Cybersecurity BCP/DR Planning
Blog

Cybersecurity BCP/DR Planning

The Institute of Forensics and ICT Security (IFIS) has been providing training to organizations in setting up an effective Business Continuity and Disaster Recovery plan (BCP/DR) as an overall coverage for contingency planning. Experience has shown that organizations do not include procedures for handling a BCP/DR training and those organizations that had these plans, they…

Combating Cyber Security Threats
COMPUTER SECURITY

Combating Cyber Security Threats

New cybersecurity threats and breaches emerge each year. Even with unprecedented vulnerabilities such as Spectre and Meltdown, the approach to dealing with the risks they pose is the same as ever: sound risk management with systematic processes to assess and respond to risks. Here are considerations for cyber risk management. Risk management is the ongoing…

Risks in the Insurance Sector
TRAINING

Risks in the Insurance Sector

Managing compliance risk is crucial in the challenging environment of the insurance industry. However, because of increased consumer awareness and expectations, evolving business models, new technologies with emerging risks, new waves of regulations, and an unprecedented level of sanctions, insurance companies must revise their risk strategies and invest heavily in compliance. 4 emerging risks for…

What is a Financial Risk?
TRAINING

What is a Financial Risk?

Financial risk is the possibility that shareholders or other financial stakeholders will lose money when they invest in a company that has debt if the company’s cash flow proves inadequate to meet its financial obligations. When a company uses debt financing, its creditors are repaid before shareholders if the company becomes insolvent. Financial risk also refers to the…

The Purpose of Risk Management in Healthcare
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The Purpose of Risk Management in Healthcare

Risks to patients, staff, and organizations are prevalent in healthcare. Thus, it is necessary for an organization to have qualified health care risk managers to assess, develop, implement, and monitor risk management plans with the goal of minimizing exposure. There are many priorities to a healthcare organization, such as finance, safety and most importantly, patient…

Managing Fraud in a Business.
FRAUD MANAGEMENT

Managing Fraud in a Business.

All organizations are subject to fraud risks. Large frauds have led to the downfall of so many organizations, massive investment losses, significant legal costs and erosion of confidence in capital Markets. Publicized fraudulent behavior by key executives has negatively impacted the reputations, brands, and images of many organizations around the globe.   Reactions to recent…

The Role of Board in Risk Management.
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The Role of Board in Risk Management.

In the past years, boards could rely on management to oversee and manage risk. But when the financial crisis hit in 2008 harsh economic times hit boards of directors and they came face to face with complex legal issues and failing businesses. The financial downfall was an abrupt wake-up call for boards of directors to…

Risk Based Auditing
FRAUD MANAGEMENT

Risk Based Auditing

Audit risk is the risk that the financial statements are materially incorrect, even though the audit opinion states that the financial reports are free of any material misstatements. The two components of audit risk are the risk of material misstatement and detection risk. Risk based Auditing is an internal methodology which is primarily focused on…

Enterprise Risk Management
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Enterprise Risk Management

Enterprise Risk Management is a strategic business discipline that supports the achievement of an organization’s objectives by addressing the full spectrum of its risks and managing the combined impact of those risks as an interrelated Risk portfolio. Risk management is important in an organization because without it, a firm cannot possibly define its objectives for…

What is Risk Management?
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What is Risk Management?

Risk Management is the process of identifying, analyzing and responding to risk factors. Risk Management Systems are designed to do more than just identify the risk. The systems must also be able to quantify the risk and predict the impact of the risk on the project. The outcome is therefore a risk that is either…