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Pros and cons of using Excel spreadsheets for risk management. Excel is a commonly used tool for risk management due to its flexibility and ease of use. However, there are both pros and cons associated with using Excel for risk management: Pros of using Excel for risk management: 1. Familiarity: Many people are already familiar with Excel, making it an easy tool to adopt for risk management. 2. Flexibility: Excel is a highly customizable tool that can be adapted to meet a wide range of risk management needs. 3. Data analysis: Excel has robust data analysis capabilities, including charting, pivot tables, and filtering, making it easy to analyze risk data. 4. Cost-effective: Excel is an affordable solution for risk management and does not require expensive software or tools. 5. Versatility: Excel can be used for a variety of risk management tasks, including risk identification, assessment, and reporting. Cons of using Excel for risk management: 1. Limited collaboration: Excel does not support real-time collaboration, which can make it difficult for teams to work together on risk management tasks. 2. Error-prone: Excel is prone to human errors, such as incorrect data entry, which can impact the accuracy of risk management data. 3. Lack of audit trail: Excel does not have a built-in audit trail, making it difficult to track changes to risk management data. 4. Limited scalability: Excel is not designed to handle large volumes of data, and as a result, it may not be the best solution for organizations with complex risk management needs. 5. Security risks: Excel files can be easily copied, shared, and modified, which can create security risks for sensitive risk management data. Avoid the Excel cons with Risk Wizard Excel can be a useful tool for risk management, especially for smaller organizations or those with very simple risk management needs. However, once spreadsheets are being used regularly and shared amongst staff the pitfalls of Excel become prominent meaning you need to step up to a robust solution such as Risk Wizard. Compare the reasons for stepping up from Excel on our home page.

Top 10 functions of an effective Risk Committee A Risk Committee typically has a range of responsibilities and functions that help it to identify, assess, and manage risk across an organization. Some of the main functions of an effective Risk Committee include: 1. Risk identification: The Risk Committee is responsible for identifying potential risks that may affect the organization, including operational, financial, legal, and reputational risks. 2. Risk assessment: Once risks are identified, the committee evaluates and assesses the potential impact and likelihood of each risk and prioritizes them accordingly. 3. Risk mitigation: The Risk Committee develops and implements strategies to mitigate risks, including risk transfer, risk avoidance, risk reduction, and risk acceptance. 4. Risk monitoring: The committee continually monitors risks to ensure that mitigation strategies are working effectively and that new risks are identified and addressed promptly. 5. Risk reporting: The committee prepares and presents regular reports to senior management and the board of directors on the status of risks and the effectiveness of risk management strategies. 6. Compliance oversight: The Risk Committee ensures that the organization is complying with all relevant laws, regulations, and industry standards related to risk management. 7. Crisis management: The committee develops and maintains plans for managing and responding to crises and emergencies, including communication plans and contingency plans. 8. Business continuity planning: The committee oversees the development and testing of business continuity plans to ensure that the organization can continue to operate in the event of a major disruption. 9. Vendor risk management: The Risk Committee is responsible for assessing and managing risks associated with third-party vendors and suppliers. 10. Risk culture: The committee works to develop a culture of risk awareness and responsibility throughout the organization, encouraging employees to identify and report risks and promoting a proactive approach to risk management. Risk Wizard provides clarity for Risk Committee decision-making. Risk Committees need information that's clear, succinct and up to date so fully informed decisions can be taken whenever the Risk Committee sits. Risk Wizard's information is typically shared in real time via an online group presentation - Committee members can easily discuss and share views on the risk and compliance environment and use Risk Wizard's information to focus on what's important. To see the sort of information an effective Risk Committee uses please request a demo today.

