In today’s interconnected world, it’s easy for organizational leaders to see a security incident on the news and question if they could be next. Security is often top of mind but rarely a strategic priority, leaving many CISOs struggling to communicate how to reduce risk to the board. And the latest risk management trends could present new challenges for security leaders. How can you overcome them?

Today we are going to keep looking at artificial intelligence and how corporations can get ahead of the risks thereof. Our previous post on AI was primarily a list of potential risks that could run rings around your company if you’re not careful; so what steps can the board and senior executives take to prevent all that? Well, first things first. AI is a new technology.

In today’s world organizations rely on computer systems and data for pretty much everything, including mission-critical processes and interactions with customers. And given the relentless increase in cybersecurity threats, this means that organizations’ need to protect themselves and their customer data from such threats is paramount. The average cost of a single data breach in the United States is now $9.44 million.

Companies and their many stakeholder groups depend on accurate information. Whether you’re a manager, investor, board director, or employee, it’s crucial to have an accurate picture of what is happening in a company. Publicly traded companies provide this picture through financial data, collected and shared through formal, published financial reports.

Have you ever been asked difficult questions from your leadership teams that you couldn’t answer? How do you intelligently and succinctly respond to the following questions and have the supporting data to back up your metrics and business outcomes? Regardless of your role in compliance, risk management or information security, these questions can potentially trigger a mild case of anxiety or even a full on panic attack, depending on your organization’s level of control maturity.

Risk, security and compliance executives have many choices and decisions on their respective plates, and whether or not to automate is not among them. I’ve been seeing a trend in the marketplace: more and more organizations are investing in risk management and compliance technology tools1. But why? The answer may be as simple as supply and demand dynamics.

The total global value of corporate mergers and acquisitions (M&A) reached $5.9 trillion in 2021. For 2022, the figure is expected to reach $4.7 trillion. This would make 2022 the second-best year on record for the M&A market after 2021. Clearly, robust M&A opportunities exist for companies looking to stimulate growth, increase market share, and influence supply chains. Despite those potential benefits, however, M&A deals are also fraught with serious risks.

Modern-day enterprise risk management (ERM) is a disciplined, organization-wide approach to identifying and addressing a wide range of enterprise risks, such as operational risk, financial risk, compliance risk, and strategic risk. Organizations with robust ERM programs can better manage and mitigate risk and minimize the potential for losses or damage. ERM incorporates different strategies, tactics, and plans for each type of risk because those risks affect the organization in different ways.

Risk awareness, mitigation, and management are integral to solid cybersecurity and business performance in the modern business climate. Organizations need an active approach that supports risk-informed decision-making at every level to succeed at risk management. This is where integrated risk management comes into action.

Internal controls are the processes, procedures, tasks, and activities meant to protect an organization from fraud, financial information misreporting, cybercrime, and accidental losses. A strong internal control system is also vital to maintain compliance with all applicable laws and regulations. Internal controls do, however, have one nagging weakness: management override of those controls.