I recently spoke to directors and officers about oversight of risk management by boards of directors. I prepared a list of 25 reasons that risk management failure happens, based on my experience assisting boards, including boards that have failed and boards that cannot afford to fail. Almost all of what follows below is based on real examples. I have never encountered a risk management failure where the board was not at fault, based on what the board said or did, or failed to say or do.
Here are 25 reasons for risk management failure:
Aon Risk Solutions has published its annual list of the key risks as identified by its clients across the globe. For the first time cyber risk has entered the top 10 at number 9 , reinforcing its emergence as a key risk factor. Damage to brand and reputation was cited as the top overall concern facing global organizations, further underscoring the increasing importance of cyber risk as it has been regularly linked to brand and reputation issues in the wake of data breaches.
Aon’s global clients strongly felt that damage to brand and reputation ranked as a top concern across almost all regions and industries. This can be attributed to the growing challenges businesses are facing amongst the risks found in the top 10 list, such as cyber risk, but also including business interruption, property damage and failure to innovate.
The 1400 survey respondents to the Aon Global Risk Management Survey included CEOs, CFOs and Risk Managers providing comparative insight into different perceptions of risk. Typically, financial and economic risks including commodity price risk, economic slowdown and technology failure were seen as damaging at C-suite level with risk managers focused on liability-related risks such as cyber, property damage and third party liability.
NEW ORLEANS—Seventy-nine percent of companies are aligned with their risk management reporting structure, however, only 27% of risk professionals believe that emerging risks will be a company priority in the coming year, according to the 12th annual “Excellence in Risk Management Survey” released here by Marsh and RIMS.
In the last five or six years, “We have seen significant narrowing of the gap, where there is better alignment of what risk managers and risk executives are providing their organization and what their C-suite and management is looking for and needing in this riskier world that we all live in,” said Brian Elowe, a managing director at Marsh and co-author of the report. Findings are based on more than 300 responses to an online survey and a series of focus groups with leading risk executives.
Within the next five years, the number of people connected to the Internet is forecast to rise to over 7 billion. The number of things hooked up to the web is projected to be around 50 billion. While the Internet of Things (IoT) still has to fulfil certain promises, the base is already there. From wearable fitness trackers to office building intrusion detection, the range of items being linked to the web is already wide. The natural and growing reflex is to consider the risk involved and appropriate risk management. But which kind of risk are we talking about?
The close relationship between the Internet of Things (IoT) and Big Data is an intuitive one. The IoT will create a ton of information, which is precisely what Big Data is designed to handle. They really are different sides of the same coin.
Even things that seem to be made for each other don’t go together without a lot of work, however. Outscale technical writer and blogger Will Hayles uses a guest column at Datamation to describe the two intersecting techniques. The biggest companies have the money to hire people to plan well into the future. They are developing an understanding of the nexus of Big Data and the IoT. Other companies must get wise as well, he writes:
While larger enterprises like Coca-Cola, General Electric, and Domino’s Pizza have managed to tap into its value, most businesses will have to wait some time before they can really enjoy the advantages of embedded sensor technology. In the meantime, it’s imperative that those businesses prepare by adopting a big data strategy - and looking into analytics technology.
Big Data and the Internet of Things (IoT) seem all but unstoppable these days, so the only question that remains is how the data center will evolve to handle such a large and diverse load.
To many, the cloud will become a crucial resource regardless of any lingering doubts over security and availability. There is only so much a single data center can handle, and unless the enterprise plans on going broke buying new hardware, the vast majority of Big Data and IoT storage and processing will have to take place on third-party infrastructure.
This is not necessarily bad news for the current IT vendor community, though, as it will likely lead to a data center building boom. According to IDC, data center capacity among service providers will jump more than seven-fold between now and 2019 as the cloud community seeks to provide the anytime, anywhere, anyhow connectivity and context that are the hallmarks of the IoT. The development of large capacity facilities will be tied to additional compute and storage deployment at the edge, as well as increased use of analytics and intelligent platforms designed to bring the management burdens of such a diverse infrastructure under control.
