Click here to close now.

Welcome!

Web 2.0 Authors: Carmen Gonzalez, ScriptRock Blog, Yeshim Deniz, Elizabeth White, Alena Prokharchyk

Blog Feed Post

2013 Corporate Risk Hotspots

Leading corporate risk prevention consultancy Riskskill (http://www.riskskill.com/), a division of UKFraud, has opened the New Year with a list of what they believe are the 8 biggest corporate risk hotpots faced by management in 2013. The hotspots are:

1. Fraud. With fraud set to reach increasingly high levels as a reflection of economic conditions, corporations face their own battle with those who are determined to defraud them. In 2013, supply chain fraud will be a major growth area, as squeezed suppliers face temptation to cheat, often using IT systems to cover their tracks. This type of fraud can range from simple 'weights and measures' issues through to credit based fraud and professionally planned attacks. As a result, procurement fraud is also set to reach record levels this year, where those charged with purchasing, face a range of temptations, including bribes from suppliers. More generally, internal fraud too is running at its highest level.

The UK government's National Fraud Authority (NFA) has produced an annual survey of fraud. For the last 3 years it has reported estimated fraud losses that are, in general terms, doubling each year. The fraud prevention market is braced for a repetition of this trend with an increase in the estimate of fraud losses expected again.

2. Cyber Crime Attacks. Such intrusions will remain an on-going concern in 2013. Already, the daily number of automated attacks on bank and retailer systems runs into the millions. Corporations are especially vulnerable where they have ventured into online trading, as the customers are faceless and there is comparatively little time to check the efficacy of the client's details. Controls over 'apps', such as payments through mobile and NFC (Near Field Communication) devices are also on-going risks that are growing as these solutions evolve. Technically skilled fraudsters and self-styled cyber-warriors' love such conditions and it is a constant race for 'switched on' payment processors to find the 'security holes' before such people actually cause havoc.

In addition, with so much high quality customer data reaching criminal hands and seemingly frequent high-profile data-security breaches through cyber-crime, it is harder than ever to tell the good and bad guys apart. 2013 will therefore see an increasingly greater emphasis placed upon PCI DSS and other data-security and integrity issues. There will also be continuing government interest in talking about this subject.

3. Social and Other Media Related Risks. The huge rise in different types of mobile device platforms along with the corresponding growth of social media sites now poses a huge reputational challenge for corporations. Within minutes, organisations can be the victim of blistering customer backlashes which might or might not be justified. Many corporations are making a start by attempting to formally control how their own employees release company or workplace information through social media. The number of reported dismissals and legal cases for acting irresponsibly through social media is soaring. However, beyond this there are increasingly huge risks posed by being seen to 'get it wrong' at the 'social-communications' front line. 2013 could well see a significant rise in the ownership of social media policy by corporate communications management.

4. Silo Mentality. Borne out of the desire to conduct business correctly, increasingly complicated silo structures have grown up in the corporate world, with the corporate tsars of compliance vying for power with those running policy, risk and traditional management functions such as IT and finance. It is possible that key decisions such as fraud policy, for example, will fall between these silos so that one either finds managers that are only partially responsible for an issue or a whole gaggle of managers who all feel that something is 'their bag'. The only solution is to have cross-function internal teams working closely with non-execs to allocate and refine roles and responsibilities.

5. Big Data Risks. As a result of corporate compliance and customer contact drives, organisations now hold increasingly huge volumes of data such as customer files. This development does pose its own data breach risks. However, the evolution of the 'big data' culture will also deliver huge benefits in 2013. Recent improvements in business intelligence and data analytics technology have delivered significant benefits for those working to manage big data projects along with those focussed on the risk and compliance issues raised.

Companies can now monitor hundreds of millions of transactions continuously for patterns of potential fraud, cyber-attacks or money laundering. Often this is happening at speeds many times faster than even a year ago. It also allows marketing professionals to make more incisive assessments of customer behavior and therein to tailor and fine tune campaigns accordingly.

6. Credit Risk Losses v Profitable Lending. Banks and other organisations, such as retailers, are under pressure from shareholders, the media and wider stakeholders to avoid bad-debts on one hand, whilst increasing profitable business lending on the other.

There is a potential risk of a lose, lose situation developing where once again such pressure leads to bad financial products and the risks of mis-selling and bad debts from over-stretched customers.

To take retail as an example, store-finance schemes and other 'loyalty' lending products face mounting credit exposures and losses through debt defaults, and write-offs.

7. Legal Claims. Whenever there is a downturn in the economy, people seek-out legal redress from anywhere that they can find it. The insurance industry and local authorities are tired of the 'slips and trips' type scenarios and is fighting the continual rise in these cases. However, many organisations seriously underestimate how big the potential legal risks can be. They are likely to face even greater pressure on this front though in 2013, as the TV ad style accident and PPI lawyers start to look for the next big thing.

