Liquid Collective’s Post

In the insightful article by GRC 20/20, author Michael Rasmussen highlights a critical evolution in third-party risk management, where the focus extends beyond security vulnerabilities to include a wider spectrum of risks and a more holistic approach that he prefers to call third party GRC. Rasmussen rightly emphasizes that the risks faced by the extended enterprise now encompass operational errors, software bugs, and broader platform dependencies, which are increasingly interwoven as a result of the rise of cloud computing and global supply chains. As organizations rely more heavily on third-party software and services, understanding and mapping out these underlying dependencies is more important than ever. A key takeaway from the article that hit home for us is the emphasis on robust third-party risk technology and real-time third-party risk intelligence as central to identifying and addressing emerging risks promptly. This perspective resonates deeply with our own experiences in the industry, where we’ve seen how operational resilience can be jeopardized by operational bugs and breakdowns in third-party software. These are, of course, the precise kinds of risks and gaps that BugZero has been built to eliminate. For example, consider a critical supply chain application dependent on multiple third-party platforms. A software bug in one of these platforms could disrupt the entire chain, resulting in costly operational downtime that cascades into loss of business and regulatory obligations and civil liability. Proactively identifying these risks through continuous monitoring, as suggested by Rasmussen, is essential for maintaining operational continuity. This article serves as an important call to action for organizations to embrace a more comprehensive, real-time approach to managing third-party risks. https://lnkd.in/gnx9PxKH #RiskManagement #ThirdPartyRisk #OperationalResilience #CloudComputing #SupplyChainRisk #GRC #MichaelRasmussen

📌 Key 'New Capabilities' that 'Chief Risk Officers (CROs)' require in the current and emerging risk management global landscape. ----------------------------------------------------------------------------- Chief Risk Officers (CROs) play a critical role in managing and mitigating risks within organizations, and their role has evolved significantly in recent years. Given the increasing complexity of business environments, emerging technologies, regulatory changes, and global uncertainties, CROs are now expected to demonstrate new capabilities that go beyond traditional risk management. 📍 New Capabilities for Chief Risk Officers: 1. Digital and Technological Risk Expertise: - Cybersecurity and Data Privacy CROs must be well-versed in cybersecurity risks and data privacy regulations, particularly in response to the rise of cyberattacks, ransomware and data breaches. Technology and Digital Transformation: Understanding the risks related to digital transformation, such as cloud computing, artificial intelligence (AI), blockchain and Internet of Things (IoT) is essential. CROs should also be involved in assessing risks tied to automation and AI-driven decision-making. 2. Strategic and Enterprise Risk Management (ERM): CROs are increasingly required to link risk management to the organization’s strategic goals. They should integrate risk analysis into business decisions and strategy formulation, ensuring that risk considerations are embedded across all functions and processes. Holistic Risk Management: Instead of focusing on operational or financial risks alone, CROs must address strategic risks like market disruptions, geopolitical changes and shifts in consumer behavior. 3. Regulatory and Compliance Awareness: As global regulations become more complex, CROs must keep pace with evolving laws in data privacy (e.g., GDPR), ESG (Environmental, Social, and Governance) compliance, anti-money laundering (AML), and financial regulations. This requires an ability to anticipate regulatory changes and proactively adjust strategies to ensure compliance. 4. Resilience and Crisis Management: CROs are now expected to develop operational resilience frameworks that allow businesses to maintain continuity during crises such as pandemics, natural disasters, or supply chain disruptions. 5. Stakeholder Communication and Risk Culture Leadership: - Communication Skills: CROs must have the ability to clearly communicate complex risk topics to various stakeholders, including the board, C-suite, investors, and regulators. 📌 In Summary: The modern CRO needs to be a multifaceted leader who not only manages traditional risks but also embraces technological changes, regulatory challenges, and evolving societal expectations. CROs must balance being technical experts, strategic thinkers, communicators, and change agents, positioning themselves as integral to the organization’s long-term resilience and growth. #riskmanagement #cro #leadership

Top 5 GRC Trends to Watch in 2025 Integrated Risk Management Platforms In 2025, organizations will increasingly adopt integrated risk management platforms that unify governance, risk, and compliance functions. These platforms will enable real-time risk assessment and facilitate better collaboration across departments, allowing businesses to respond to threats and regulatory changes more effectively. AI-Driven Predictive Analytics The use of artificial intelligence in GRC will evolve, with predictive analytics becoming a standard tool for identifying potential risks before they materialize. Organizations will leverage machine learning algorithms to analyze historical data, spot patterns, and forecast future compliance issues, enhancing proactive decision-making. Focus on Cybersecurity Governance As cyber threats continue to escalate, the integration of cybersecurity governance into GRC frameworks will be paramount. Companies will prioritize establishing comprehensive cybersecurity policies, conducting regular risk assessments, and ensuring compliance with emerging regulations like the Cybersecurity Maturity Model Certification (CMMC). ESG Integration into GRC Strategies Environmental, Social, and Governance (ESG) considerations will play a critical role in GRC strategies. In 2025, organizations will increasingly align their risk management and compliance efforts with ESG goals, driven by stakeholder demands for transparency and accountability. This trend will lead to the development of metrics to evaluate ESG performance alongside traditional compliance measures. Decentralized Compliance Solutions The rise of decentralized technologies, including blockchain, will influence compliance practices. Organizations will explore blockchain-based solutions for transparency and traceability in transactions, making it easier to demonstrate compliance with regulatory requirements. This trend will also enhance trust among stakeholders by providing immutable records of compliance activities. Conclusion As the landscape of governance, risk, and compliance continues to evolve, staying ahead of these trends will be crucial for organizations aiming to mitigate risks and enhance compliance. Embracing these changes will not only strengthen internal processes but also position companies as leaders in their respective industries.

