Chris J Powell

Ninety Days In…What are Your Risk Management Successes?

For most of us, the New Years Resolutions we made just 90 days ago have gone by the wayside.  The gym is no longer a daily activity, the eating right has been replaced with old habits of McDonald’s and Tim Hortons and those critical business resolutions…seem like they were made a life time ago.  Over at Dark Reading, an interesting article leaped out at me this morning that looks at the Top 5 IT Risk Management Resolutions for 2014.

risk-cube
None of the 5 Resolutions at the outset look to be too difficult to attempt but the discipline that it requires is a constant battle, just like the changing of any other habit.

  1. Improving Third-Party Risk Management
  2. Tune Risk Management For Greater Flexibility And Response
  3. Use More Data To Assess Risks
  4. Collaborate With Business Users For More Pervasive Risk Management
  5. Balance Preventative Controls With Detective Controls

As we hit the 2nd Quarter of 2014, I like to take a step back and evaluate what has gone right and what has gone wrong with my year so far and if you made any of these resolutions (or any others – both personal and professional) it is wise to take a step back and look at what needs to be tweaked within your 2014 plans.

Changing a posture on Risk Management is not something that should be taken lightly and has wide reaching implications within any company.  Just last week, the Chief Canadian Financial Watch Dog, Andrew Kriegler, deputy superintendent of OSFI had some not so kind things to say about the Risk Management Profiles of Canada’s Top Banking Institutions (specifically related to their Retail Operations).

As with any plan though, regardless of how structured it may be, the evaluation of success is key but it must be measured and balanced with the Risk, Cost and Benefit of the actions involved with the plan.  Stopping an action too soon can result in missed opportunities, changing course too late can have negative impact and the status quo…well we all know one thing…Change is Constant!

Cheers,

Krispy

 

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