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The State of the American Manager Is…Weak

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Risk managers, understandably, spend most of their time worrying about external threats. But occasionally we are forced to acknowledge that our own organizations can be the most fertile seedbeds of risk.

Gallup’s State of the American Manager report is one of those inputs that should compel organizations to look inward. Gallup lays out startling data on the woeful state of American managers: most are disengaged, compelling their employees to perform at much lower levels. Prevailing promotion and hiring practices are big culprits, as a small minority of people given management roles actually have the skills to succeed with leadership responsibilities. A lot needs to change to recover all of the lost productivity.

According to Gallup, about 82% of managers lack the appropriate skills for their positions. Poor hiring practices beget low engagement with the job and organization: 65% of managers say they are either not engaged, or actively disengaged.

Essentially, managers are phoning it in. Many readers won’t be surprised by this; most of us have had bad bosses at one time or another, and Gallup found that exactly half of American workers have left a job just to get away from a dreadful manager. They also found strong a strong correlation between manager quality and employee engagement:

All told, managers account for “at least 70% of the variance in employee engagement scores across business units.” And it’s powerful to see the effects of low employee engagement on productivity:

What does all of this poor managing cost? Gallup claims the current situation drains $300–$400 billion from the U.S. economy each year.

The extent of this problem, and its effects, are staggering.

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Thankfully, the solutions are easy to articulate. We have vast ranks of unsatisfied and unengaged managers because we are putting the wrong people in leadership positions. Too many organizations plot career paths based on title, not talent.

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A great front-line employee might not be a great manager, but that’s how we typically promote people:

Reason #2 is the other systemic problem: promoting based on seniority. High-performing organizations, on the other hand, promote based on performance rather than who’s next in line for a title change.

Sub-par hiring and promotion practices continue, of course, because overhauling them is a huge job with large up-front costs. Whole company cultures need to be changed in the process. Many (most?) organizations obviously prefer to stick with the status quo.

Are there any quick fixes that can help turn the tide?

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Actually, yes. Something companies can start doing right away: hire and promote more women into management roles:

Access to the full Gallup report can be found here.

P&C Rates Drop 1% in March

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The composite rate for property and casualty insurance dropped 1% in March compared to March 2014, indicating a softening market, according to MarketScout.

“March is an important month. There is a considerable volume of U.S. business placed with both the U.S. and international insurers,” noted Richard Kerr, CEO of MarketScout. “While a small change from February, the downward adjustment in rates may be an indicator of what is to come for the next six months.”

By coverage classification, general liability and umbrella/excess liability dropped from up 1% in February to flat or 0% in March. Commercial auto, professional liability, and employment practices liability (EPLI) were also down 1% in February as compared to March. No coverages reflected a rate decrease.

By account size, small accounts (up to $25,000 premium) adjusted downward from up 2% to up 1%. Large accounts ($250,000 to $1,000,000 premium) were flat as compared to up 1% in February. The rates for all other accounts were unchanged.

Industry classifications all remained the same as in February, except for contracting and transportation, which were up 1%t in March, compared to up 2% in February. Habitational was flat or up 0% in March, compared to up 1% in February.

Summary of the March 2015 rates by coverage, industry class and account size:

By Coverage Class
Commercial Property Up 1%
Business Interruption Up 0%
BOP Up 1%
Inland Marine Up 0%
General Liability Up 0%
Umbrella/Excess Up 0%
Commercial Auto Up 1%
Workers’ Compensation Up 0%
Professional Liability Up 1%
D&O Liability Up 1%
EPLI Up 1%
Fiduciary Up 0%
Crime Up 0%
Surety Up 0%

 

The Risky Side of Unmanaged Spreadsheets

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For years enterprises have attempted to move away from spreadsheets in favor of enterprise resource planning (ERP) systems, accounting systems and various other software systems and applications. Yet, no matter how hard organizations try, it seems spreadsheets will not go away.