Top 10 major responsibilities of a risk manager Although roles and responsibilities of risk managers vary across companies and industries, there are some major responsibilities common to any risk manager, irrespective of where they work. Here are 10 major responsibilities worth noting: 1. Identifying Risks: A risk manager is responsible for identifying potential risks that may impact the organization's operations, financial performance, or reputation. This includes assessing internal and external risks and analyzing the likelihood and impact of each risk. 2. Assessing Risk: Once identified, a risk manager must assess the level of risk associated with each potential threat. This includes evaluating the potential consequences of each risk and determining the appropriate level of risk tolerance. 3. Developing Risk Management Strategies: Based on the risk assessment, a risk manager must develop strategies to mitigate, transfer, or avoid potential risks. This includes identifying appropriate risk management techniques and developing plans to implement them. 4. Communicating Risks: A risk manager must effectively communicate potential risks to key stakeholders, including senior management, board members, and staff. This includes developing reports and presentations that clearly explain the nature and severity of each risk. 5. Monitoring and Reporting: A risk manager is responsible for ongoing monitoring and reporting of risk management activities. This includes tracking key performance indicators, identifying emerging risks, and communicating updates to stakeholders. 6. Developing Policies and Procedures: A risk manager must develop and implement policies and procedures related to risk management. This includes establishing standards for risk assessment and management, as well as guidelines for reporting and escalation. 7. Implementing Controls: A risk manager must implement controls to mitigate risks identified in the risk assessment. This includes designing and implementing controls to prevent or detect potential threats. 8. Conducting Risk Assessments: A risk manager must periodically conduct risk assessments to identify new risks and evaluate the effectiveness of existing risk management strategies. 9. Collaborating with Stakeholders: A risk manager must collaborate with internal and external stakeholders, including vendors, partners, and regulators. This includes working with these groups to identify potential risks and develop appropriate risk management strategies. 10. Providing Risk Management Training: A risk manager must provide training and education to staff and stakeholders on risk management. This includes developing training materials and conducting workshops to ensure that all stakeholders are aware of potential risks and understand the organization's risk management strategy. Risk managers use Risk Wizard for many of their responsibilities. Much of the information a risk manager needs to do their job can reside in Risk Wizard. Rather than spending time on Excel, data needed can be quickly collated, reported and extracted from Risk Wizard, freeing up time and effort of risk managers. Our experts are ready to show you how easy your job becomes using Risk Wizard. Request a demo today.

Managing cloud security risks Cloud-based transactions have increased exponentially over the past couple years and there is no let-up. Businesses that transact online have become totally reliant on cloud-based services for transferring and storing data. Increased cyber threats and attacks have placed many IT departments under extreme pressure to secure their infrastructure and data. At a high level, CIOs should be ensuring their staff are aware and tackling the major cloud security risks listed below. 1. Data breaches and leaks: Unauthorized access or theft of sensitive data, such as customer information or intellectual property, can result in significant financial loss and reputational damage. 2. Insufficient access controls: Weak access controls can result in unauthorized access, data leakage, and other security breaches. 3. Insecure interfaces and APIs: Vulnerabilities in cloud provider interfaces and APIs can lead to unauthorized access and data breaches. 4. Inadequate user authentication and identity management: Weak authentication and identity management can lead to unauthorized access and data breaches. 5. Malware and viruses: Cloud-based malware and viruses can infect applications, operating systems, and data, leading to data loss or system disruption. 6. Denial of Service (DoS) attacks: These attacks can prevent access to cloud-based applications and services, causing significant disruption to business operations. 7. Insecure data storage: Unencrypted or improperly secured data storage can lead to data breaches and unauthorized access. 8. Insecure network connections: Insecure network connections can allow attackers to intercept sensitive data or access cloud resources. 9. Poorly configured cloud resources: Misconfigured cloud resources can create security vulnerabilities and allow unauthorized access. 10. Insider threats: Internal employees or contractors with access to cloud resources can intentionally or accidentally compromise security. 11. Lack of visibility and control: Inadequate monitoring and reporting can make it difficult to identify and respond to security threats. 