Have you ever been in the room when someone suggested doing scenario analysis? Did you see everyone in the room cringe at the thought? I have, and I felt pity for the person who made the suggestion. Most likely, everyone in that room has gone through the endless “what if” scenario analysis that takes 4…
Recently, I overheard a toddler asking his mother “why?” multiple times while she patiently answered. It went on and on for several minutes, with the mother having to pause several times as she thought of the answers, then he finally said, “Okay” and was satisfied with the answer. How many of you have experienced this?…
NC State’s ERM Initiative released their 2018 report on the State of Risk Oversight. This report spurs lots of thoughts for me on a variety of topics, but I want to focus today on enterprise risk management adding value to the strategic planning process. Last year, I wrote about how ERM can be used as…
NC State’s ERM Initiative recently released their 2018 report on the State of Risk Oversight, which is very useful to see the progress (…or not) being made by organizations with enterprise risk management. One of the sections in this year’s report studies the infrastructure of an ERM program, specifically a designated leader of risk, management-level…
I was recently reading a really interesting Harvard Business Review article titled “Why So Many High-Profile Digital Transformations Fail” which examines the digital transformations attempted by GE, Nike, Sears, Lego, Walmart, Staples, and Proctor & Gamble. These are some big brands that have run into issues when attempting to go full-force into a digital space….
At the end of my first year of managing the ERM program for a large Florida property insurance company, we had a big risk consulting firm come in and assess the maturity of the program. ERM maturity assessments measure where your ERM program sits on a scale (typically 1 to 5 or words that label…
When I started my consulting firm in August 2016, I knew I wanted to help organizations perform better by using enterprise risk management (ERM) instead of just traditional risk management. After all, I know how well ERM can work when done right and how much the organization can benefit from it. But as a start-up,…
What is the difference between strategic planning and annual planning? Here is my way of separating the two concepts: Strategic Planning is when an organization’s leadership discusses and formally plans out the future of the organization. What goals do they have regarding market share, revenue, and customer satisfaction? With the speed of change over the…
In a nutshell, ERM can be a powerful tool for ensuring executives are making risk-informed decisions and limited resources are being used in the most efficient manner. Unfortunately, this isn’t something you can simply wish for and it’s done. Getting an ERM program to this point requires time and LOTS of patience and diligence. There’s…
An Interview with Evan Bloom of Fortress Strategic Communications Communication is critical to the success of an organization – especially during a crisis. How well an organization communicates can help or hurt any reputation. I have previously written about how organizations can better understand their reputation risk; one of those methods is to analyze your…