tricor roots newsletter october 2013 · 3/10/2016 · welcome to the october 2013 edition of...

Welcome to the October 2013 edition of Tricor Roots InTouch. This Newsletter is aimed at keeping our Clients, Partners & Associates updated on what is happening in the world of Enterprise Governance.

Adobe, a leading MNC, recently announced that it suffered a major security breach, resulting in the loss of valuable Source Codes, and sensitive customer information. This and other breaches globally magnify the risk of information security, particularly as Organizations continue to collect and store more information as part of "Big Data".

1. Are your data secured?

Adobe announced recently that it has been the target of a major security breach in which sensitive and personal data about millions of its customers have been put at risk. The attack concerns both customer information and illegal access to source codes for "numerous Adobe products." Unfortunately, the culprits also obtained access to a large swath of Adobe customer IDs and encrypted passwords, including names, encrypted credit or debit card numbers, expiration dates, etc.

MALAYSIAOctober 2013

Tricor Roots InTouch Newsletter

The Business Enablers

Member of Tricor and The Bank of East Asia Group

Tricor Roots Consulting Sdn Bhd

In addition, we are also pleased to announce progress on the development of Q-RADAR V9.6, the latest installment of the industry leading Governance, Risk & Compliance (GRC) software solution.

We hope you enjoy this Newsletter, and as always, please do not hesitate to contact us should you have any queries. We love to hear from you.

Your Trusted Consultant,

Tricor Roots Consulting Executive Team

As Organizations collect more and more information about its customers, suppliers, employees and other stakeholders, security over sensitive datais increasingly an issue. The impact of a breach extends beyond simplefinancial exposure, but creates irreparable damage to the Organization’s reputation and in a worse-case scenario, may imperil the ability to operate as a viable entity.

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Tricor Roots Newsletter October 2013.ai 1 09/10/2013 16:58:47

2 Tricor Roots InTouch Newsletter • October 2013

It is therefore imperative that Organizations conducts a thorough risk assessment over its information security and manage any gaps that may arise. Critically, the Organization’s Business Continuity Management program, including Crisis Management, Disaster Recovery and Emergency response plans should be co-ordinated to ensure that any such exposures can be quickly managed, with minimal damage.

2. Q-RADAR Version 9.6 is well under way

As part of our ongoing enhancement program of the Q-RADAR system, we have embarked on Q-RADAR

V9.6. It represents a significant improvement over Q-RADAR V9.0 and is slated for release by Q1 2014.

Among the many changes within the system, significant improvements are being made in the areas of:

a. Increasing flexibility in Risk Management to facilitate risk intelligence

b. Revamp of the Business Continuity Management (BCM) module in line with ISO 22301

c. Tools and functionalities to enhance active communications and collaboration between users within Q-RADAR

d. Significantly enhanced Key Risk Indicator (KRI) analysis and monitoring functionalities

e. Enhancement of technology to cater for the latest browser updates and operating systems

f. Ability to manage your own login page images and banners, along with "system skins" to allow Organizations to self-modify the look and feel of the system to their own specific needs

g. Increasing flexibility throughout the system to cater for increasingly sophisticated and unique requirements

h. Upgrade of technology security within the application

i. New and powerful reporting functionalities

The above is only a taste of what is to come. As a leading provider of Governance, Risk & Compliance (GRC)

solutions, we believe Q-RADAR V9.6 will continue to assist Organizations on its ongoing journey to

Corporate excellence.

3. Critical Emerging Strategic Performance & Risk Issues

To better support our clients, we have outlined below recent global strategic performance and risk issues.

The information contained is based on sources we believe to be reliable, but we do not guarantee its

accuracy. Tricor Roots Consulting does not have any ownership over this information, nor does it represent

our opinion.

Outline

Intellectual property is often the crown jewel of a company’s assets. As

much as 75% of most organizations’ value and revenue source are derived

from intellectual property, intangible assets and proprietary competitive

advantages. As a result, the misappropriation of trade secrets, piracy,

counterfeiting and the introduction of fake or inferior components into

supply chains can have devastating consequences.