12. Inadequate encryption and key management: Weak encryption and key management practices can lead to unauthorized access and data breaches. 13. Insecure application design: Vulnerabilities in the design of cloud-based applications can lead to unauthorized access and data breaches. 14. Shadow IT: The use of unauthorized or unapproved cloud services and applications can create security vulnerabilities. 15. Vendor lock-in: Reliance on a single cloud provider can limit the ability to switch providers and increase the risk of service disruption or data loss. 16. Compliance failures: Failure to comply with regulatory requirements or industry standards can result in legal and financial penalties. 17. Shared technology vulnerabilities: Shared infrastructure and technology used by multiple tenants can create security vulnerabilities. 18. Inadequate disaster recovery and business continuity planning: Failure to plan for disasters or service disruptions can result in significant financial loss and reputational damage. 19. Lack of security expertise: A shortage of security professionals with cloud security expertise can make it difficult to implement and maintain effective security measures. 20. Third-party security risks: Reliance on third-party services and providers can create security vulnerabilities and increase the risk of data breaches and other security incidents. Managing cloud security risks in Risk Wizard IT officers can easily conduct cloud risk assessments in Risk Wizard. Cloud based risks can be easily categorized and segregated with full audit trails enabled so independent officers can follow mitigation strategies back to the relevant risk under assessment. Risk rankings and reports can be quickly produced and distributed at the touch of a button. CIOs can dashboard their operations and easily pinpoint the areas that require further attention. To see how you can reduce your exposure to cloud-based risks take a quick demo of Risk Wizard software with one of our experts.

Risk management program pitfalls to success The success of any risk management program relies upon all the pieces coming together in a timely, effective manner. Major pitfalls to guard against risk management program failure are highlighted below: Lack of commitment from top management: A risk management program cannot succeed if it does not have the support and commitment of senior management. If management does not understand the importance of risk management or does not allocate the necessary resources, the program is unlikely to succeed. Insufficient resources: An effective risk management program requires sufficient resources, including staff, time, and budget. If these resources are not available, the program may be poorly implemented or fail altogether. Inadequate risk identification: Failure to identify all potential risks, including emerging risks, can lead to incomplete risk management plans that do not adequately protect the organization. Incomplete risk assessment: Assessing risks is not just about identifying them, but also about evaluating their potential impact and likelihood. If the risk assessment is incomplete, the organization may not prioritize risks correctly, leading to inadequate risk mitigation. Lack of risk ownership: Risk management requires the involvement of all stakeholders, from senior management to front-line employees. If there is no clear ownership of risks, it may be difficult to effectively manage them. Ineffective risk communication: Communicating risks effectively is essential for ensuring that all stakeholders understand the potential impact of risks and the measures being taken to manage them. Poor communication can lead to misunderstandings and inadequate risk management. Inadequate risk monitoring: Risk management is an ongoing process that requires regular monitoring to ensure that risks are managed effectively. If risks are not monitored regularly, it may be difficult to identify changes in the risk environment that require a change in the risk management approach. Inadequate risk mitigation measures: If the risk mitigation measures are not effective, the organization may not be able to manage the risks adequately. This can be due to inadequate risk assessment or lack of resources to implement the mitigation measures. Lack of risk culture: An effective risk management program requires a risk-aware culture that is embedded in the organization. If there is no culture of risk awareness, it may be difficult to get employees to take ownership of risks and to comply with risk management policies and procedures. Overreliance on technology: While technology can be a useful tool for risk management, it should not be relied on exclusively. Human judgment and expertise are also essential for effective risk management. If the organization relies too heavily on technology, it may miss important risks or fail to respond appropriately to changes in the risk environment. Risk Wizard's role in program success goes beyond technology. Risk Wizard is a linchpin in its customers' successful risk management programs. From the outset of any program Risk Wizard is a communication centerpiece for working with risks and reporting them across different levels of business. It provides clear guidance and is a consistent framework for everyone to embrace. Learn how Risk Wizard can be an effective tool in your next program by experiencing a short demo of the software.

