management - 2018Deloitte UK
This report shows how Third-party Risk Management had continued to benefit from greater executive awareness in 2017 which have allowed organisations to tackle the topic with a renewed focus and investment. This is even more important due to amid prevalent threats of high profile business failure, illegal third-party actions, or regulatory action with punitive fines.
IFAC Senior Technical Manager Vincent Tophoff presentation during the Institute of Chartered Accountants of Pakistan's CFO Conference 2013, CFO: Meeting Future Challenges! Mr. Tophoff discusses current trends and thinking in risk management and best practices.
Presentation Makes the Case for Enterprise Risk ManagementPYA, P.C.
PYA Principal David McMillan recently co-presented “Enterprise Risk Management” at the Massachusetts Continuing Legal Education 15th Annual Hospital & Health Law Conference.
On average organizations spend $10M+ responding to third-party security breaches each year. Third-Party Risk Management (TPRM) is the process of analyzing and controlling risks presented to your organization by outsourcing to third-party service providers (TPSP). TPSP relationships can introduce strategic, financial, operational, regulatory, and reputational risks.
For example, some TPSPs are involved in the storage, processing, and/or transmission of cardholder data (CHD), while others are involved in securing cardholder data, or securing the cardholder data environment (CDE).
Digital relationships with third-party providers increase opportunities for growth, but they also increase opportunities for cyberattacks — a recent study found that 61% of U.S. companies said they had experienced a data breach caused by one of their third-party providers (up 12% since 2016).
Learn more about:
• TPSP lifecycle,
• The effects of due diligence,
• The five critical control objectives, and
• How to build an effective risk assessment questionnaire.
To learn more, visit: https://bit.ly/3vQ4DjC
Risk Management Case Study - Applied ConceptsResolver Inc.
An incident affecting your company has occurred. The CRO has been called to the Board to explain the response and it’s up to you to prepare him/her for this presentation. Explore the relationship between effective Enterprise Risk Management and organizing company-wide activities to support strategy through active participation and role-playing.
Presentation by: Kevin O’Keefe, Senior Solution Engineer, Resolver Inc.
Risk Monitoring and Management Trends In CommoditiesCTRM Center
Commodity producers, traders, and industrial consumers are all facing a barrage of risks such as price exposure and cyber vulnerability, as well as legal, credit, operational and market risks. The risks associated with buying, selling, and moving commodities only seem to be increasing exponentially with greater regulatory oversight and a broadening of supply chain operational issues like traceability. Many of these risks can be business killers – the actions of rogue traders or the impact of counterparty business failures, for example – and lead to fatal damage such as an inability to access capital or damage to brands (via issues around sourcing commodities or producing substandard end-products). Other risks, such as ineffective price risk management, inefficient scheduling of transportation, or regulatory non-compliance can erode profitability and damage the company’s ability to execute on strategic plans and growth initiatives.
Of course, often where there is risk, there is also an opportunity to profit - but only when those risks are recognized, effectively managed, and properly mitigated. The rise in stakeholder scrutiny and regulatory oversight also means that being able to demonstrate effective risk management across the organization is certainly more important today than ever before.
Third Party Risk Management IntroductionNaveen Grover
On October 30, 2013 the Office of the Comptroller of the Currency (OCC) issued updated guidance on third-party risks and vendor management. The OCC's bulletin points out that its updated guidance replaces OCC Bulletin 2001-47, "Third-Party Relationships: Risk Management Principles," and OCC Advisory Letter 2000-9, "Third-Party Risk."
Here is a brief description of third-party risk management (TPRM), how to onboard third-party vendors, and what the role of a CISO is in this process. To know more about TPRM and information security management, click here: https://www.eccouncil.org/information-security-management/
PYA Principal Shannon Sumner co-presented “Enterprise Risk Management” at the HCCA Board Audit Committee Compliance Conference, February 27-28, 2017, in Scottsdale, Arizona.
The presentation covered:
The role of the governing Board of an organization in enterprise risk management (ERM)
Effective ERM in today’s healthcare setting
When ERM fails: “The perfect storm”
Tyler Treat
Workiva
NATS Meetup 3/22/16
• Embracing the reality of complex systems
• Using simplicity to your advantage
• Why NATS?
• How Workiva uses NATS
You can learn more about NATS at http://www.nats.io
Presentation Makes the Case for Enterprise Risk ManagementPYA, P.C.
PYA Principal David McMillan recently co-presented “Enterprise Risk Management” at the Massachusetts Continuing Legal Education 15th Annual Hospital & Health Law Conference.
On average organizations spend $10M+ responding to third-party security breaches each year. Third-Party Risk Management (TPRM) is the process of analyzing and controlling risks presented to your organization by outsourcing to third-party service providers (TPSP). TPSP relationships can introduce strategic, financial, operational, regulatory, and reputational risks.
