Risk profile assessment. Completing a Risk Profile Assessment (RPA) is an essential early step in the investment management process. A risk profile is important for determining a proper investment asset allocation for a portfolio. Every single person has a different risk profile as the risk. In the same way that it's important to conduct a risk profile to guide how investments are allocated in a portfolio, a cybersecurity risk. ST OMER GOLF BETTING APPS

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Similarly, those with career wise limited skill set or responsibilities nearly matching their current income are also categorised as risk averse profile. In the 2nd group mentioned above, once the earning starts to improve, then the person can move from risk averse to medium risk profile and even further. Medium Risk Statistically, this is where most of the investors are. Salaried or self-employed in most cases. Medium risk appetite investors have some money left over and above fulfilling their financial responsibilities.

This money can be invested in higher risk options where growth options are also higher. Thus, the investments they look for is something similar to mid-cap mutual funds , with some allocation to large cap funds. With growing income, a small allocation is also made to higher risk investment avenues.

Being able to invest in high risk options is not automatic qualification for investing in high risk avenues. Because it also requires a certain mindset. You can read more about high risk investor class in next category. Aggressive Risk Appetite As the name suggests, these are aggressive risk takers as investor class. Thus to be aggressive investor, you should be both able and willing. Only one part is not sufficient and recommended. Just being willing, if not supported by your finances, is strongly advised against.

There are reasons why such investments are called high risk. They carry market risk. Risk appetite is sometimes also referred as Risk tolerance. They are similar but they are not same. The reason for saying is because, if your investment fails miserably, then you should be able to withstand that. Both financially and emotionally. How to measure risk appetite What we have read above is the broad definition of three main categories of risk appetite.

This appetite is based on risk tolerance levels of person as per the factors mentioned. To measure which category is suitable for you, you can follow this simple risk framework: Your approximate monthly income and expenditure Emergency funds requirements Ideally before investing in any medium to high risk investment, you should have sufficient insurance and emergency funds equal to 6 months expenditure in highly liquid form.

Then you need to prioritise your financial goals for next 10 years. This way you will have clear idea about how much funds to need at approximate what time. Such investments need to be planned with relatively risk free instruments. Once you have these numbers, on paper or excel sheet , you will have clear idea how much risk you can take with your investments. Accordingly, you can calculate how much you can invest as per different risk categories.

How to increase risk tolerance and risk appetite Your current risk tolerance level is not absolute. This paper highlights select IT risks for boards of financial institutions to consider, and suggests strategies they can employ to better oversee them. Technology is the great enabler, but it also presents pervasive, potentially high-impact risk. However, that is not the only IT risk that the board and management should be concerned about.

Financial institutions face risk from misalignment between business and IT strategies, management decisions that increase the cost and complexity of the IT environment, and insufficient or mismatched talent. Technology risk holds strategic, financial, operational, regulatory, and reputational implications. To address this, board members need not become experts in IT, but they do need to understand the IT landscape well enough to oversee and challenge management.

To address technology risks, board members need not become experts in IT, but they do need to understand the IT landscape well enough to oversee and challenge management. Information technology risks in financial services Top risks in information technology To oversee IT risk, boards must understand the risks technology poses to the institution, and have questions for management that drive a real understanding of the risk landscape and set clear direction and expectations.

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Determining Your Risk Profile and the Funds Best Suited for Investing

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Depreciating Asset: reactive approach to your investment in technology. Technology projects are continuously put on hold because management does not have the bandwidth to manage them AND the day to day operations to drive revenue. These companies inevitably get pushed out of business because all they have focused on is surviving and they cannot compete with even the simplest of competitors that have figured out how to maintain their technology so it does not damage their overall productivity.

Cost Center: IT department as a cost center. Management is willing to make investments in technology as long as the direct result is that employees can do their work without consideration to productivity and that the company is not at any major security risk.

While this seems to make sense, there is no real idea of how these discrete investments are negatively affecting your overall infrastructure. The reality of the situation is that management continues to dump money into IT infrastructure , but only to PREVENT a loss in production or a major catastrophe with no real thought going to how to improve your systems in order to drive company goals.

