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Should cyber risk be a separate vertical alongside Credit, Market and Operational Risk. For financial institutions the trend has been to consolidate non-financial risks, including cyber, under a ‘non-financial risk’ function. To bring together and simplify the oversight and assurance under a single headline banner.
But for non financial institutions it is in general more difficult to find a risk management function. It is unusual to find the Chief Risk Officer CRO) role in most FTSE 250 firms that reports to the board. But national and international cyber regulatory regimes are developing quickly. Demonstrating the seriousness regulators place over the risk category and for organisations to place assurance on their management of cybersecurity risks. Requiring a capability for boards to oversight and assure cyber risks and in some cases attest compliance to market regulators.
Ted Dziekanowski
#cybersecurity #cyberrisk #theaugustagroup #cyberregulation
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