542 words, 2.0 minutes read.
ISO 31000 Risk Management 1 big thing: Collaborate with compliance on ongoing risk monitoring effort of merchants, agents, retailers.
The big picture: Be sure your strategy assists organizational leadership with the evaluation of existing processes and uses growing industry involvement to appropriately address control gaps and assess, monitor and report on risks inherent to the industry and with broad consequences across the organization.
Why it matters: Work with event sponsors to evaluate risks associated with events and mitigate potential risks through modifying events or encouraging that higher risks events not take place.
What we’re hearing: “Assure your operation leads the oversight of Third Party Risk Management to ensure appropriate oversight of vendor and other third party due diligence, onboarding, monitoring and reporting.”
What they’re saying: “Warrant that your process maintains an understanding and record of Company, Franchisee, Service provider, and Partner responsibilities and determine efficient methods to leverage business and security, risk and compliance requirements.”
The backdrop: Warrant that your process is researching and evaluating proposed cloud and business solutions for adherence to documented organization standards, policies, and regulatory responsibilities.
Between the lines: Communicate risk status, trends, significant exposures and events, and other high level information for corporate leadership and management to track the enterprise risk position.
Be smart: Assure your team has significant responsibility for the enterprise-wide approach to addressing the full spectrum of the organizations significant risks by considering the combined array of risks as an interrelated portfolio.
Yes, but: Make sure the risk landscape is continuously changing due to market volatility, geopolitical crises, wide spread economic changes, regulatory reforms and cyber threats.
How it works: Make headway so that your personnel interviews business leaders to inform them of the ERM mission and solicit the input on business line risks, severity, and potential remediation measures.
State of play: Make headway so that your operation lowers risk group provides comprehensive enterprise risk management solutions to organizations operating in high risk, highly regulated environments valuing risk mitigation.
On the flip side: Assure your company evaluates issues and risks of various severity, complexity, and controls to ensure compliance with risk based policies, procedures, and controls, and related governance and reporting frameworks.
The bottom line: Make headway so that your staff is participating in one of a number of internal working groups where AOC has a presence (might include: Internal Communications; Data Responsibility; or Enterprise Risk Management).
What’s next: Be confident that your organization manages electronic information database for investigative activity; utilizes data from trend analysis for the identification of opportunities to strengthen internal processes and minimize risk areas.
ICYMI: Warrant that your personnel participates and represents your organization in industry meetings; interacts with subordinates, supervisors, other departments and Operating Units to facilitate safety compliance.
A MESSAGE FROM THE ART OF SERVICE
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