Risk & Opportunity Management

How to Prevent “Small” Department Projects from Creating Enterprise Risks

Have you ever thought something was going to be a minor commitment of time and effort just to find out the opposite later on? Like the email you think will take 5 minutes to write but ends up taking an hour? Happens rather frequently, to be honest, especially in companies. What initially may seem like…

One Simple Method to Validate Risk Assessment Results

Everyone sees the world a bit differently…it’s one of those fun facts that makes life so interesting. Think about how boring the world would be if we all thought the same way! As with a group of any size, a company’s personnel will have a variety of perspectives or biases on a particular risk. It’s…

Asking Unbiased Risk Assessment Questions

Originally coined by the U.S. Army War College in the early ‘90s, the acronym VUCA, short for volatile, uncertain, complex, and ambiguous, has become a popular term for describing today’s business environment. I agree this oft-repeated mantra could almost be considered cliché, but that doesn’t make it any less true. To make the best decisions…

Determining the Best Approach for Low Probability Risks

To start today’s article, I would like to share a family story from July 2021… My husband Nathan was taking our son Jackson to his first baseball game. The two of them took a “guys” trip to see a minor-league team in my former hometown about 3 hours away. On their way, they stopped at…

What Does Risk Identification Have to Do With Crime Dramas?

Anyone who knows me well knows how much I enjoy murder mystery TV shows and books. My personal bookshelf is loaded with novels from JD Robb, Tess Gerritsen, David Baldacci, and others. And IF I’m able to manage some TV time, something that is getting more difficult all of the time it seems, shows like…

How Addressing Minor Risks Through Process Optimization Creates Opportunities

I’ve said it dozens of times here and have seen repeated elsewhere – trying to manage each and every risk can be mindboggling and, at best, lead to wasted resources in the form of time, people, and money. In the most extreme circumstances, attempting to manage every risk can lead to business failure, which is…

One Fatal Error of KRIs and How to Avoid It

If you were to ask what constitutes a well-rounded, mature ERM program that delivers strategic value to the organization, many would say robust key risk indicators (KRIs) would certainly be at or near the top of the list. Writing in the book Enterprise Risk Management: Today’s Leading Research and Best Practices for Tomorrow’s Executives, Deloitte…

Alternative Methods to Clarifying Risks and Opportunities

Have you ever asked 10 people the same question and received 10 different answers? It may seem funny in hindsight or on your favorite sitcom, but I can attest personally that it can be incredibly frustrating. In a previous article outlining the elements of a clearly articulated risk statement, I discussed how not having a…

Current political events impacts supply chain resiliency

Impacts of Russia-Ukraine War Accentuate Need to Examine the Full Spectrum of the Supply Chain

Like many, I’m overjoyed when I see young children being inquisitive. During a family dinner last week, my 7-year old son became intrigued about his heavy-duty insulated plastic cup he was drinking out of. He asked my husband and I if we knew how they could get the logo inside the cup and then began…

3 Components of an Effective Risk Statement

Have you ever been given an assignment at work without clear instructions? It can be dizzying to try and figure out what your first steps to be. At best, it’s disconcerting not knowing if you’re on the right track, and at worst, you don’t even know what your desired end result should be or look…

Risk & Opportunity Management

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