In this episode of the IoT Product Leadership podcast, we discuss how How to Reduce Risk and Increase Trust in IoT products.
My guest today is Amy Brachio, Partner, Global, and Americas Risk Leader for Advisory Services at EY.
In this episode, Amy shares the importance of adopting risk management practices within your organization, and across the complete product lifecycle.
Regardless of whether you work at a startup or Fortune 500 company, this is a very insightful episode no IoT Product Leader should miss.
By the way, this is the third episode in my series with EY.
You can listen to my conversation with Aleksander Poniewierski, EY’s Head of IoT on episode 16, and my conversation with Keith Strier, EY’s Head of Artificial Intelligence on episode 19.
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Episode details: How to Reduce Risk and Increase Trust in IoT Products
“The Executive leadership within the organization has to be making these topics, whether it is security, or trust, or transparency with consumers, absolutely top of mind.”
– Amy Brachio
About Amy Brachio:
Amy leads EY’s Global and Americas Risk practice in Advisory. Amy has over 20 years of experience in banking and serving large, diversified organizations in risk management practice, advising clients on Risk topics that are top-of-mind to Boards of Directors and C-Suite Executives including leading practices in internal audit, cybersecurity risk management, enterprise risk transformation, and complying with rapidly escalating regulatory requirements.
Amy has been a frequent speaker on Risk Management topics relevant to the Board and C-Suite, including Enterprise Risk Management, Risk and Emerging Technology and Cybersecurity. Amy is an active leader focused on the advancement of Diversity and Inclusiveness. Amy was recognized as Ernst & Young’s 2013 Working Mother of the Year. She was also selected as one of Profiles in Diversity Journal‘s 2017 Women Worth Watching winners.
Amy has assisted several of the largest banks in the United States to assess their regulatory compliance programs relative to industry leading practices and regulatory guidance and examinations. In these reviews, Amy has assessed the effectiveness of the institution’s compliance governance; the relevant organizational roles and responsibilities; organizational structures; policies, procedures and controls; compliance testing and monitoring; internal and external reporting and corrective-action protocols. Based on these reviews, Amy has assisted her clients in benchmarking their practices to those of their peers and in determining consistency with regulatory guidance. For gaps identified in these assessments, Amy developed business-practical, actionable recommendations for program enhancements and assistance in developing appropriate implementation plans. Results from these reviews along with the management action plans have generally been provided by her clients to the regulatory agencies as part of the compliance examination process.
Amy has advised many large US financial institutions in responding to regulatory findings from the CFPB, FDIC, OCC, OTS and Federal Reserve. These advisory services include investigating regulatory examination findings, briefing the Board of Directors on the impact of the regulatory findings, process evaluations to identify root cause of issues, and assistance in the development of mitigation plans and presentations to the examiners.
Amy has developed and implemented consumer compliance training for large financial institutions for the Board, senior management, line of business staff and compliance professionals to address compliance issues identified through regulatory examination.
Amy has assisted large financial institutions in the development of compliance management policies, procedures, testing plans and risk assessment tools.
Amy has assisted in the development and execution of action plans to address issues raised by the regulators related to foreclosure practices. This included the establishment of compliance oversight programs in the mortgage loan servicing and loss mitigation areas and implementing improvements to the foreclosure processes in response to regulatory requirements
Amy has served on the Board of Directors for the ALS Association MN/ND/SD Chapter (the Association) since 2008. The ALS Association supports patients and families touched by ALS, also known as Lou Gehrig’s Disease. Since joining the Board, Amy has served as Treasurer, Vice President, President and Past President/Secretary. Under Amy’s tenure as President, the Association increased fundraising, recruited and on-boarded a new Executive Director and enhanced the functioning of the Board through the formation of a Governance Committee.
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
Topics we discuss in this episode:
- Amy shares her background and about EY.
- Risk practice at EY and how Amy works with her clients.
- Defining risk management and why it is important.
- How risk management can be applied to business models, technology decisions, and cyber-physical security.
- How Product Leaders can incorporate risk management practices as part of the product development lifecycle.
- Increasing trust and regaining market confidence in your IoT products.
- Advice for Product Leaders who are new at developing IoT solutions.