For example, some TPSPs are involved in the storage, processing, and/or transmission of cardholder data (CHD), while others are involved in securing cardholder data, or securing the cardholder data environment (CDE).
Digital relationships with third-party providers increase opportunities for growth, but they also increase opportunities for cyberattacks — a recent study found that 61% of U.S. companies said they had experienced a data breach caused by one of their third-party providers (up 12% since 2016).
Learn more about:
• TPSP lifecycle,
• The effects of due diligence,
• The five critical control objectives, and
• How to build an effective risk assessment questionnaire.
To learn more, visit: https://bit.ly/3vQ4DjC
Risk Management Case Study - Applied ConceptsResolver Inc.
An incident affecting your company has occurred. The CRO has been called to the Board to explain the response and it’s up to you to prepare him/her for this presentation. Explore the relationship between effective Enterprise Risk Management and organizing company-wide activities to support strategy through active participation and role-playing.
Presentation by: Kevin O’Keefe, Senior Solution Engineer, Resolver Inc.
Risk Monitoring and Management Trends In CommoditiesCTRM Center
Commodity producers, traders, and industrial consumers are all facing a barrage of risks such as price exposure and cyber vulnerability, as well as legal, credit, operational and market risks. The risks associated with buying, selling, and moving commodities only seem to be increasing exponentially with greater regulatory oversight and a broadening of supply chain operational issues like traceability. Many of these risks can be business killers – the actions of rogue traders or the impact of counterparty business failures, for example – and lead to fatal damage such as an inability to access capital or damage to brands (via issues around sourcing commodities or producing substandard end-products). Other risks, such as ineffective price risk management, inefficient scheduling of transportation, or regulatory non-compliance can erode profitability and damage the company’s ability to execute on strategic plans and growth initiatives.
Of course, often where there is risk, there is also an opportunity to profit - but only when those risks are recognized, effectively managed, and properly mitigated. The rise in stakeholder scrutiny and regulatory oversight also means that being able to demonstrate effective risk management across the organization is certainly more important today than ever before.
Third Party Risk Management IntroductionNaveen Grover
On October 30, 2013 the Office of the Comptroller of the Currency (OCC) issued updated guidance on third-party risks and vendor management. The OCC's bulletin points out that its updated guidance replaces OCC Bulletin 2001-47, "Third-Party Relationships: Risk Management Principles," and OCC Advisory Letter 2000-9, "Third-Party Risk."
Here is a brief description of third-party risk management (TPRM), how to onboard third-party vendors, and what the role of a CISO is in this process. To know more about TPRM and information security management, click here: https://www.eccouncil.org/information-security-management/
PYA Principal Shannon Sumner co-presented “Enterprise Risk Management” at the HCCA Board Audit Committee Compliance Conference, February 27-28, 2017, in Scottsdale, Arizona.
The presentation covered:
The role of the governing Board of an organization in enterprise risk management (ERM)
Effective ERM in today’s healthcare setting
When ERM fails: “The perfect storm”
Tyler Treat
Workiva
NATS Meetup 3/22/16
• Embracing the reality of complex systems
• Using simplicity to your advantage
• Why NATS?
• How Workiva uses NATS
You can learn more about NATS at http://www.nats.io
By including HR threat assessments as part of your risk management program, your organization could predict, prevent, and mitigate damage from any human capital threat.
Presentation made at the 4th Workshop on Strategic Crisis Management (Paris, 28-29 May 2015). For more information, visit the meeting webpage: http://www.oecd.org/gov/risk/4th-workshop-strategic-crisis-management.htm.
Strategic Performance and Risk Integration. The related article can be found on LinkedIn Pulse, at https://www.linkedin.com/pulse/strategic-performance-risk-integration-mihai-ionescu
Strategic Risk Taking: Lessons Learned from EntrepreneursAbby Fichtner
What can we learn from entrepreneurs about how to take strategic risks?
What is it that makes entrepreneurs entrepreneurial and what are some of the tools and frameworks that startups use to take the risk of creating things that no one has created before?
Representing life, property & casualty and reinsurance, some 150 insurance risk leaders participated in Accenture’s 2015 Global Risk Management Study: Insurance Report. See how these leaders are working to systematically operationalize risk management.
Enterprise risk management has become a vital component to cyber security, logistics management, asset management and supply chain management. As organizations continue to rely on data to drive workforce automation, Industrial IoT and process automation, it is becoming necessary to analyze data to discover risk before it occurs and implement effective remediation practices and processes. Seminar participants will collaborate and explore the emerging new use cases for enterprise risk management that addresses the need to better understand how to leverage critical data to predict and understand how data analytics can support risk management and mitigation in an increasingly data-dependent workforce environment.
