Risk-Based Strategic Decision Making

How to Achieve Organizational Goals with Scenario Planning

For this week’s post, I would like to share an article written for Carrier Management, a quarterly journal targeting executives in the property & casualty insurance industry. Although examples are specific to the insurance industry, the advice and insights are applicable to any organization. Whether formally documented or not, every organization is going to have…
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5 Steps to Avoiding Analysis Paralysis

Thoughtfulness is a wonderful trait and one my family and I strive for each day. In the professional setting, it’s also considered an essential leadership quality that ultimately yields better results for an organization. Individuals who process information more deeply than others can be called “sensitive strivers,” according to executive coach and author Melody Wilding…
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12 Resources to Help Guide Strategic Planning for 2022

As we near Labor Day and summer draws to a close, we’re also entering that time of year when organizations begin their strategic planning for the next calendar year. It seems that September and October are the best months for this important task since summer vacations are ending and the year-end holidays are still a…
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Risk Appetite and Risk Tolerance – Which Definitions Do You Use?

In follow up to our recent article on handling risks that exceed the company’s appetite, we would like to share this perspective from our friend Hans Læssøe on this complex and controversial topic. Hans’ article below describes how the world’s leading risk management standards, COSO and ISO 31000, have differing definitions on risk appetite and…
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Performance-Focused Risk Management: Tying It All Together

Today’s article is a reprint of the last of four guest editorials originally published in The Demotech Difference, a journal targeting small- to midsize property and casualty insurance companies. The first three articles in the series delved into the foundations of building a performance-focused risk management process, specifically the importance of culture, identifying the company’s…
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29 Biases and Traps that Prevent Good Decision-Making

It seems like bias is everywhere in our world… Some bias is healthy and normal. We may have a bias for or against a certain sports team or those of us who are parents will naturally be biased toward our children. But when it comes to decision-making in our organizations, bias can lead to putting…
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Will Inflation be a Gray-Rhino in 2021?

Soon after COVID-19 began affecting the U.S. last March, I spotted a brief article on LinkedIn from Hans Læssøe explaining how the pandemic was not a “black swan” event as some were saying but rather a “gray-rhino.” As you may know, a “black swan” is an unforeseen, improbable event, be it positive or negative, which…
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