CRO (risk)

Every person in an organization is responsible for driving adherence to Inclusion principles, including CROs.

Why is this relevant to me?

As a Chief Risk Officer (CRO), you are tasked with the identification, analysis, and mitigation of events that could threaten the company. This includes managing compliance with regulatory requirements (such as the ADA) on a federal, state, and local level. The CRO is overall responsible for ensuring the organization is not exposed, and has adequate cover in place, including insurance. The CRO should liaise with other key departments, including legal and procurement to ensure that indemnities are in place with suppliers to manage the risk of supplier compliance promises that are not supported with adequate contractual arrangements.

What are the challenges?

The website is an asset like any other that requires a risk management approach, the lack of which is at the heart of the problem (more than 9 out of 10 show vulnerabilities and are exposed) - exacerbated by digital teams and suppliers telling CROs that "everything is OK". The number one challenge for the CRO is getting independent risk reporting that is immediately understandable. Reporting to date is has been mainly technical and lacks independence, with digital teams and suppliers reporting against KPIs they set themselves. Given this, it's not altogether surprising that many CROs are kept in the dark. CROs also need to check insurance policies to make sure that the organization is covered. With legal demands already costing $600,000,000/month, the risk of litigation is significant. The challenge is that most policies don't cover this and if they do, there are usually significant deductibles.

How does AAAtraq help?

This starts with the CRO having their own immediately understandable, independent ‘Digital Inclusion KPI’, offering continuous clarity as to the severity of their ADA risk, and ongoing oversight of improvement; the CRO doesn't need to understand the technicalities to manage the risk. AAAtraq's easy to understand Digital Inclusion Score underpins AAAtraq's ongoing ADA risk alerting and monitoring service. In addition AAAtraq includes up to $50,000 of litigation insurance, with no deductible, to protect an organization when things go wrong, which they inevitably will from time to time. This is included in in AAAtraq's CONTINUOUS Protection service which also provides bespoke compliance checklists, mapped to the specific needs of the organization, to guide them through the process and supplier indemnity clauses which can be used to hold suppliers accountable.

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