Click here to close now.

Welcome!

Web 2.0 Authors: Lori MacVittie, Pat Romanski, Liz McMillan, Carmen Gonzalez, Elizabeth White

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
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
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 Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of 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. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
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...
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
SYS-CON Events announced today that Vitria Technology, Inc. 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. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Solgenia 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, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
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 the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
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...
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.