The RiskTech Journal
The RiskTech Journal is your premier source for insights on cutting-edge risk management technologies. We deliver expert analysis, industry trends, and practical solutions to help professionals stay ahead in an ever-changing risk landscape. Join us to explore the innovations shaping the future of risk management.
Browse the latest RTJ insight articles and news updates and below
The RiskTech Journal Online Subscription is a premier resource for executives and professionals focused on the intersection of risk management and technology. It provides subscribers with access to a curated collection of articles and expert insights designed to enhance risk management strategies through technological innovation. With its online format, the RiskTech Journal offers flexible access to critical information, helping leaders make informed decisions and stay competitive.
Cyberattack on Grocery Giant Exposes Global Risk Management Gaps
As organizations like Ahold Delhaize increasingly rely on technology for inventory management, e-commerce, and logistics, cyber disruptions can extend beyond IT systems to affect global supply chains and customer trust. This event serves as a wake-up call for businesses globally to adopt an Integrated Risk Management (IRM) approach to ensure performance, resilience, assurance, and compliance in an interconnected digital landscape.
Wheelhouse Advisors' 2025 Predictions: Integrated Risk Management Becomes Non-Negotiable
Risk managers are now more involved than ever in integrating Enterprise Risk Management (ERM) with other risk domains and the business at large. However, the accelerating demands of AI introduce complexities that cannot be ignored. Integrated Risk Management (IRM) technology emerges as a critical tool, providing greater visibility and understanding of risks to drive actionable change.
Beyond Cyber Insurance: Strengthening Risk Management Frameworks
The recent outage caused by a software bug in CrowdStrike's quality-control system has underscored the escalating nature of digital risk events. The disruption, which affected sectors ranging from aviation to banking, has led to insured losses estimated between $400 million and $1.5 billion, according to cyber analytics firm CyberCube. This incident may be the largest single cyber insurance loss to date. Companies must move beyond traditional reactive measures and invest in proactive, integrated risk management (IRM) frameworks encompassing a comprehensive view of potential threats.
Global Digital Breakdown: Lessons in Resilience and Integrated Risk Management
The recent CrowdStrike update incident serves as a wake-up call for organizations worldwide. Our digital landscape is inherently fragile, and the consequences of a single misstep can be far-reaching and severe. By adopting an Integrated Risk Management approach, organizations can better navigate the complexities of today’s digital environment, ensuring resilience and continuity in the face of unexpected disruptions.
SEC Clarifies Cybersecurity Incident Disclosure Rules: Key Takeaways for Companies
The Securities and Exchange Commission (SEC) continues to refine its stance on the disclosure of material cybersecurity incidents, addressing corporate concerns and compliance complexities. On June 20, 2024, Erik Gerding, the Director of the SEC’s Division of Corporation Finance, provided further clarification regarding the selective disclosure of cybersecurity incidents. This move comes in response to persistent questions surrounding the SEC’s final cybersecurity disclosure rules, specifically under Item 1.05 of Form 8-K.
Revolutionizing Risk Management: Insights from the Federal Reserve's Chief Risk Officer
In her keynote remarks at the XLoD Global conference, Mihaela Nistor, Chief Risk Officer of the Federal Reserve Bank of New York, provided a compelling analysis of the current risk landscape and the evolving nature of risk management. Nistor's address highlighted the multifaceted and interconnected risks that organizations face today and underscored the importance of integrating advanced technologies, particularly artificial intelligence (AI), into risk management frameworks.
The Looming Shadow of the EU Cyber Resilience Act: How Integrated Risk Management Can Be Your Shield
The European Union's Cyber Resilience Act (CRA) looms large on the horizon, casting a shadow of both challenge and opportunity for companies selling software and connected devices in the EU. While the act's enforcement date is still months away, its comprehensive cybersecurity regulations demand proactive preparation from manufacturers, importers, and distributors alike.
IRM at the Crossroads of Digital and Sustainability Risks
Risk management is undergoing a significant transformation in the rapidly evolving world of business. Integrated Risk Management (IRM) is at the forefront of this change, offering a strategic framework that navigates through both traditional and emerging risks. The "15 Trends Reshaping Business Risk Management Strategies," highlighted by The Newsweek Expert Forum, underscores the critical role of IRM in addressing a wide array of challenges, including the increasingly pivotal areas of digital and sustainability risks.
DORA's Wide Net: More Than Just Cybersecurity for Financial Services
The recent release of draft technical standards for the European Union’s Digital Operational Resilience Act (DORA) paints a clearer picture of its sweeping reach. While many associate DORA with cybersecurity for financial institutions, it casts a wider net, encompassing third-party providers and demanding a stronger integrated risk management approach. Let's unpack the key takeaways for businesses navigating this evolving landscape, incorporating insights from various sources.