It occurs to me that as the Internet of Things emerges as a topic of increasing relevance to CIOs, one of the things they’re going to need to be concerned about is standards. As the cloud-to-cloud integration that is necessarily associated with IoT becomes more commonplace, that integration will entail the adoption of certain standards that may or may not be in place at this point. So where is all of this heading?
I had the opportunity to discuss this topic with Shane Dyer, CEO of Arrayent, an IoT platform provider in Redwood City, Calif. To kick off the discussion, I asked Dyer what role industry associations like the IPSO Alliance, the Cloud Computing Association, and the Cloud Industry Forum are playing in advancing cloud-to-cloud integration, and how effective they’ve been in this regard. He said Arrayent’s customers at this point aren’t asking them to conform to or recommend any cloud-to-cloud integration standard, which tells him that standards organizations working in this area could improve their market education and visibility efforts:
(TNS) — Monday’s predicted sunny skies will make the events of April 27, 2011, seem like a distant memory, but those who are responsible for emergency response services will ever be watchful.
Four years ago Monday, three tornadoes tore through Cullman County, Ala., bringing a day of destruction to communities across the area. The sunrise tornado in the Hanceville area started the disaster. After a lull, an EF-4 tornado came through downtown Cullman and another came into Fairview and other areas of the county.
Immediately following the tornado outbreak, which devastated Tuscaloosa and many other areas of the state, residents began rebuilding, and as Cullman Mayor Max Townson recalls, an economic surge began to take place.
At the Qonnections 2015 Global Partner 2015 conference today, Qlik unveiled an update to its data visualization platform that adds self-service capabilities while at the same time providing simpler access to external data sources.
In addition, Qlik unveiled an implementation of the Qlik Analytics Platform aimed specifically at developers and announced the general availability of multiple services on Qlik Cloud, an implementation of the Qlik platform running on Amazon Web Services (AWS) that is designed to make it easier for end users to share data.
Josh Good, director of product marketing for Qlik, says Qlik Sense 2.0 extends the company’s core QIX Associative Indexing Engine technology in ways that make it simpler to visualize data and create reports, while still giving IT organizations the level of governance needed to meet regulatory requirements.
JUPITER, Fla. – GelTech Solutions, Inc. (PINKSHEETS: GLTC) is pleased to announce that the Fire Department of Holliston, Massachusetts has agreed to use FireIce in two of the department's four engine companies. In connection with this test program, the department will be sharing data with GelTech for each fire event, which will highlight the instances where FireIce is used.
"We are excited to be working with Chief Cassidy and the Holliston Fire Department," stated Michael Reger, president of GelTech. "We are confident the data we gather from this joint effort will demonstrate that using FireIce will reduce the time needed to suppress fires, resulting in less fire department time on scene and less water usage, thus reducing costs to the department, reducing property damage and improving safety for department personnel."
"For several years, the Holliston Fire Department has been focused on performance management to make more efficient use of municipal resources. Gathering field data for GelTech Solutions seemed like a natural partnership," explained Holliston Fire Chief Michael Cassidy. "Two of our four engine companies will be equipped with FireIce, while the other two engine companies will remain the control group, thereby using the scientific method for the field testing," continued Chief Cassidy.
About GelTech Solutions, Inc.
GelTech Solutions creates innovative, earth-friendly, cost-effective products that help government agencies, industry, agriculture, and the general public achieve goals such as water conservation and protecting lives, homes and property from fires, all in an environmentally sensitive manner. All the products currently marketed by GelTech Solutions, Inc. were created for the Company by inventor, chief technology officer and acting chief executive officer, Peter Cordani.
FireIce is a dry polymer powder that when hydrated produces a water-based fire retardant and suppressant. FireIce is an extremely versatile tool used by wildland agencies, municipal fire departments, and utility and industrial companies around the world. FireIce can be used in all types of fire apparatus, including: fire extinguishers, pumper trucks, airtanker aircraft, wildland fire engines, and home defense units for personal home protection.
For more information on GelTech, please visit: http://www.geltechsolutions.com/.