We just read KPMG’s Third Party Risk Management outlook 2020 and today we will pitch in comments on KPMG survey on third party risk management . Risk integration We discuss what its conclusions mean in terms of practical risk assessment and Enterprise Risk Management (ERM). At Riskope we started integrating third parties risks in ERMs and risk assessments twenty years ago. We note that in the grand scheme of things third party may also mean neighbors. Of course, defining the limits…
Read More
A few years ago Riskope developed machinery-specific risk assessments. They were geared towards mitigating Health and Safety issues, covering Mining deaths and injuries generating high risks, in particular around underground coal extraction machines. Mining deaths and injuries We were recently delighted to read that All Mining Fatalities in the US fell to an all-time low (25 casualties) for 2016 (source Labor Department). The value is 86% from the previous low set of 29 (2015) and sharply down from 46 casualties…
Read More
Chief Security Officer, Chief Data Officers and silo effects Up to 15 years ago, the “risk transfer guy” (aka “insurance guy”) was basically the person who signed insurance contracts, with a strong focus on operational risks, as they were the only insurable ones. Nowadays Risk Managers (Chief Risk Officer) rightly consider information silos effect within their organization as critical issues to good risk management which includes reputational damages and many other non operational areas. This is a problem that affects…
Read More