While this company not going to lose to the depreciating asset company, it is fighting for scraps at the table with no real potential of ever truly competing outside of its current customer base. They could steal from them, of course, but the damage is not simply financial loss to the client; it is also damage to the information within it — and this can then affect the trading value of those funds.

Aside from those risks, the reputational damage to the firm could be catastrophic and final. ISO is a great framework for protecting all information assets, regardless of their format, and offers a means of reassurance to all key stakeholders that security is a priority and that information assets are adequately protected.

The Information Commissioners Office ICO assesses breach potential or real impact on the individual, such as stress, so the ICO would take the impact of a breach against a fund manager very seriously — there would be a great chance this would carry the maximum penalty from the ICO.

BS is a standard for personal information management systems, which could also be a helpful reference framework. FW: How important is it for fund managers to identify and manage cyber risks arising from third party relationships and outsourcing arrangements? Finch: Third parties represent serious risks and have been used in several prominent data breaches to carry out the attack.

Unsecured or less than secure access provides an excellent entry point for criminals. And you can count on criminals finding the weak point through which they can steal data. Criminals operate with no time limits, meaning they constantly review companies to find exploits. So it is vital that managers carefully review the security posture of vendors and outsourcing suppliers. Gillespie: Managing third party risks is vital.

There are many associated risks when working with third parties. Those risks have to be identified and the appropriate due diligence and vetting must be strictly adhered to. There may be vulnerabilities in the supply chain and we are finding that there is actually a growing demand for evidenced supply chain security resilience and that all partners are auditable and either certified or compliant with standards such as ISO This means that smaller businesses and organisations which are part of complex and sensitive supply chains may have to start thinking about how they can evidence their robust security posture.

The requirement for this kind of reassurance will only ever increase, as cyber threats show no sign of decreasing. Expanding on this theme, when we consider moving fund management information to the cloud, the risk increases and any off-shoring needs to be thoroughly risk assessed, and any necessary physical and information security risks understood and mitigated. This would, of course, be the case for any professional service, but the level of information that fund managers are handling, along with protecting the personal data of high net worth individuals, makes it a gilt edged priority.

Fund managers can seek to assess these risks by identifying the third parties that have access to investment fund data or systems and analysing the necessity of these arrangements. Where data sharing is necessary, the amounts and types of data can be limited to accomplish the business purpose. The risks can be further managed by conducting privacy and data security due diligence upfront, implementing contractual cyber security safeguards and carefully monitoring compliance.

Leek: Third party risk management is relevant because business partnerships often include some type of information exchange which can expose the security flaws of each party. Many business partners can mean lots of interconnections, which can become unwieldy if not strategically managed. It is one of the most commonly underinvested areas for most organisations despite it being the common element among many of the largest data breaches in recent memory.

However, this is changing as organisations are quickly beginning to understand the risk a third party can expose to an organisation. Do fund managers pay enough attention to assessing target companies in this respect? Loughlin: Pressed by the time pressures of a deal, buyers often do not focus on cyber security risks facing the seller during due diligence. Depending on the transaction, cyber security risks of a seller may soon become the liability of the buyer. A buyer may inherit and assume liabilities for data breaches, security vulnerabilities, non-compliance, government enforcement and litigation.

A loss of information in a breach may also present serious risks to the intellectual property and value proposition of the target company itself. An issue in a smaller acquired company could manifest itself into a much more significant one in the larger company post-integration.

Therefore, information security assessments during due diligence are becoming much more common among fund managers, and I think it is only a matter of time before it is a common industry practice. The risk is too significant to ignore. We have recently seen in the news that some breaches involve hackers hanging around on company servers, for years in some cases, such as the Goodwill breach in the US.

The Nieman Marcus and Home Depot breach saw them lurking around, unchecked, for around five months. There will also be the potential for complex legal ramifications, but this would vary from jurisdiction to jurisdiction. Finch: Generally speaking, the financial sector is the most aware of the cyber threat.

Banks in particular spend a spectacular amount of time and money on security. More attention needs to be paid to that area. Just like a fund would examine the environmental risks when investing or buying a chemical company, so too should they examine cyber risks when making investment decisions. Companies with poor security are likely poor investment targets.

