Posts by Carol Williams

Carol Williams

121 posts

https://www.erminsightsbycarol.com

Be Warned: Impacts from Cyber Attacks Not Fully Insurable

In speaking with clients or other organizations, I’m often astounded by the response I receive when I ask about cyber-attacks. Too often, the risk professional or executive I’m speaking with says something like this – “oh, we have insurance coverage for that…” This is cringe-worthy, like fingernails on a chalkboard cringe-worthy to me. Black Board…

How the Fourth Industrial Revolution will Reshape Risk Management

In the waning years of the 2010s, the term “fourth industrial revolution” is becoming a commonly heard phrase for describing the nature and pace of technological change expected to take place in the decades ahead. Other terms to describe this include cyber or digital revolution. What makes this revolution unique is that it not only…

ERM at Thanksgiving – An Illustration of Risk Management in Action

It’s Thanksgiving week in the U.S. – the air is crisp, Fall colors abound, and there is a palatable excitement as we enter the year-end holiday season. This week’s holiday provides a great opportunity to reconnect with family and old friends and take stock of what we’re grateful for. On occasion, I like to take…

ERM Outputs Do Not Equal Reports

There’s a common misconception that ERM outputs means reports… It’s easy to understand why – reports are something that people are comfortable with. They are tangible and usually don’t rock the boat since they simply lay out already known information in a glossy presentation. It’s no wonder then that over 40% of executive respondents in…

Should I Pursue an ERM Certification?

This is a question I receive often, whether via the website or my LinkedIn page… Personally, I hold a Master’s degree in Risk Management/Insurance from Florida State University along with a Certified Risk Manager (CRM) designation from the National Alliance for Insurance Education & Research. But as I’ve learned, especially since becoming an ERM consultant,…

Risk-Based Decision-Making: A Historical Analysis of Napoleon’s Life

A few weeks ago, the Risk Awareness online summit brought together some of the brightest minds in risk management, decision making, quantitative risk analysis, IT security, and more. You may recognize a couple of the speakers from the summit since I refer to them often. Many of the speakers though were new, even to me,…

How Regulators Perpetuate Enterprise “List” Management

As a former regulator of property & casualty insurance companies in Florida, I can appreciate the importance of some regulation of certain companies. After all, you don’t want to find out after a hurricane that your insurance carrier is insolvent. Risk management related regulations like ORSA for insurance companies, Basel III for banks, and some…

ERM Framework vs. ERM Process – Understanding the Difference

In the vast arsenal of materials discussing enterprise risk management, words are thrown around that may be unclear to novice risk professionals or executives unfamiliar with ERM. While I intuitively know the difference between an ERM framework and process, the random use of these terms can lead to confusion for some. If you’ve read my…

Why an Elevator Pitch is an Ineffective Tool for Selling ERM

You may understand how ERM can be a valuable tool for ensuring the organization’s success, but unless an executive has some prior positive experience with ERM, you as a risk professional are about to experience an uphill battle: convincing them to adopt ERM to help improve the way the organization performs. After all, without buy-in…

Ensuring Consulting Engagements Deliver Exceptional Value

Today I’m going to touch on the sensitive topic of consultants… When you have a problem or situation outside your organization’s internal capabilities, a consultant can be brought in to help address it. In the context of ERM, this can include everything from starting a new program, re-starting a failed program, presenting a summary of…

Posts by Carol Williams

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