During this seminar, participants will:
a. Explore new innovations in enterprise risk management that will provide new career opportunities for STEM professionals
b. Examine the skills and experiences necessary to take advantage of risk management career opportunities
c. Discern the applicable areas for enterprise risk management
d. Determine the importance of addressing enterprise risk management in all digital transformation initiatives
e. Identify the market growth and consulting opportunities in enterprise risk management
Articles published as sponsored content in the Risk & Compliance Journal from The Wall Street Journal from August 2017 to August 2018. https://deloi.tt/2CMG6lI
Accenture 2015 Global Risk Management Study: Banking Report Key Findings and ...accenture
Accenture’s 2015 Global Risk Management Study: Banking Report provides the insights of 150 banking executives involved in the risk function. See the attached presentation for details of how the risk function in banking is repositioning itself to be a collaborative business partner. Visit www.accenture.com/riskstudy2015 to learn more.
Accenture 2015 Global Risk Management Study: Capital Markets Key Findings and...accenture
Some 170 capital markets risk leaders contributed to Accenture’s 2015 Global Risk Management Study: Capital Market Report. See the attached presentation for how these leaders are working to bring operational risk back to the top of the business agenda. Visit www.accenture.com/riskstudy2015 to learn more.
The results of this year’s Internal Audit Capabilities and Needs Survey show that, not surprisingly, cybersecurity represents a major focus for internal audit programs, but it is far from the only pressing issue on internal audit’s plate
Risk Manager, a career central to corporate strategy
The job of Risk Manager is becoming increasingly cross-disciplinary and digital in response to a fast-changing economic and regulatory environment.
44% of respondents can contact the CEO directly
56% of respondents believe their role is increasingly recognised internally
53% of respondents think that the risk manager is becoming the risk conductor by consolidating risk information to give a clear and comprehensive view to the senior management
SymEx 2015 - Turning Risks Into Results, A Wider Perspective to Understand P...PMI Indonesia Chapter
From Enron and WorldCom to the more recent financial crisis, events of the last decade have fundamentally shifted how organizations think about risk. Companies around the world have made substantial investments in personnel, processes and technology to help mitigate and control business risk. Historically, these risk investments have focused primarily on financial controls and regulatory compliance. However, these investments have often not addressed more strategic business risk areas. As a result, senior executives may not perceive risk management as strategic to the enterprise. Senior executives also may not have sufficient confidence in their ability to identify and address the risks that could impact the financial performance − or even the viability — of their organization. A strategic question presents itself: “Do organizations with more mature risk management practices outperform their peers financially?” Our research and experience tend to suggest “yes!”
In this presentation, Isnaeni Achdiat will also discuss how leading organization with higher maturity in managing risks, gets better return. We will also present the new paradigm of dealing with risks, either it is good or bad risks. We will introduce the concept of "risk that matters" in an organization and discuss approach to mitigate. Furthermore, we will present the linkage between strategic and project risks and how a good risk culture can impact the success of organization managing their risks. By analyzing the relationship between the strategic and project risks, the project professionals can better understand the setting priorities the boards make, and thus can anticipate allocation of resources at the optimum level, for the benefit of the enterprise. Managing project risks, without understanding context and background of the initial strategic decision, will not allow the project professionals to understand why top management put on-hold the project, or keep it running at the right speed.
Mitigating risk and keeping an organization secure continues to be a challenge. CSO’s annual State of the CSO survey is conducted to provide a complete overview of the evolving role of CSOs in today’s business climate, from security strategy, to metrics, budget and function ownership.
DISUSSION-1RE Chapter 15 Embedding ERM into Strategic Planning.docxmadlynplamondon
DISUSSION-1
RE: Chapter 15: Embedding ERM into Strategic Planning at the City of Edmonton
COLLAPSE
Top of Form
The two strategic processes
The two strategic processes which are tightly connected to ERM in the current scenario of Edmonton City ERM implementation are:
Results based budgeting and Performance measurement.
Results based budgeting (RBB):
ERM helps organizations to allocate the resources based on the requirement for completing the tasks and to produce the desired output. The RBB assists to determine the funding allocation requirements which are mandatory to fulfill the strategic objectives of organization. This budget formulation is performed based on predefined objectives such as priority, resource availability and expected results etc. here the expected results represents the desired outputs which organization expects to meet its strategic goals. In simple words the Results-based budgeting is about emphasizing performance and accountability.
Performance measurement:
The continuous performance measurement helps organizations to drive the progress in risk mitigation and it provides insights where additional attention is required. The Key performance indicators (KPIs) can be used to measure the effectiveness of risk management activities. The Performance measurement in ERM sends the list of desired outcomes to RBB and receives list of prioritized programs and costs to ensure ERM works at its full potential (Fraser, J., Simkins, B. J., & Narvaez, K., 2015).
