Boards of directors and company executives may not be aware of significant risks that could jeopardize the survival of their companies. The concept of risk management is elusive and is perhaps the greatest challenge faced by business leaders. Enterprise Risk Management (ERM) is a key component of every effective corporate governance process. ERM enhances how organization oversight boards and management executives meet their obligations to the stakeholders. It provides assurance that organizations will achieve their stated missions and objectives. Read more
What is Cyber Assurance Risk?
Cyber security assurance risk is the risk that an IT assurance provider reaches an incorrect information assurance conclusion. This is a mistake that occurs when an assurance provider concludes that no cyber security vulnerabilities exist when in fact material vulnerabilities exist – the dreaded false negative.
Why Should You Be Concerned with Cyber Security Assurance Risk?
Recent high profile data breaches have highlighted the extent of cyber security assurance risk. Whereas it is not practical to expect 100% information assurance, one can only imagine the tough discussions that CIOs, CISOs, and CAEs have with management and the board of directors when a data breach incident occurs. This is especially critical when the results your internal control evaluations and representations did not indicate control weaknesses.
Case Study : Growth without Cash and Profitability - The Invisible Losses
Once, the owner of a small business that had experienced significant growth in revenue contacted us with a challenging situation that he had noted with his business. He explained to us how when his business was smaller and he was mostly the key person generating revenue, his annual revenue was about $300,000 and he had a healthy cash balance in the bank to run the business and make drawings enough to fit his lifestyle. Read more