What is the top 'mission critical' risk aspect for both Customers and Third Parties (see below)?

Comments

• garywphipps ✭

  April 2019

  Wow.  This is a tough one. I would be remiss if I said anything other than "D. All of the above".  Managing risk is sort of like playing whack-a-mole.  What you are referring to is what is known as Enterprise Risk Management.  ERM is more of a journey than a destination.  

      

  At any rate, the mole that's exposed is the one you whack!  For example, if you have a Data Privacy examination in two weeks that you aren't prepared for, that might be the most important element of Enterprise Risk.............at that time.  Once that mole is whacked, the next most important thing will reveal itself.  Sometimes you have multiple moles exposed at the same time.  When this is the case, you need focused experts addressing the moles individually. 

      

  Operational and Strategic risk are intertwined sometimes.  Strategic Risk deals with understanding how to best apply your resources to achieve your growth goals or avoiding becoming irrelevant due to slow innovation or being gobbled up by the competition.  This is an extremely important part of a company and typically the function of the board.  Operational Risk deals with how you are managing internal and external forces that threaten your day-to-day activities that keep the lights on, servers running, people coming to work, etc..

      

  My point is that it depends on who you ask. If you were to ask our VP of Operations, he might say that "your long-term plans won't matter if we can't manage 'business as usual'.  The BOD might have a different opinion

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