About Morgan O'Rourke

Morgan O’Rourke is editor in chief of Risk Management magazine and director of publications for the Risk & Insurance Management Society (RIMS).
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Enterprise Hot Spots for 2014

If everyone had a crystal ball, risk management would be easy. But since there aren’t any wizards or fortune tellers among us (that I know of), we have to rely on forecasts to help guide us. To this end, every year, business consultant CEB develops a list of what they consider the top 10 emerging risk areas that will affect enterprises in the coming year. While the list is primarily intended to help audit teams develop and refine their plans for the coming year, the risks are really applicable to any business unit.

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  1. Compliance management
  2. Cybersecuirty: Malicious insiders
  3. Risk management
  4. Cybersecurity: Malicious outsiders
  5. Emerging markets
  6. IT governance
  7. Third-party relationships
  8. Project management
  9. Intellectual property
  10. Crisis response management

In a new online exclusive article in Risk Management magazine, Friso Van Der Oord and Jeffery Ugbah, directors with CEB’s legal, risk and compliance practice, organize the list into four themes that look at the downside of business interdependence, the balance between control and value, embedding compliance in the business, and organizational blindspots. Their analysis helps put these risk into greater context.

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Our current report addresses some well-known risks, such as cyber-security and third parties, but also highlights gaps in companies’ control environment such as inadequate risk management and insufficient crisis response management that may create real blind spots for companies.
Not only do we see changes in the corporate risk landscape, perhaps more importantly we see organizations, despite their best intentions, struggle to maintain effective controls in light of rapid business and regulatory changes.

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For more, you can read the entire article at RMmagazine.com.

Gearing Up for Black Friday on Thursday

Remember when Thanksgiving was one of the few days of the year where every store was closed and Black Friday mayhem was reserved for, well, Friday? Well, not anymore. These days more and more stores are starting their Black Friday sales on Thursday – sometimes as early as 6 a.m. At least it’s good to know we have options when we get tired of turkey and/or family.

If you are one of the 140 million people that the National Retail Federation expects to shop this weekend (33 million of whom are planning to shop on Thanksgiving Day), remember to have fun and, most importantly, stay safe. To that end, insurer Chubb has provided the following infographics for both retailers and consumers who want to stay out of harm’s way and make sure their experience is a success.

Happy Thanksgiving.

 

The Cost of Intellectual Property Theft

Intellectual property is the lifeblood of any organization. It is what distinguishes one company from another and is the main reason customers buy the products and services that they do. This is why IP theft is so important and can have such an impact on individual businesses and the economy as a whole. In fact, reportedly, IP theft costs the U.S. economy more than $300 billion every year. The infographic below, created by software provider i-Sight, takes an interesting look at the scope of the problem and the efforts to prevent it.

For more on the topic, be sure to check out our special section on IP risks in the latest issue of Risk Management magazine.

Copy(right) Cats: How Intellectual Property Theft Affects Everyone, Including You [INFOGRAPHIC]

 

Copy(right) Cats: How Intellectual Property Theft Affects Everyone, Including You from i-Sight

Leadership Lessons from Space

As far as resumes go, it doesn’t get much more impressive than that of Colonel Chris Hadfield. Although now retired, Hadfield was an astronaut and Royal Canadian Air Force test pilot who flew multiple missions into space. He was the first Canadian to perform a space walk and most recently spent five months in orbit serving as the commander of the International Space Station. During that time, he became one of the most well-known astronauts in the world due to his use of social media. His Twitter feed has garnered over one million followers and his version of the David Bowie song “Space Oddity,” that he sang while on the space station (above), became a YouTube hit with more than 18 million views.

Earlier today, Col. Hadfield shared his experiences as a guest speaker at this year’s RIMS Canada Conference in Victoria, British Columbia. He talked about how it felt from the moment an astronaut wakes up in the morning of the day they are scheduled to go into space to when they touch down back on Earth after the mission is over.

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He talked about takeoffs that he said felt like a gorilla shaking you around and then tossing you in the air, the “magical” feeling of weightlessness, which is like gaining the ability to fly, and how landings are so violent all astronauts can do is laugh.

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What was most striking were the photos he shared of what the planet looks like from space and how seeing Earth from that vantage point changes one’s perspective on just about every human experience.

Hadfield’s story was also one about leadership and the challenges managing risk in such extreme environments where even the smallest detail could mean life or death.
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This was an experience shared by the pervious day’s speaker, Dr. Joe MacInnis, who, in addition to working with astronauts himself, was the physician and safety officer for James Cameron’s expedition seven miles below the sea to the Mariana Trench.

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The experiences of both men underlined the idea that leadership, even in such high-risk situations, is not a clinical, detached process. Instead, good leaders seem to excel to the so-called softer skills, like empathy, imagination or trust. It isn’t just about having a high level of skill that will get a team through a tough scenario and complete the task at hand. Rather, it’s also about being human and fostering relationships with team members to make sure everyone is motivated to reach a common goal.

It’s a simple lesson, but one worth remembering. After all if it works in space or underwater, it’s probably a pretty decent strategy in the office as well.