Governance & Oversight

The Three Lines Model – 3 Reasons Why I Don’t Like It

Everyone likes a clear-cut template that offers an easy way to create or manage something…I mean what’s not to like about a step-by-step process for accomplishing what you want? Sometimes this can work without any issues, such as the case with the Project Management Book of Knowledge (PMBOK), ISO 9001 standard, or a new cooking…
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Should We Still Be Using the Term Risk Management?

“What’s in a name” you ask? Aside from “To be or not to be? That is the question,” this is probably one of Shakespeare’s most well-known quotes or idioms. And coincidentally, it forms the basis of one of the biggest debate’s in the risk management world today. Between risk appetite, heat maps, and the reliability…
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5 Steps to Shifting Board Oversight from Operations and Risk to Strategy

Contrary to popular belief, a Board of Directors, Trustees, or whatever title fits the corporate culture are not only for publicly traded companies. Simply referred to as the Board by most, it can be defined broadly as “…a group of individuals either elected or appointed to provide organizational leadership and oversight.” Following the Enron scandal…
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Avoid the Gotcha Reputation with Executives by Using One Simple Step

In case you don’t know or can’t tell, I love speaking with and learning from others to understand their challenges as it can reveal what others are likely facing. And a recent conversation with a newly appointed head of audit revealed a challenge that I felt important to pass along. You’ve heard me say over…
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5 Simple Questions for Assessing the Effectiveness of ERM Processes

It’s hard to believe that we’re nearing the end of 2021! Whether it’s improving health, changing eating habits, or some other goal, the New Year always represents a great opportunity for a fresh start. A company’s ERM processes are no different… The end of the year represents an ideal time to take a step back…
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3 Factors to Consider Before Escalating Risk Issues to the Board

After beginning as a requirement for financial firms, active Board oversight of risk management has increasingly become an expectation, even a necessity, for all types of organizations over the last 20 years. The annual State of Risk Oversight report from North Carolina State University corroborates this. According to their survey, a high number of Boards,…
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Taking a Growth Pause: Preparing for Long-Term Success

For this week’s post, I would like to share a guest article published in Carrier Management, a quarterly journal targeting P&C insurance executives. Like previous guest editorials, this article was written with a specific industry in mind, but the contents are applicable to any organization. When a company is in its infancy, the main focus…
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5 Tips to Making Board Risk Reports Meaningful Tools for Decision-Making

The year is flying by as we’re well into the second quarter already. Q1 board risk reports should be done, assuming your company prepares one quarterly, and you are likely getting ready to prepare a midyear update. As I discuss in The Ultimate Primer for Effective Risk Reporting, board risk reports serve a dual purpose……
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