8. Environmental, CSR and Sustainability Risks
Often the investment in 'environmentally friendly' and wider 'social responsibility' issues and other 'sustainability initiatives' will be finely calculated parts of a wider 'corporate score-card'. In more difficult economic times, these broader social and 'green' initiatives can suffer; the financial commitment made in the good times can also damage the longer-term investment, security and stability of businesses when things are tighter. So there is a longer term balancing of the risks required - i.e. the corporate social responsibility commitments flagged on the company's website need to be measured against the real-life, long-term trading conditions. As reputation 'can be all', corporates need to make sure that long-term CSR commitments aren't ultimately suspended or frozen with the risk of damaging their hard won reputations.

"From our research and experience of many businesses, we can see that most organisations are needlessly at risk in a number of areas," says Bill Trueman CEO of Riskskill. "Often the potential and consequential losses will be a major threat to businesses performance. To put them right and protect our businesses, we need to make sure that our processes, procedures and systems are clear, tight, ordered and well managed. Whilst the risks can usually be identified quickly and effective plans drawn up, it usually takes a little help and some wider corporate consensus to get things done. External risk management specialists, free of internal politics and silo rivalries, can help organisations appreciate quickly the level of risk they are running and plan accordingly. Strong internal risk management teams can also help combat the risks. However, the first step necessary for many corporations in 2013 is to recognise the risks they run and the need for change itself. Until they do, our role is to highlight the risks most likely to be faced."

Ends

About Riskskill (http://www.riskskill.com/)
Part of the acclaimed UKFraud operation, Riskskill delivers 'total risk' assessments for major corporations, solving problems and engineering bespoke risk reduction solutions in organisational, management, financial control and IT.

The assessments analyse all areas where organisations are at risk including: fraud, credit risks, counterparty or partner risks, cyber crime breaches, bad debt management, and the oversight and control of other write-offs along with compliance penalties and legal-case losses. Having identified specific areas of risk, Riskskill drafts detailed business and IT system change plans. The plans are then backed up by comprehensive coaching, training and mentoring programmes, which target the engineering of ground-up (but also top-down) solutions throughout the client's organisation, people, processes, management and systems.

For Further Information please contact:

Bill Trueman
Riskskill
+44 20 8133 7575
[email protected]

Or

Leigh Richards
The Right Image
+44 844 561 7586
+44 7758 372527
[email protected]

Read the original blog entry...

More Stories By RealWire News Distribution

RealWire is a global news release distribution service specialising in the online media. The RealWire approach focuses on delivering relevant content to the receivers of our client's news releases. As we know that it is only through delivering relevance, that influence can ever be achieved.

@ThingsExpo Stories
SYS-CON Events announced today that On the Avenue Marketing Group, a sales and marketing firm that utilizes events to market and sell products to consumers, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. On the Avenue Marketing Group (OTA) is a sales and marketing firm that utilizes events to market and sell products to consumers. On behalf of our clients, we attend thousands of fairs, festivals, expos, concerts, conferences, and sporting events annually, helping them reach millions of individuals ...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will meet your customers' needs of tomorrow - today! Ciqada. Let your products take flight. For more inform...
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable older adults to live independent lives while staying connected to loved ones. M2M will continue to gr...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) application providers dating back to 2004. Cybozu's kintone.com is a leading global BYOA (Build Your O...
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provides a high level technical overview of many cloud services available to mobile app developers, includi...
SYS-CON Events announced today that BroadSoft, the leading global provider of Unified Communications and Collaboration (UCC) services to operators worldwide, has been named “Gold Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BroadSoft is the leading provider of software and services that enable mobile, fixed-line and cable service providers to offer Unified Communications over their Internet Protocol networks. The Company’s core communications platform enables the delivery of a range of enterprise and consumer calling...
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of Cloud and Mobile Strategy at GENBAND, will explore what is needed to take a real time communications ...
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to offer disruptive APIs to developers.
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
WebRTC is an up-and-coming standard that enables real-time voice and video to be directly embedded into browsers making the browser a primary user interface for communications and collaboration. WebRTC runs in a number of browsers today and is currently supported in over a billion installed browsers globally, across a range of platform OS and devices. Today, organizations that choose to deploy WebRTC applications and use a host machine that supports audio through USB or Bluetooth can use Plantronics products to connect and transit or receive the audio associated with the WebRTC session.
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications Unified Communications Suite gives CSPs the capability to do just that. In addition, its integration ...
SYS-CON Media announced today that @ThingsExpo Blog launched with 7,788 original stories. @ThingsExpo Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @ThingsExpo Blog can be bookmarked. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago.
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...