For instance, Ford Motor Co. suffered more than $50 million in losses after

an engineer copied 4,000 company documents onto an external hard drive

in 2006 and went to work for a competitor. In 2009, Mattel paid a $2.3

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Understanding the

Risks: Eight Elements

of an Effective IP

Protection Program

By Pamela Passman

October 1, 2013

Risk Management

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Outline

million fine and recalled more than 2 million toys after discovering that it was

selling Barbie accessories, die-cast toy cars and other toys that were

contaminated with lead. The problem was traced to a Chinese company that

used false quality inspection documents to sell illegal lead-based paints to

Mattel’s manufacturing contractors in China.

Overall, intellectual property theft accounts for an estimated $500 billion to

$600 billion in lost sales each year, while companies lose market share, suffer

reputational damage and forfeit their competitive edge. And for consumers,

IP theft can present serious threats to health and safety.

In the recent PwC State of Compliance 2013 Survey, manufacturing

companies ranked intellectual property as one of their top three risks, along

with bribery/corruption and supply chain concerns. Meanwhile, last year,

global research organization the Conference Board released the results of a

survey conducted with general counsels, compliance officers and supply

chain managers of global companies on the separate but related issues of

corruption and intellectual property theft. Of those surveyed, 52% rated

IP protection as very challenging to manage and considered trade secret theft

the greatest IP risk.

There are a number of reasons that IP theft is an increasingly complicated

and challenging issue. With advances in technology, the preponderance of

proprietary assets - such as product formulas, customer lists, strategic plans

and blueprints - are in a digital format. Unlike physical records of the past,

digital information can be discreetly stolen in the absence of robust systems

to protect it.

A second factor is that companies are working with suppliers and business

partners who span the globe. Distance, lack of transparency in practices, and

markets where the rule of law is comparatively weak all contribute to

vulnerabilities in global supply chains.

So what systems should be in place to protect intellectual property?

According to research by the Center for Responsible Enterprise and Trade

(CREATe.org), eight key elements are necessary for an effective IP protection

program. These guidelines should apply not only to individual companies, but

to their suppliers and business partners as well:

1. Policies, Procedures and Records

Guidelines are necessary for all types of IP within an organization. A full leadership team must be aware of and promote these policies, procedures and records. There should also be systems in place for managing IP with employees and among third-party supply chain companies.

2. IP Compliance Team

A team should be responsible for IP protection and it needs to be cross-divisional and include representation from senior management.

Headlines


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Outline

3. Scope of the Program and Quality Risk Assessment

Systems must be in place to assess the risks of IP theft by company employees and among third parties.

4. Management of Supply Chain and Contractors

Systems for effective due diligence, contracts, communicating IP

protection policies and ongoing management of IP are essential.

5. Security and Confidentiality Management

Computers and corporate networks should be designed to protect IP and

confidential and proprietary information kept by employees, contractors

and third parties.

6. Training and Capacity Building

Businesses must offer ongoing IP protection and compliance training for

employees and third parties.

7. Monitoring and Measurement

Systems should be designed to monitor the implementation of the IP

protection program to ensure that it is effectively managed among

employees and third parties.

8. Corrective Actions and Improvements

Risk managers must develop a framework for implementing corrective

actions and improvement processes when a problem with the IP

compliance program occurs.

To read more, click here

About Tricor Roots Consulting

Tricor Roots Consulting is an established and vibrant organization incorporated in 1999 with the mission: Sharing a Passion

for Excellence.

Our vision is to be a global consulting firm backed by innovative software solutions. We are highly focused towards

assisting Organizations and Individuals to achieve their potential for Excellence. Tricor Roots Consulting has vast experience

in providing training and consultancy services in the field of Governance, Risk & Compliance ("GRC") which includes

Performance Management advisory for numerous public listed and many more non-listed companies in the Asia Pacific

region from a diverse range of industries.

In addition, since the release of the Q-RADAR System in September 2001, over 400 companies in the Asia Pacific region

have successfully leveraged on the system as part of the Performance Management & Risk Management Framework

Implementation.

For more information, please log on to www.tricor-roots.com.

Tricor Roots Consulting is part of the Tricor Group of companies. To find out more, go to www.tricorglobal.com.

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http://www.rmmagazine.com/2013/10/01/understanding-the-risks-eight-elements-of-an-effective-ip-protection-program/

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tricor roots newsletter october 2013 · 3/10/2016 · welcome to the october 2013 edition of...

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