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PHOTO: é æ¨ The pandemic caused individuals and companies alike to alter or check their normal security and data protection practices. In 2019, I couldn t imagine providing my name and mobile phone number to restaurant hosts â that would then be written on a long and exposed paper list of other diners, too â to get a table inside. Nor could I have imagined logging, recording and sharing the health data of myself and others, to facilitate contact tracing. On the corporate side, many organizations accelerated their journeys to the cloud, partially to enable their decentralized and hybrid or fully home-based workforce and customers. As we ve watched the boundaries between home and work, personal and business, and even customers, employees, employers and vendors blur â and continue to â there are many unique security factors to consider. ....
PHOTO: Vladislav Babienko Boards, like all of us, were overwhelmed by the scale of and demand for quick decisions which the COVID-19 crisis necessitated. This premise guides an interesting article on the London Stock Exchange page: Optimizing Board Decision-Making in the Eye of a Storm. Kieran Moynihan, an advisor for boards and directors in the UK, wrote the piece. Risk and audit professionals need to think about what their customers need and how that is changing in these dynamic and turbulent times. They should consider whether there is a need to change one or more of: What they are addressing. ....
PHOTO: Markus Winkler Amid the continued uncertain market conditions around the world, organizations are now focusing their attention on risk mitigation. As many can attest, early identification and curtailing of factors that could have a negative impact on operations has never been more important. Risk has no bias â it s a problem faced by both public and private sectors. While each has a different perspective on the challenge, the aim of protecting staff, clients and citizens is consistent across the board. For public sector organizations, risks can include the emergence of unforeseen events such as natural disasters or even a global pandemic. Services to citizens need to be maintained even when staff are unable to work from their usual offices. Private sector organizations share many of the same risks, but with the added complexity of needing to make a profit. Keeping a lid on costs, ensuring staff are safe and prioritizing customer satisfaction is no easy ....
There seems to be a lot of talk and articles these days about resilience. I have tried to ignore the term, but recently read an interesting piece in Forbes: What Is True Resilience? (Hint: Itâs Not About Managing Risk). Before we dig into that piece, it is interesting to see what people have said about the difference between risk and resilience. The Difference Between Risk and Resilience One academic has written (key sentence highlighted): Resilience is essential to living in a world filled with risk. Resilience has historically been defined as the ability to return to the status quo after a disturbing event. However, in the face of a changing climate and growing population, resilience cannot be based on the capacity to recover from the sorts of disasters we have faced in the past, but requires that we build capacity to avoid damage and/or recover from to the sorts of disasters we can expect to face in the future. If our goal is a sustainable futur ....
PHOTO: Christiann Koepke Public accounting firms are recognizing the value that an effective internal audit team can provide an organization â an encouraging sign. PwC s Take on Internal Audit Letâs first look at a few of PwC s observations: Maximizing the value proposition of the internal audit group is an effective way to help audit committees address their risk oversight responsibilities. But getting internal auditâs full value requires focus and attention. It requires the audit committee to reflect on what it needs and to be direct with internal audit. Internal audit can help with more than ârisk oversight.â For example, at one company where I was chief audit executive (CAE), the board was concerned with the leadership of the CEO. The board chair asked for my insights on the executive team and whether they were effective as a team. I have also helped the audit committee with their oversight of the external auditors, gatheri ....