By Corinne A. Gregory
The occasions of September eleventh served as a warning call to many companies which, put up Y2K had turn into complacent approximately their company danger. situation administration and company continuity making plans are important to the continued good fortune of any company, extra so than ever with the expanding reliance on IT and communications platforms. The ramifications of IT possibility expand a ways past know-how and, as this briefing exhibits, credits threat, operational danger, marketplace and company possibility are all interrelated. This briefing will give you a 'how to' advisor to picking, mitigating and getting ready for quite a number enterprise dangers so one can restrict their effect at the company and make allowance operations to renew once attainable. Ignoring the necessity to deal with company hazard may be maximum danger you are taking. Contents comprise: *Executive precis *Introduction to company possibility research, administration and company continuity *Definitions and kinds of firm threat *What is firm threat administration *The stages of ERM: evaluate, reply, fix *Developing an company danger administration application *Enterprise threat administration and know-how
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Additional resources for Minimizing Enterprise Risk: A Practical Guide to Risk & Continuity (Executive Briefings)
If 38 What is enterprise risk management? a scenario shows that a particular event may cause an especially strong impact as a result of multiple vulnerabilities interacting, the organization has the knowledge with which to develop more effective ways of mitigating or managing that impact. Perhaps this management requires that the organization limits doing business in a particular way that subjects it to more risk in a certain area. Or that it transfers risk out to another third party or resource in order to avoid the combinatorial effects of multiple, cascading risks.
Shareholders, too, are wondering about many companies’ abilities to continue operations in light of common and uncommon failures or catastrophic events, and may include sufficient disaster preparedness as a ‘soft’ criterion for new or continued investment. While there has not been a huge level of movement toward developing and implementing full-scale business continuity plans, many companies have committed to initiating enterprise-wide business continuity efforts. It should not come as a surprise if tighter regulatory controls are proposed to ensure that public companies have adequate disaster recovery and business continuity plans in place in the future.
So, what are the lessons learned from Enron? Certainly issues of market risk were part of the problem. Combined with that, there were substantial elements of operational risk – how was Andersen able to have such access to files, records and papers that allowed them, as it has been reported, to ‘cook the books’ without anyone within the company knowing, as top executives at Enron have maintained? Andersen accountants were the company’s auditors, but did that mean that they worked on the books in isolation and without anyone from the company being involved?