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1. Not-for-profits delve into risk management   CPEDirect

BY Jack Hagel
Many not-for-profits lack the resources to implement a holistic approach to risk across the enterprise. So it’s no surprise that they often lag behind public companies in implementing enterprise risk management (ERM). Just 13% of not-for-profits responding to a recent survey said they have complete formal enterprisewide risk management processes in place.

2. COSO’s ERM framework to undergo update   WebExclusive

BY Ken Tysiac
A well-known framework for risk management is scheduled for another update.The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced Tuesday that it is undertaking a project to update its Enterprise Risk Management—Integrated Framework, which debuted in 2004.Organizations use the framework to help them manage uncertainty, consider how much risk to accept, and improve understanding of their opportunities to increase and preserve value.The update is being undertaken to improve the framework’s content and relevance in the context of an increasingly complex business environment.

3. Unstructured data: How to implement an early warning system for hidden risks  

BY Christopher S. Beach, CPA/CFF, CGMA, and William R. Schiefelbein, J.D.
Managing the devil you know is difficult enough. But in risk management, it’s the devil you don’t know that can spring chaos on your organization. And risks are growing—and growing in complexity—at such a clip that the periodic cycle of internal audits and updating of controls often can’t keep up, particularly when it comes to risks that can go viral in this hyper-connected electronic age.Thus, a new reality is emerging: The scope of risk on which internal controls are focused at many companies is much narrower than the scope of risks actually faced by the organization.

4. How to conduct a risk workshop  

BY Neil Amato
Humana is a company of 50,000 people, so assessing and addressing all the risks that each segment of the company encounters is no easy feat.For years, Humana, a multibillion-dollar player in managed health care and health insurance, had a top-down approach to risk. But a few years ago, the company decided it wanted to manage risk from the bottom up as well.

5. Saving face in the Facebook age  

BY Jack Hagel
Businesses are focusing more on reputational risk today than in the past. But many companies do not vigorously monitor social media and lack processes to calculate the financial impact of not managing reputational risk.Seventy-six percent of the 1,300-plus CGMA designation holders who took part in a recent survey said businesses in their industry are putting more focus on reputational risk than in the past.

6. From CGMA Magazine: Finance's role in fostering innovation  

BY Jack Hagel
The finance function is rarely expected to be the originator of a breakthrough product or technology. But it has an important role in ensuring that great ideas are spotted, encouraged, financed, and delivered efficiently to the market. “A finance function needs to be able to understand the business well enough to know what is a worthwhile activity but also, in this part of the business, to have a bit more of an open mind,” Royal Dutch Shell CFO Simon Henry, CGMA, explains in the CGMA report Managing Innovation: Harnessing the Power of Finance.

7. How to do business abroad  

BY Sabine Vollmer
Infragistics is a 21st-century pioneer. The midsize New Jersey software developer has built its business by expanding into emerging markets—wherever it could find sales potential and outstanding software development talent. “If there’s a strategic business opportunity, if it’s kosher, we’ll go there,” said Chris Rogers, CPA, CFO of Infragistics, which was founded in 1989 and today has about 350 employees on five continents.

8. From CGMA Magazine: The merits of thinking the unthinkable  

BY Jack Hagel
You’re about to embark on an important project. You think it will be a success, but you can’t be sure. So you imagine that, a year down the track, your project has failed. Then you seek answers: What killed it? How could failure have been avoided? What other kinds of low-probability events could have shut down the project? Executives, spooked by devastating “black swan events” during the financial crisis, are increasingly examining these kinds of what-if scenarios to stress-test risks in a potential strategy or to refine contingency planning.

9. ERM: Where to go from here  

BY Kenneth A. Merchant, CPA, Ph.D.
During the past decade, many corporations have embraced enterprise risk management (ERM) processes to identify and prioritize risk. The prioritization of risk is typically done through “heat maps” showing which risks are most likely and which may have the most severe consequences. Effective ERM processes force an integrated consideration of risk, looking beyond single projects and departments.

10. SEC proposes identity theft “red flags” rules to protect investors   WebExclusive

BY Ken Tysiac
Broker-dealers, mutual funds and other SEC-regulated entities would be required to create programs to detect and respond appropriately to identity theft red flags under an SEC rules proposal announced Tuesday and issued for public comment. The proposed rules are designed to protect investors from identity theft and are similar to rules adopted in 2007 by the Federal Trade Commission (FTC) and other federal financial regulatory agencies.
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