Tag Archive: risk management

What are the Elements of an Integrated Risk Management System?

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Published 06/02/2020

Integrated risk management (IRM) is “a set of practices and processes supported by a risk-aware culture and enabling technologies that improve decision making and performance through an integrated view of how well an organization manages its unique set of risks,” according to research firm Gartner Inc. Put simply, integrated risk management is an approach to risk management that integrates risk activities across every level of your company to enable better decision-making by your decision-makers. Elements of an integrated risk management system: Risk Identification Risk Assessment Risk Response Risk Communication Risk Monitoring Risk Identification During risk identification, your organization identifies and develops a solid understanding of its risks. You should include risks that could keep you from achieving your business objectives…

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Top Risk Management Issues Facing Higher Education

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Published 12/24/2019

Institutions of higher education (IHEs) are besieged by risk, especially cybersecurity and information security risk. Risk management for these institutions is critical but also extremely challenging, like trying to juggle balls and lighted torches all at once. Colleges and universities are worlds in themselves, providing not only classroom learning but health care, living quarters, meals, athletics, entertainment, research opportunities, and more to students, faculty, and staff. To pull it off, higher education institutions must collect a lot of personal data such as health records, financial information, scholastic records, and insurance information. These are the details that enable colleges to meet the needs of so many people every day. But possessing all this data makes every college and state university an…

Applying Big Data to Risk Management

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Published 06/13/2019

The era of Big Data is here. Information now exceeds fantastic proportions, globally measured in zettabytes (each zettabyte is a billion terabytes) and growing at an exponential rate that defies comprehension. According to the IDC, global data is expected to grow from 23 Zettabytes (ZB) in 2017 to 175 ZB by 2025. And depending on your industry and specific organization, you likely have plentiful external and internal data sources readily available for mining, applying predictive analytics and creating viable projections. Leveraging data allows companies the ability to improve income streams, more effectively direct operations and enhance the customer experience. Overall your organizational health improves dramatically when data is accurately assessed. But big data also is a powerful – and vital–tool…

How to Manage Technological Risks?

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Published 06/10/2019

In all sectors, technology has become a vital aspect of operations and has transformed the workplace, but that dependence on technologies also poses a threat to organizational wellbeing. Data breaches, system failures, malicious attacks–as well as natural disasters that impact technologies–can wreak havoc on company reputations, regulatory compliance and fiscal health. In some cases, the damage from these events is irreversible or long-term. A proactive strategy to mitigate tech risks are foundational aspects of operations. Your company needs such a plan that prevents, responds and continuously monitors for these risks. Monitoring and Managing Risks in Technology The adage, “An ounce of prevention is worth a pound of cure,” is entirely applicable to monitoring and managing tech risks. A whole-organization system…

How Can RMIS Support Risk Management?

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Published 07/10/2018

A risk management information system (RMIS) allows you to automate many of the difficult to organize tasks involved in compiling, storing, and communicating risk information.

What is Risk Management in Project Management?

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Published 03/29/2018

At first glance, project management and enterprise risk management have few similarities. Project management focuses on creating something new while enterprise risk management focuses on ending an existing threat. In reality, the two parallel one another which is why both can use agile processes to create stronger, more efficiently obtained outcomes. What is Risk Management on Projects What is Project Management? Project management incorporates the varied activities to bring projects from the idea stage through to finalized development. These activities include the project or phase initiation, timetable creation, information distribution, change and adjustment observation, and data compilation at project completion. What Skills Does a Project Manager Need? Since the project manager implements the strategies, the individual must possess both strong…