Risk, Operational Risk, Technology, Vice President, London @ Goldman Sachs by via ai-jobs.net ([Global] oracle cloud) URL: https://ift.tt/nU62M4I RISK The Risk Division is a team of specialists charged with managing the firm’s credit, market, liquidity, operational and capital risk. Whether assessing the creditworthiness of the firm’s counterparties, monitoring market risks associated with trading activities, or offering analytical and regulatory compliance support, our work contributes directly to the firm’s success. The division is ideal for collaborative individuals who have strong ethics and attention to detail. OPERATIONAL RISK- TECHNOLOGY The Operational Risk Division at Goldman Sachs is an independent risk management function responsible for developing and implementing a standardized Operational Risk Management Framework (ORMF) to identify, measure, monitor, and escalate operational risk across the firm.  The Technology Operational Risk (TOR) role is for a professional with deep technology subject matter expertise dedicated to actively employ and strengthen the components of the firm’s operational risk management framework relating to technology risks.    THE ROLE & RESPONSIBILITIES This role will be responsible to continuously identify, monitor, measure, assess, and challenge operational risk for the Engineering Division.   As a senior Technology Operational Risk Lead, you will be responsible for providing independent oversight and challenge of the first line of defense (1LoD) technology risk management practices. The Engineering Organization includes the Engineering Division and technology and strategist groups in Revenue and Federation divisions. Our engineers are responsible for building and deploying innovative technical and quantitative solutions for our clients and our firm. Assess the governance of risk management practices pertaining to the risk and controls of the technology assets and systems, adherence to policies, standards, and procedures. Risk assessment of the impact of changing application, infrastructure, and Cloud computing services on the Goldman Sachs technology portfolio.  Coordination and key participation in the development of the evolving risk position of new technology and third-party software. For each of the technology areas in focus, this individual will be charged with escalating and tracking the individual risk items. Work with appropriate technology areas to identify potentially elevated risk concentrations globally and perform independent assessments of the corresponding inherent risks and mitigating controls. Recommend any adjustments required to meet firm’s policy, regulatory requirements, and industry best practices. Develop and perform ongoing analysis of operational risk loss, near miss and external events to inform RCSA results, technology assessments and scenario analysis.  Establishes and oversees the application of operational risk policies, technology and tools, a...

The article stresses the need for organizations to balance cost reduction with effective identity governance for risk management. It highlights streamlined processes and technology as key to achieving financial savings, enhanced security, and compliance, advocating for a strategic approach aligning financial and security goals.

ICYMI: CISA Releases Software Acquisition Guide for Government Enterprise Consumers: Software Assurance in the Cyber-Supply Chain Risk Management (C-SCRM) Lifecycle #itpfed

Risk, Operational Risk, Technology, Vice President, London @ Goldman Sachs by via all AI news ([Global] oracle cloud) URL: https://ift.tt/nU62M4I RISK The Risk Division is a team of specialists charged with managing the firm’s credit, market, liquidity, operational and capital risk. Whether assessing the creditworthiness of the firm’s counterparties, monitoring market risks associated with trading activities, or offering analytical and regulatory compliance support, our work contributes directly to the firm’s success. The division is ideal for collaborative individuals who have strong ethics and attention to detail. OPERATIONAL RISK- TECHNOLOGY The Operational Risk Division at Goldman Sachs is an independent risk management function responsible for developing and implementing a standardized Operational Risk Management Framework (ORMF) to identify, measure, monitor, and escalate operational risk across the firm.  The Technology Operational Risk (TOR) role is for a professional with deep technology subject matter expertise dedicated to actively employ and strengthen the components of the firm’s operational risk management framework relating to technology risks.    THE ROLE & RESPONSIBILITIES This role will be responsible to continuously identify, monitor, measure, assess, and challenge operational risk for the Engineering Division.   As a senior Technology Operational Risk Lead, you will be responsible for providing independent oversight and challenge of the first line of defense (1LoD) technology risk management practices. The Engineering Organization includes the Engineering Division and technology and strategist groups in Revenue and Federation divisions. Our engineers are responsible for building and deploying innovative technical and quantitative solutions for our clients and our firm. Assess the governance of risk management practices pertaining to the risk and controls of the technology assets and systems, adherence to policies, standards, and procedures. Risk assessment of the impact of changing application, infrastructure, and Cloud computing services on the Goldman Sachs technology portfolio.  Coordination and key participation in the development of the evolving risk position of new technology and third-party software. For each of the technology areas in focus, this individual will be charged with escalating and tracking the individual risk items. Work with appropriate technology areas to identify potentially elevated risk concentrations globally and perform independent assessments of the corresponding inherent risks and mitigating controls. Recommend any adjustments required to meet firm’s policy, regulatory requirements, and industry best practices. Develop and perform ongoing analysis of operational risk loss, near miss and external events to inform RCSA results, technology assessments and scenario analysis.  Establishes and oversees the application of operational risk policies, technology and tools, a...

Managing risk is a fundamental and underlying feature for any protocol aiming for sustainability. Having a healthy incentives structure assumes an aligned risk management strategy. Come, learn. Blockchain is still a fascinating environment. 😃

The Future of Third-Party Risk Management: Trends and Technologies Shaping the Way Organizations Manage Risks https://lnkd.in/gncwjQXb #tprm #business

DORA Explained: ICT Third-Party Risk Management Strategy (Part 3). My latest article on Fundiligence. This article introduces the essential elements of managing third-party ICT risks under the Digital Operational Resilience Act (DORA). It outlines how AIFMs can assess, mitigate, and monitor the risks posed by external ICT service providers, ensuring the resilience of critical functions against potential disruptions. Key components covered such as risk identification, contractual safeguards like Service-Level Agreements, and proactive measures like Disaster Recovery as a Service.