Two criteria’s must be balanced in a successful ERM model
The two criteria are model power and user-friendliness. The powerful model can provide large amount of information and lets the organization to compare the results and risks, effectiveness’ of current program and impact of future initiatives. The user friendliness program helps to easily add information, add new features and easy to understand by the user with simple steps. The user friendliness also includes if needed some unnecessary steps could also be removed without losing model robustness (Fraser, J., Simkins, B. J., & Narvaez, K., 2015).
Thank you
References
Fraser, J., Simkins, B. J., & Narvaez, K. (2015). Implementing enterprise risk management: Case studies and best practices. Hoboken: Wiley.
Bottom of Form
DISCUSSION-2
1. What the other strategic processes are closely tied to ERM?
The strategic processes may have success strategy which is linked to the command of risk and organization understanding. The selection of strategy is an exercise of high-stakes. Approx. 80% of the underperformer may against the industry who have lost their wat over the prior 10 years because of blunder who are strategic and the business and strategy magazine. It may blame on failure on operations errors and the external event or compliance fault.
2. What are three kinds of risks are identified within the city of Edmonton?
There may be three risks which may involve avoidance or risk termination, tolerance or acceptance of ...
Identifying Costs of Shadow Finance in FP&AWorkiva
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Get ahead of future challenges in your CAFR process. These are the top 5 concerns state comptrollers have about the future of CAFR reporting. To find out more, visit www.workiva.com/industries/government.
There are many benefits to using a formal digital review process over other review methods. See the top 10 here. To find out more about Wdesk, visit workiva.com.
CAFR data is a lot like spilled candy. It's everywhere and difficult to get organized. Wdesk lets you make sense of the mess. See how. To find out more about Wdesk for government, visit https://www.workiva.com/industries/government.
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Dodd-Frank broke down the roll out of Resolution and Recovery Plan submissions into three filing groups. Numerous strategies for preparing, drafting, and submitting RRPs have been used in this process. Now that we're through the first three waves of submissions it is clear that seven essential steps stand out when creating a successful Resolution and Recovery Plan.
We've highlighted the steps necessary for you to take ownership of your RRP process and improve overall infrastructure and oversight. The following seven steps will guide your RRP process while strengthening efficiency and accountability on an enterprise level.
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A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
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What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
2. workiva.com
Strategic risk is often cited as an essential
part of effective risk management. But,
where does strategic risk actually rank in
your risk management plan?
3. workiva.com
We asked a panel of risk management
professionals how strategic risk stacks
up at their organizations.
1
2
3
4. workiva.com
44% of respondents said
their organizations' focus on
strategic risk outweighed
operational risk.44%strategic risk outweighs
operational risk
5. workiva.com
"Exploring Strategic Risk." (2013.) Deloitte. Retrieved from http://www2.deloitte.com/content/dam/Deloitte/global/
Documents/Governance-Risk-Compliance/dttl-grc-exploring-strategic-risk.pdf
In a 2013 Deloitte survey,
81% of respondents said
their organizations had an
explicit focus on managing
strategic risks.
81%explicitly focus on
managing strategic risk
6. workiva.com
Organizations are clearly focused on
strategic risk. But, what drives the
disconnect in strategic risk taking
priority over operational risk?
7. workiva.com
"The difference has been noted, and
we are in the conceptual phase of
reengineering a process."
"Management is inundated by
day-to-day operational issues. They
have little attention to explore the
big picture."
"The methodology for operational risk
management is more developed in
the company."
Survey respondents explained the disconnect:
These responses are samples from the complete dataset.
8. workiva.com
Of organizations focused on
operational risk, only 19% have
both measuring and monitoring
in place for strategic risks.
19%have a method for measuring
and monitoring strategic risk
57%have a method for measuring
and monitoring strategic risk
At organizations where strategic
risk outweighs operational risk,
57% report having a method for
both measuring and monitoring
strategic risks.
9. workiva.com
"Our strategic map has four segments:
financial, clients, processes, and
learning/growth.
"Top-down review by senior business
and risk management is integrated
with the bottom-up view."
Those having a method for measuring and monitoring
strategic risk say:
These responses are samples from the complete dataset.
10. workiva.com
48% report that leadership uses
risk profiles when choosing
between two initiatives with
identical expected returns,
irrespective of the organization's
focus on strategic versus
operational risk.
48%of leadership use
risk profiles
11. workiva.com
These statistics came from the Workiva webinar
Strategic Risk—The Next Frontier of Risk Management,
which was originally broadcast March 19, 2015.
To view the on-demand webinar, click here.
workiva.com | info@workiva.com | +1.888.275.3125