Top 10 cyber risks to be aware of Cyber risks have become an increasingly dangerous threat in 2023 from a variety of sources. It's vital that your risk register contain these top 10 risk items and importantly show how they are being managed through a variety of IT controls. Check out the top 10 cyber risks and compare against your listings. 1. Phishing attacks Phishing attacks are a common way for cybercriminals to obtain sensitive information from individuals and businesses. In these attacks, cybercriminals send fraudulent emails or messages that appear to be from a trustworthy source in order to trick the recipient into providing personal information such as passwords, credit card numbers, or other sensitive information. 2. Ransomware attacks Ransomware is a type of malicious software that encrypts a victim's data and demands a ransom in exchange for the decryption key. Ransomware attacks have become increasingly common and can have a devastating impact on businesses by locking them out of their systems and data. 3. Insider threats Insider threats can come from current or former employees, contractors, or partners who have access to sensitive information. These threats can be intentional or unintentional, and they can include data theft, sabotage, or other malicious actions. 4. Social engineering attacks Social engineering attacks involve using deception to manipulate individuals into divulging sensitive information or performing actions that are not in their best interest. These attacks can take many forms, including phishing scams, pretexting, or baiting. 5. Malware attacks Malware is a type of malicious software that is designed to disrupt, damage, or gain unauthorized access to a computer system. Malware can take many forms, including viruses, Trojans, and spyware. 6. Data breaches A data breach occurs when cybercriminals gain unauthorized access to sensitive information, such as personal information, financial information, or trade secrets. Data breaches can have a significant impact on businesses, including financial loss, reputational damage, and legal liability. 7. Denial-of-service (DoS) attacks A DoS attack is a cyberattack that aims to make a website or online service unavailable by overwhelming it with traffic. These attacks can be used to extort businesses or disrupt their operations. 8. Internet of Things (IoT) attacks As more devices become connected to the internet, businesses face new risks from IoT attacks. These attacks can exploit vulnerabilities in IoT devices to gain access to sensitive information or disrupt business operations. 9. Cloud security risks As more businesses move their data and applications to the cloud, they face new security risks. These risks can include data breaches, unauthorized access, and insider threats. 10. Third-party security risks Many businesses work with third-party vendors or partners that have access to their systems or data. These third-party relationships can create new security risks, including data breaches and cyber attacks. Risk Wizard software can help you manage cyber risks Document your cyber risks, cyber controls and action plans in Risk Wizard. Easily monitor who is doing what and when so that you stay on top of cyber threats. Check out our risk management software with a short demo. https://www.riskwizard.com/demo

Risk management is extremely important now as it has been in the past, but global changes have put a lot of pressure on supply chains that require the skills of a risk management professional to analyse and mitigate. In logistics and supply chain risk management, traditional risks have always existed since day one. Upstream and downstream risks, maintaining optimal inventories, choosing reputable logistics providers, and many other risks have always been and will likely continue to be significant risks worthy of managing. Below are three of the big risks that supply management professionals must adapt to: Post-Covid Supply Chain Aftermath While Covid-19 may not have directly interfered with global supply chains, the effects of government-imposed lockdowns certainly have hampered what seemed to have been an increasingly globalised world economy. Even as most countries have eased lockdowns and trade and travel have resumed, events during the pandemic years have lingered, only to showcase how truly fragile global supply chains can be. Take, for instance, the Ever Given container ship that blocked the Suez Canal in March 2021. It has been estimated that around US$9.6 billion (about $14.13 billion AUD) in trade value was blocked in the course of nearly a full week. There have also been worries of a global computer chip shortage starting in 2020, persisting to the present day. Since computer chips are used in just about all electronic devices and modern cars, the impacts have been felt globally. Perhaps more than ever before, C-suite executives must be cautious and vigilant with the supply chains, making them as agile and resilient as possible to mitigate these types of risks. Political Risks to Supply Chains The overall political landscape is ever-changing, but it seems to be happening at a mile a minute in recent years. The Russia-Ukraine conflict and ongoing energy crisis in Europe are already having impacts on supply chains. Trade relations with China have also become a challenge due to ongoing political disputes as well as internal attempts to fulfil a zero-Covid policy in China, which has repeatedly led to major port cities ceasing operations. Considering the massive amounts of suppliers that modern organisations have had from China, any changes to the political landscape can pose a significant risk to organisations that have put all their eggs in one basket, so to speak. Economic Risks to Supply Chains In terms of economic risks, supply chains have become fragile for the reasons mentioned above but also due to challenging economic times in Australia and elsewhere around the world. Rising rates of inflation have tightened spending, thus reducing demand for many goods and services. Simultaneously, rapid rises in inflation create instability in forging long-term contracts with suppliers. Commodity prices are always in flux, but drastic uncertainty in the long-term can cause many businesses to avoid taking on the risk of locking in ongoing contracts as a consequence. Moreover, the Covid-19 lockdowns implemented by many governments have had lingering effects on small businesses as well as many suppliers. Those that lacked the capital to withstand full closure for months at a time simply had no option but to declare bankruptcy, thus limiting the pool of potential suppliers for a specific product. Risk Wizard Manage risks professionally with cloud-based software from Risk Wizard.