FW: What steps can fund managers take to prevent data breaches and cyber intrusion? What are the particular challenges and costs associated with mitigating these risks? Gillespie: Put simply, understand the real threat, and from that the real risks. Build a strategy based on those risks, and from that develop policies and procedures. These need to be embedded, educated and enforced until they become culture, and regularly audited.

This is the basis for good quality policies and processes in both technical and physical countermeasures. Companies need to mitigate the threat from social engineering, so people must never be forgotten as part of the process of understanding threat. Sometimes the threat comes from inside and it may be completely unwitting. There needs to be a well understood and tested protective monitoring and reporting process in place.

If we use Target as an example, the monitoring was in place through FireEye and it worked — where it fell down was the human part of the equation, which required action to be taken after the alert was received. The protection required in different areas will be organisationally specific, so it needs to be layered appropriately.

There should be regular technical and procedural compliance checking, vulnerability scanning and penetration testing, and robust change and configuration management on all systems. Leek: The traditional security paradigm of prevent, detect and react is not working.

A better approach is to balance prevention with enhanced visibility, intelligence and response. Loughlin: There are several components to establishing and maintaining effective cyber security practices. Fund managers should understand their cyber security risk profile, which involves assessing the business context, conducting a comprehensive inventory of both physical and virtual assets, and tracking data flows to, from, and within a firm.

Second, fund managers must protect their critical infrastructure and assets. In addition, a network monitoring program should be in place to prevent attacks and detect new threats. It is important to have a documented and tested incident response plan for handling cyber security events and potential security incidents.

Furthermore, there should be a recovery plan to restore any capabilities or services that may have been compromised by a breach. Cyber security is an ongoing effort — entities must continuously monitor and react to new threats as they arise. Finch: Managers should focus on establishing a process for determining cyber risks and applying defensive measures.

There are no cyber silver bullets or a magic budget amount to create security. Indeed there is no such thing as absolute cyber security. There will always be risks and there will always be successful attacks. So managers need to learn what kinds of attacks they should be able to stop and those they cannot.

For attacks they cannot stop, they need to have a good response policy in place to mitigate losses. What immediate steps should they take? Leek: The first step is to be prepared before something happens by building a security program around key principles. Attackers and threats are constantly changing, so you need to keep current and think ahead. Constantly monitor the environment to detect and prevent threats from doing any harm. Understand the flow of information to respond effectively. Raise awareness of the threats to your organisation and ensure personnel understand their responsibilities to help protect it.

Then, when you have an issue, you are in a much better position to address it early and before it causes material damage. Most organisations have not been through major security incident responses before to build that knowledge in-house.

It is also wise to engage an external law firm and use them to contract with the incident response firm. Loughlin: All fund managers should have an incident response plan in place before a breach occurs. This plan should call out the key individuals responsible for managing the technical, business and legal ramifications of a breach. When a breach does occur, it is important to assess the nature of the incident: who is the attacker, how did they attack and what data did they obtain?

The incident response team should contain the incident while remaining cognisant of evidence preservation considerations. After an investigation, legal counsel can help determine who, if anyone, must be notified about the breach. Because the effects of data breaches can compound rapidly, time will be of the essence.

Having a comprehensive incident response strategy in place can make all the difference when cyber criminals strike. Finch: Fund managers need to immediately implement their cyber response plan. And the obvious assumption there is that they have a plan. Fund managers cannot deal with a crisis by calling or calling in a cyber response company they have never dealt with before. Instead, managers need a plan that spells out who to notify internally and externally — including counsel, forensic firms and crisis communications — and implement procedures to stop data loss as soon as possible in order to limit the damage.

Gillespie: Damage limitation measures should be able to identify, contain and recover. A plan that has been fully tested should come into operations smoothly and swiftly. This should be clearly documented and easily available to those pertinent to carrying out the steps it lays down. Report any breach or theft to the correct channels, such as Action Fraud in the UK and the police. Manage the expectations of clients immediately — there is nothing worse in terms of reputation and perception than clients finding out after everyone else.

According to The Ponemon Institute, 28 percent of data breaches are detected by the client and the majority, at 56 percent, are actually detected by accident. So when a security incident occurs, that is the time to leverage the business continuity, crisis management and forensic readiness plans. FW: What insurance solutions exist for fund managers, in connection with cyber security and data breaches?

How aware are fund managers of the existence and the availability of risk transfer options?

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