The SEC Eyes Digital and Sustainability Risks: How Can IRM Help?
Gary Gensler, Chair of the Securities and Exchange Commission (SEC), yesterday delivered a thought-provoking speech at Yale Law School, addressing the opportunities and challenges presented by digital risks (encompassing Artificial Intelligence) and sustainability risks (including climate change). While acknowledging the potential benefits of AI, he emphasized the need for robust risk management frameworks to address issues like explainability, bias, and systemic risk. This raises the crucial question: how can Integrated Risk Management (IRM) help companies navigate this evolving landscape?
Latest SEC Reports Reveal Devastating Digital Risks
In an era of unpredictability and the intertwining of global digital risks, the recent cyberattacks on Clorox and Johnson Controls serve as a stark wake-up call for businesses worldwide. Currently estimated at a combined cost of $76 million, these incidents underscore the critical need for a more sophisticated, proactive approach to risk management. The just published Accenture Risk Study: 2024 Edition echoes this sentiment, revealing a concerning trend: 72% of businesses admit their risk management capabilities are lagging behind the evolving nature of threats, particularly in cybercrime.
Integrated Risk Management in the Digital Era: Employing IRM Technology for AI Challenges
In the rapidly evolving field of artificial intelligence (AI), the recent comprehensive survey, "Thousands of AI Authors on the Future of AI," spearheaded by AI Impacts, provides critical insights into the trajectory of AI development and its societal implications. As the founder and CEO of Wheelhouse Advisors, I am particularly intrigued by the survey's findings and the essential role of Integrated Risk Management (IRM) in addressing the digital risks associated with AI.
How the EU AI Act Will Forge a New Global Digital Landscape in 2024
The European Union's Artificial Intelligence Act (AI Act), set for enactment in mid-2024, represents a landmark in the global regulatory landscape for digital products and services. This comprehensive legislation is poised to fundamentally reshape how AI is developed, deployed, and managed based on the digital risks it manifests. As the first of its kind, it establishes a precedent for digital risk management, emphasizing safety, fundamental rights, and transparency.
AI Risk: What Every Board Member Needs to Know
Artificial Intelligence (AI) is a double-edged sword, offering both unprecedented opportunities and complex challenges. As boards and executives grapple with the rapid advancements in AI, they must navigate a landscape fraught with both promise and peril. This article aims to equip board members with key AI insights from a recent report by the National Association of Corporate Directors (NACD) and the Data & Trust Alliance, as well as a keynote address by John A. Wheeler at AuditBoard's Audit+Beyond event.
The Convergence of Cybersecurity and Operational Risk: Lessons from the Clorox Breach
The Clorox cyberattack, which led to a whopping 20% drop in shares since August, highlights the ripple effect a cybersecurity incident can have on operational processes. Here, a technology-centered vulnerability impacted the company's operational capabilities, and consequently, its market value. Such setbacks not only disrupt the daily functioning of an organization but can tarnish its reputation and erode stakeholder trust.
Steering the Corporate Ship: CEOs See Rough Seas Ahead
CEOs increasingly find themselves at the helm in a dynamic corporate landscape, steering their organizations through rough seas. According to a study conducted by the IBM Institute for Business Value in collaboration with Oxford Economics, the two areas of greatest concern for CEOs over the next three years are environmental sustainability and cybersecurity/data privacy.
EU's “Digital Decade Strategy” Demands IRM
In an era defined by digital revolution, the European Union (EU) has embarked on an ambitious journey called the 'Digital Decade', aiming for digital excellence by 2030. However, as we step further into this digital frontier, we confront an intricate web of potential risks. An increasingly relevant tool to counteract these hazards is integrated risk management (IRM) technology. This technology could prove instrumental in navigating the inherent digital risks while ensuring a successful and secure digital transformation.
5 Steps to Transform the Digital Risk Landscape into Business Advantage
Digital risk, a term traditionally associated with negative connotations, is coming to the forefront of boardroom discussions. Yet, understanding and managing this risk can unlock many opportunities for businesses, from improving the quality of digital products and services to enhancing the organization's competitiveness.
Digital Risk Deciphered: Eight Key Questions for Business Leaders
Business leaders, including board directors and the senior executive team, need to actively engage in discussions about digital risk. To guide these discussions, here are eight questions every leader should be asking about their organization's digital risk landscape.
The IRM Advantage: How Boards Can Navigate Digital Risks and Regulations
In the relentless tide of digital innovation, board members find themselves grappling with a new business challenge - digital risk. Defined as the risk manifested through technology and integrated into business operations, digital risk, including cybersecurity, has become a pivotal concern in the age of accelerated digital transformation.