Besides being easy to use and accessible, people are comfortable working with spreadsheets. When they have a job to do, spreadsheets are there—not waiting for IT. Yet when left unmanaged, the risks associated with spreadsheets can prove costly, resulting in bad business decisions, regulatory penalties, and even lawsuits. In some instances, unmanaged spreadsheets are costing organizations millions of dollars.

For example, last October a spreadsheet mistake cost Tibco shareholders $100 million during a sale to Vista Equity Partners. Goldman, Tibco’s adviser, used a spreadsheet that overstated the company’s share count in the deal. This error led to a miscalculation of Tibco’s equity value, a $100 million savings for Vista and a slightly lower payment to Tibco’s shareholders.

Earlier this year it was discovered that the Lubbock Housing Authority mistakenly posted applicants’ personal information on its website. In a rush to get the spreadsheet online before the holiday break, staff inadvertently posted the wrong file. As a result, the names, addresses, complete social security numbers and estimated incomes of applicants appeared online for all to see.

Then there was the case of Bulkhead Beef. The company filed a federal complaint against rival meat purveyor, Revere Meat Co., for taking key competitive information including its most valuable data found within its yield formula spreadsheet. While one case involved theft and the others appear to be fat finger errors, these cases confirm that left unmanaged, spreadsheets expose organizations to risk.

Despite the risks associated with spreadsheets, however, they remain a critical analysis tool for enterprises large and small. In the coming years, spreadsheets can be expected to grow in size and complexity. This means the challenges of managing them, and the associated risk, will only increase.

Why spreadsheets remain relevant

For years, businesses have attempted to do away with spreadsheets in favor of ERP systems, which offer the controls necessary to minimize risk. In today’s global economy where outsourcing is the norm and M&A activity is high, however, there is a lot more collaboration. The complexities associated with integrating data between multiple ERP systems makes spreadsheets an appealing option for analysis.  Disparate ERP systems don’t work together; therefore, rather than waiting on IT, spreadsheets are being used as the point of integration. Once data is exported to an Excel spreadsheet, however, the controls in place are gone. There is no way to monitor changes, control access, or to ensure that errors or risks were not introduced into the process.

While there are many cloud-based applications businesses can purchase to replace spreadsheets, the reality is that spreadsheets remain a reliable standby. When business shifts and an application that was purchased no longer fits, or an analysis is requested that the application doesn’t provide, the ability to export data to Excel is a reliable option that business users continue to turn to. While there are risks, they are willing to take them to get the job done. Fortunately, technology advances are enabling enterprises to overcome spreadsheet complexities. Automated risk and analysis solutions provide much needed insight into potential risk and errors that may be hiding in spreadsheets. Yet many organizations don’t use spreadsheet management solutions simply because they are unaware this technology exists.

Taking the risk out of spreadsheets

Taking a methodical approach to understanding where risks may hide is the first step in managing spreadsheets across an organization. Spreadsheet management solutions offer detailed insight into spreadsheets, regardless of where they reside on a network or how many exist. These solutions provide visibility into who is working on a spreadsheet, how many people are working on it, when something changes, what changed, and who made those changes. The ability to monitor and track this information over a period of time provides valuable insight into whether policies are being met, while making it significantly easier to identify potential risk.

For even greater transparency and risk management, many spreadsheet management solutions will allow threshold alerts to be set if certain changes occur such as commission percentages or diluted shares. These red flag-type alerts can be customized to meet a certain criteria and can be as basic or detailed as necessary. Thresholds also can be set to alert auditors to disparate currency and tax changes; this information is especially useful when dealing with global mergers and acquisitions. Threshold alerts serve as automated checks and balances to ensure that inaccuracies are not missed. For example, had an alert been set to notify auditors when the number of shares was changed in the Tibco case, this issue could have been avoided.

