Shared Assessments C-Suite Call to Action

Setting the Tone for 2021: Out of the Shifting Landscape, Opportunity Arises

SANTA FE, N.M.--(BUSINESS WIRE)--The Shared Assessments Program, the member-driven leader in third party risk assurance, today issued “C-Suite Call to Action – Risk Management Through A Different Lens,” a new key resource. In this briefing paper, the Shared Assessments Program’s U.S. Steering Committee members provide an overview and recommend action steps organizations should be taking in light of recent world events.

The call is to improve risk-based planning by adopting a lens in which risk considerations are imbedded into organizational processes in ways that enable superior outcomes over time while better protecting the enterprise. “Tone from the top is critical to the success of the risk management program,” notes Shared Assessments member Kaelyn Lewis, Risk Analyst at Rochdale Paragon/Apogee.IQ.

Substantial impacts are being seen across industries due to a cascade of management breakdowns in systems, including governance structures that follow traditional approaches:

• BPI Endorses Legislative Compromise to Reform Anti-Money Laundering Framework and End Anonymous Shell Companies. Bank Policy Institute.
• Boeing Board Accused in Lawsuit of Lax Oversight During 737 MAX Crisis. The Wall Street Journal.
• USAA ordered to improve risk management, information security. American Banker.
• JPMorgan fined $250 million for problems in advisory business. American Banker.
• Regulators Fine Citigroup $400 Million Over ‘Serious Ongoing Deficiencies.’ The Wall Street Journal.

The message being conveyed is that norms must change. This Call to Action provides some perspective on what and how we can move the needle in risk management, particularly third party risk management. “Escalating material risks to the C-Suite is an essential part of risk management," states Shared Assessments Steering Committee Vice Chair Phil Bennett, Information Security Governance Manager at Navy Federal Credit Union.

About the Shared Assessments Program

As the only organization that has uniquely positioned and developed standardized industry resources to bring efficiencies to the market for enterprise risk management for more than a decade, the Shared Assessments Program has become the trusted source in third party risk assurance. Shared Assessments offers opportunities to address global risk management challenges through leadership, best practices, tools, training and special interest groups. Join the dialog at www.sharedassessments.org