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12 top enterprise risk management trends in 2023
Enterprise risk management has taken center stage as organizations grapple with the lingering effects of the COVID-19 pandemic, the threat of a recession and the rapid pace of change.
Executives recognize that stronger ERM programs are required to remain competitive in this new era. One aspect of the current risk landscape that companies must contend with is the connectivity of risks.
Businesses are increasingly more interconnected to partners, vendors and suppliers across global markets. As a result, the impact, for example, of a local natural disaster, the ongoing war in the Ukraine or high interest rates can cascade across an entire global supply chain.
Here are 12 security and risk management trends that are reshaping the risk landscape and influencing business continuity planning.
These are also closely related to: "VigilEnt Policy Center 4.2 Trial"
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Are we trusting social networks too much?
User privacy and commercial profit are in an ongoing battle. Social networks engage in extensive information collection, analysis and storage and users have no control over such data collection practices.
Most social network users will never read the policies provided by social networks, yet are showing an increased desire for better privacy.
This article examines the main flaws in the privacy policies of Facebook, Twitter, LinkedIn and Google+/Google that may put user privacy at risk. To some, these flaws may present the appearance that ever-increasing profits override concerns for privacy.
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Financial markets regulatory outlook 2017
The regulatory outlook for financial services firms in 2017 will be determined by a number of factors. Firms continue to be challenged by the introduction of regulations, continued macro-policy uncertainty and digital disruption from new technologies.
Fintech and regtech
• In 2017, fintech will continue to change the industry, along with artificial intelligence (AI) and data analytics. Innovative entrants will find greater support from regulators, but those regulators will become increasingly vigilant about the risks that they pose.
• In payments, PSD2 presents many business opportunities. However, the lack of specificity in some of its provisions could complicate its implementation for fintechs and retail banks.
• Elsewhere, regtech promises to push down costs, rein in compliance risk and improve controls. However, its adoption will remain gradual this year. Effective implementation of such solutions will require significant up-front investment and firms will need to demonstrate that this will create valuable business returns, especially in the trickier commercial conditions that are set to continue in 2017.
• A number of recent high-profile attacks on firms have encouraged supervisors to increase their focus on the cyber resilience of the financial sector. In 2017, supervisory expectations will evolve to include more detailed response planning for cyber breaches and clearer responsibilities among management and boards. Firms will increasingly use testing, war-gaming and red-team exercises to demonstrate the robustness of their resilience plans to public authorities.
Persistently low and volatile interest rates have also seen greater pressure on profitability, despite being a decade on since the origins of the financial crisis. Looking ahead, it is clear that many financial services firms must steer a course into 2017’s uncertain winds by taking decisive and, in some cases, bold actions to adapt to an increasingly challenging environment.
