Spot Risks Early by Aligning Enterprise Risk Management Components
Proactively spotting risks requires aligning early warning systems (EWS), key risk indicators (KRIs), risk appetite, and risk tolerance. This integration enables organisations to monitor threats, act swiftly, and stay within strategic boundaries. Benefits include proactive risk management, cost savings, enhanced decision-making, stakeholder confidence, and adaptability to emerging risks, ensuring resilience and growth.
Ensuring Compliance with the Protection of Personal Information Act (PoPIA) in South African Public Entities
South African public entities must comply with PoPIA by ensuring lawful data processing, security safeguards, and transparency. Key steps include appointing an Information Officer, conducting audits, implementing policies, training staff, and monitoring compliance. Regular reviews help maintain compliance, protect personal data, and mitigate legal risks while fostering trust.
Unlocking the Power of Data Governance: A Strategic Approach to Data Management
Data governance ensures data integrity, security, and usability by establishing policies and standards. Emerging models like data cooperatives and public trusts offer new approaches. Best practices include strategic alignment, accountability, and transparency. Effective governance mitigates risks, enhances decision-making, and drives business success in a data-driven world.
Practices for Risk Management Maturity Improvement
The article explores strategies for enhancing organisational risk management maturity. It highlights key drivers such as organisational learning, leadership accountability, and robust frameworks, while outlining steps to improve maturity and overcome challenges, ultimately fostering resilience in volatile environments.
Cyber Risk and Cybersecurity: a Systematic Review of Data Availability
Cybercrime is estimated to have cost the global economy just under USD 1 trillion in 2020, indicating an increase of more than 50% since 2018. With the average cyber insurance claim rising from USD 145,000 in 2019 to USD 359,000 in 2020, there is a growing necessity for better cyber information sources, standardised databases, mandatory reporting and public awareness. This research analyses the extant academic and industry literature on cybersecurity and cyber risk management with a particular focus on data availability.
Defining Cyber Risk
Rapid digitization of the economy and social relations is the main reason why the issues of cyber risk, cyber threats and cybersecurity are continually gaining importance. Despite the increase in the number of research papers in these areas, scholarly articles defining cyber risk are relatively scarce. Moreover, the uniform broadly accepted definition of cyber risk has not been adopted yet, probably due to the interdisciplinary nature of this concept and the dynamics of its change. The paper contributes to the literature on the cyber risk, cybersecurity and cyber risk management.
Cyber Risks: Systematic Literature Analysis
This systematic literature review focuses on the digitalization theme and its associated risks, particularly cyber risks. Conducted through a comprehensive exploration of the Scopus database over two decades, employing keywords such as "digitalization," "digitization," and "digital risks," this research aimed to understand the evolution of terminology and scholarly discourse in this domain. The investigation initially targeted "digital risks" but shifted towards keywords like "cyber risks," "cybersecurity," and "cyber resilience" to reflect the changing landscape. The review traces the origins of the often-employed keyword "industry 4.0" and its impact on research interests, prompting a focus on more recent publications due to the rapid pace of development in the field.
Risk Oversight and Risk Governance of Firms
Risk is threats for firms’ future development, so effective risk oversight is important for firms. Board of directors plays a significant role in the risk oversight process, but they are facing serious challenges and pressures in effective risk oversight. Therefore, risk governance is becoming more and more important for firms to effectively reduce their risks, develop a robust internal control system and then become profitable.