A risk register is a document used to track and manage risks that may impact a project, program, or organization. Keeping a risk register provides many benefits, including: 1. Improved Risk Management: A risk register helps to identify, assess, and manage risks effectively. It provides a structured way to analyze potential risks and plan appropriate responses. 2. Early Warning System: A risk register acts as an early warning system, allowing organizations to identify potential risks before they become serious issues. 3. Better Decision Making: A risk register helps to prioritize risks and determine the best course of action. This can help organizations make better decisions and avoid costly mistakes. 4. Increased Awareness: By maintaining a risk register, stakeholders become more aware of the potential risks that may impact the organization or project. 5. Improved Communication: A risk register facilitates communication between team members, stakeholders, and decision-makers. It provides a centralized location for information about potential risks and their impact. 6. Accountability: A risk register helps to assign ownership for managing risks. This ensures that someone is responsible for monitoring and managing each risk. 7. Resource Allocation: A risk register helps to identify the resources required to manage each risk. This helps organizations allocate resources more effectively and efficiently. 8. Mitigation Strategies: A risk register helps to develop mitigation strategies that can reduce the likelihood and impact of potential risks. 9. Risk Monitoring: A risk register helps to monitor risks over time. This ensures that risks are managed effectively and that new risks are identified and addressed as they arise. 10. Continuous Improvement: A risk register helps organizations to continuously improve their risk management processes. By reviewing the risk register regularly, organizations can identify areas for improvement and implement changes to their risk management processes. Risk Wizard operates a secure cloud-based risk register and provides a seamless transition from Excel or Word-based risk registers. Contact us today to see how we can help you make the move.

Businesses ranging from startups to large corporations all need, to some extent, to rely on a robust IT ecosystem for today’s digital, computerised workplaces. Naturally, moving towards digital means of data storage, communications, and administration comes with its own set of risks that must be addressed. One such field of interest for many companies these days is IT asset disposition. There are, as mentioned, many risks involved with IT systems, so how does IT asset disposition fit into the equation and how can risks be mitigated? What is IT Asset Disposition? IT asset disposition, often simply called ITAD, is a rapidly growing industry worldwide which focuses on the safe and secure disposal of old, redundant IT assets that have reached their end of life (EoL). ITAD services also include secure logistics of redundant equipment, inventory tracking, audit trails, as well as refurbishment and/or remarketing of company devices to third parties. One popular ITAD service is data destruction, which involves the secure collection of a company’s retired IT assets and the destruction of all devices, often accompanied by video evidence and data destruction certificates. Destruction methods include degaussing (very powerful magnets which render all data on HDDs irretrievable), shredding, punching/crushing, or disintegration with powerful acids. Why is ITAD Needed in Risk Management? Why bother going through all the effort of destroying a few dozen or a few hundred old hard drives with such extreme measures when you can simply reformat or wipe the drive? There are many reasons why these solutions are not recommended for data destruction. You might get away with it if you’re selling your personal laptop, but doing this with company-owned devices can have costly consequences. So why go through all the effort, you may ask? One of the biggest risks to companies in today’s digital age comes through the form of cyber attacks and data breaches. Not all hackers choose to hack through IT networks and systems, however, as this can be challenging and requires the criminal to be quite savvy. A far easier way to cause a data breach is to simply find an old hard drive carelessly tossed away and all of a sudden your entire organisation may have been compromised by a thief with relatively few skills. Same thing with wiping/reformatting. It is often possible to restore and retrieve sensitive data from such devices. How to