Threshold alerts also could have prevented the Bulkhead Beef and the LHA situations as well. There is significant value in understanding the data lineage and being alerted when things just don’t appear right. If people are downloading documents and information that is not within their job responsibilities or there is a sudden increase in the amount of data being viewed or pulled that is inconsistent with past access, for example, having an alert system in place can help enterprises stop potentially damaging situations before they occur.

Spreadsheets aren’t going away

Spreadsheets can be found nearly everywhere within a company. Excel spreadsheets continue to meet the analytical needs of companies today, especially when it comes to analyzing and reporting financial results and providing evidentiary support for decision-making. They are used for managing forecasts, inventory levels and much more.

It is clear that spreadsheets are not going away. Until enterprises wake up to this reality, news stories will continue to appear detailing the latest spreadsheet disaster. There are user-friendly enterprise offerings available for managing spreadsheets. With the right infrastructure, transparency and governance can be achieved, and costly errors and unwanted headlines avoided.

 

Guarding Against PoSeidon and Other Point-of-Sale Breaches

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According to Cisco’s Security Solutions team, there is a new malware family targeting point-of-sale (PoS) systems, infecting machines to scrape memory for credit card information and send the payment card data to servers for harvesting and, likely, resale. This malware, which the group has nicknamed PoSeidon, works like this:

Unlike other PoS memory scrapers that store captured payment card data locally until attackers log in to download it, PCWorld reported, PoSeidon communicates directly with external servers and can update itself automatically, and also has defenses against reverse engineering.

PoS malware using the “memory scraping” technique also caused the Home Depot and Target data breaches. In the latter, hackers were able to save names, credit card numbers, expiration dates, security codes from the backs of cards and encrypted PINs when at least 40 million customers swiped at in-store registers.

“The new PoSeidon malware has retailers on alert, particularly as the frequency and relative ease with which POS system breaches are occurring is forcing them to take a closer look at their IT infrastructure and reassess how secure it actually is,” said Andrew Avanessian, EVP of consultancy and technology services at security firm Avecto. “It is also prompting many to ask, what will it take to get ahead of these attacks?”

Avanessian believes the answer is clear: a more defense-in-depth approach to security. “While perimeter technologies like firewalls can prevent against certain types of external attack, it cannot block malware that has already found its way onto endpoints within an organization,” he explained.

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“With a multi-layered security strategy that incorporates solutions like patching, application whitelisting and privilege management, organizations can more effectively protect against the spread of malware, defending their valuable assets and ultimately their reputation.”

As I wrote in the March 2014 issue of Risk Management, the adoption of EMV chip technology presents one of the most promising ways to increase PoS security. Already common in Europe, EMV technology—named for its founders, Eurocard, MasterCard and Visa—utilizes embedded chips that, unlike magnetic strips, make it nearly impossible to counterfeit cards. In Europe, 81% of cards have EMV chips, and countries that have adopted the technology saw sharp declines in credit card fraud. Meanwhile, the United States accounts for 27% of worldwide credit transactions, but sees 47% of card fraud.

As organizations roll-out chip and pin technology across the country, these breaches may start to decline, Avanessian agrees, but he urges a more holistic approach to fighting PoSeidon and other PoS malware. “EMV (or chip-and-pin) will absolutely help stop card fraud, however, retailers should not become complacent and think this is the silver bullet they have been waiting for,” he said. “Yes it will help stop fraud once the details have been stolen, but it does not stop businesses from being breached. Companies gather a huge amount of data about their patrons, such as names and addresses, and this data is still valuable to fraudsters.

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Unless retails take a multi-layer defense-in-depth approach to security, they will still get breached.”

To prevent consumers from losing and shopping elsewhere, Avanessian believes it is critical to evolve the means of combatting cyberattack just as the means of hacking has changed. “In our experience, retailers are still relying on antiquated ‘detection’-based technologies to keep the bad guys out. They all spent hundreds of thousands of dollars on detection, yet they still get breached,” he said.

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“The world has changed, the players have changed, cyberattacks are now a trillion dollar industry—the approach has to change.”