The second article I ever wrote on this blog was on the local impact of Hurricane Hermine in 2016. And now, Tallahassee and the Florida Panhandle region is once again recovering from another hurricane, this one Hurricane Michael. Hurricane Michael reached Category 4 (winds of 130-155 mph or 209-251 km/h) shortly before landfall, making it…
One of my most popular articles discusses the differences between traditional risk management and ERM, with one of the core differences being the approach to risk. Traditional risk management occurs within a singular business unit – it is departmentalized or occurs in what’s called a “silo” or “stove pipe.” The IT Director or Chief Technology…
An article we published in mid-2017 gave an introduction to how credit rating agencies are factoring ERM into their ratings. For most organizations, the evaluation of ERM is simply folded into the overall review of the firm’s management and governance. Additional research and other resources (see here and here) shared with me since the original…
An article published in early 2017 giving a brief overview of risk response strategies has been one of my most popular…and it still resonates with risk management professionals. I’ve wanted to dive deeper into each of these risk response strategies to provide readers with a little more background on how a particular one applies to…
It’s hard to believe, but this month marks the 2-year anniversary of my consulting firm and blog. My team and I have worked diligently to provide risk professionals, executives, and other interested parties with helpful tips for understanding enterprise risk management and how to apply it and realize value for their organization. To celebrate our…
On occasion, I come across news articles that present a great opportunity to showcase how ERM can be a valuable tool in helping organizations adapt to change. Because let’s face it – any organization, be it for-profit or non-profit, must adapt to growing trends to ensure they remain relevant for the long haul. The best…
Extending on our theme from last week on the people side of ERM, I want to outline some things I think organizations should look for in an external ERM resource (a.k.a. “consultant”). Although I outline the skills and personal qualities of an effective ERM professional in a prior post, there are special considerations when looking…
The majority of articles on my blog focus on the process side of enterprise risk management. I’ve discussed at great length subjects like setting up an ERM program, risk identification, risk assessment, and more. However, the process and technical skills is only part of what goes into a successful, value-enhancing ERM program. If you’re like…
I cannot tell you how many times someone has asked me questions about random parts of an ERM program. The discussions range from basic concepts all the way to advanced topics. What is prompting the jumping between topics? It is typically these two things: Someone looked up ERM and saw some aspects, which looked really…
Resources – whether they are time, financial, human, or natural – are limited. You only have so many hours in the day or only so much money, which is why all of us prioritize our activities for the day or how much money to spend. The same process we subtly do each day is definitely…