Integrate ITAD Into Your Risk Management Strategy Prevention is often the best treatment, and when it comes to risks from improper data disposal or data destruction, it’s certainly more beneficial to be proactive and to have an ITAD strategy in place. Organisations should have a robust ITAD plan in place, which includes considerations such as: Keep an active inventory of all company owned devices, including their condition, lifespan, location, and other relevant characteristics. Organise stakeholder meetings which include all key personnel to discuss the importance of data security and ITAD. Create or enforce a company-wide policy for proper data privacy. Retain an ITAD consultant to perform on-premises data destruction when devices reach their EoL. Create an action plan for containing data breaches should they ever occur. Have a list of people to call in an emergency so that your IT systems can be decommissioned temporarily until the breach has been contained. Risk Wizard Experience the superior quality of risk management software by giving Risk Wizard a go today.

Does your organisation sell goods or services downstream along the supply chain? Do you rely on snappy, organised suppliers upstream in order to maintain operations? If you answered yes, then you ought to be keenly aware of risks involved along the supply chain. With many businesses operating digitally in whole or in part today, cyber supply chain risk management has become a crucial subset of risk management that just about every organisation must consider carefully. The good news is that modern, intuitive software such as Risk Wizard can help ease the burden of cyber supply chain risk management. But how can you leverage software to mitigate risk? Map Out the Cyber Supply Chain The first step to understanding cyber supply chain risk is to identify it. Map out all of the suppliers, manufacturers, distributors, retailers and/or end customers, and subcontractors as applicable to your business. This list can become quite large and unwieldy, especially when considering all subcontractors affiliated with downstream supply chain businesses, so exercise proper diligence to establish a reasonable scope. Next, develop an inventory of the information systems used between your organisation and those of your business partners. What type of information is shared, what is its value, and where is the information stored? Establish Cyber Supply Chain Risk Factors Once you’ve mapped out all of your business partners and the cyber supply chain information systems that need to be considered, carefully go through each element that has been listed and determine the risks associated. An example of cyber supply chain risk could include the improper storage of company-sensitive data, such as keeping sensitive customer data on non-encrypted networks or servers. A database of customer addresses and credit card information used for order deliveries, for example, should always be stored securely with minimal risk of a data breach. In many cases, there are supply chain risk factors that your organisation can and must address. In some cases, however, outside organisations (in many cases, the Government) will step in to address and manage risk. For critical infrastructure, for example, the Security of Critical Infrastructure Act 2018 allows the Australian Government to manage the growing threats of sabotage, espionage, coercion, and foreign involvement in Australia’s critical infrastructure. Create a Plan of Action After establishing the cyber supply chain risk factors, it is important to develop reasonable, actionable, and proportional responses to address each risk that has been identified. Although it is generally prudent to have restrictive (rather than loose) contracts or memorandums of understanding addressing cybersecurity expectations within the organisation, it is often best to not be overly restrictive. Within your risk management software, tag individual risks with reasonable, actionable, and proportional measures. Software with built-in real-time notification features and emails to relevant stakeholders will be able to take off much of the burden from risk management personnel and can help immensely in this endeavour. In general, a good set of principles to follow in Australia are the Cyber Security Principles. They can greatly assist with cyber supply chain risk management by aligning the organisation’s efforts to govern, protect, direct, and respond to cybersecurity threats and risks. Risk Wizard Reduce cyber supply chain risk within your organisation and experience the full suite of robust functions offered by Risk Wizard.