General Guidance

Don’t Waste Time Managing Risks

Risk management as a concept is undergoing changes, as most everything else. New developments and an ever-increasing speed of change adds and changes the demands for risk management- both in terms of what to do, and how to do it. The world is changing faster than ever before – and anxiety as to the speed…

3 Easy Steps to Ensure an Optimal Outcome for Enterprise Risk Management

You have been asked to meet a deadline to accomplish a given goal for enterprise risk management in your organization. What is the first thing you do? You instantly start making a list of all the necessary steps (doesn’t matter whether the list is electronic, hard-copy, or a mental list). Then you put those steps…

Traditional vs. ERM – 3 Steps to Move from Loss Prevention to Focused on Organizational Success

One point I discuss at a high-level in my flagship article comparing traditional and enterprise risk management is the difference in what each focuses on. In this article, I’m going to dive a little deeper into this difference with a real world example and how executives and practitioners can move from focusing strictly on loss…

What are Organizations’ True Barriers to Implementing ERM?

My posts for this month (May 2019) have focused on results from the 2019 State of Risk Oversight report from NC State. Each of these posts (see here and here) not only reported survey results but also included additional commentary based on my experience. Up to this point, I had no reason to challenge anything…

Practicing ERM without a Formal ERM Program

Many of the ERM resources you encounter on my blog and elsewhere focus on elements of a formal program like developing a framework, establishing risk appetite, and more. We imply, at least indirectly, that your organization must have this formal structure in place before practicing ERM. However, this isn’t always the case… Double-take – why…

How Digital Transformations Mirror the ERM Journey for Many Organizations

I recently read an interesting Harvard Business Review article titled “Why So Many High-Profile Digital Transformations Fail” which examines the digital transformations attempted by GE, Nike, Sears, Lego, Walmart, Staples, and Proctor & Gamble. These are some big brands that have run into issues when attempting to go full-force into a digital space. This part…

Strategic Planning vs. Annual Planning: How ERM Can be Engaged and Add Value

What is the difference between strategic planning and annual planning? Here is my way of separating the two concepts: Strategic Planning is when an organization’s leadership discusses and formally plans out the future of the organization. What goals do they have regarding market share, revenue, and customer satisfaction? With the speed of change over the…

2 Simple Steps to Knowing If Your Organization Needs Enterprise Risk Management

You may be shocked to hear me say this… Not every organization needs enterprise risk management (ERM). Of course, before you can know if your organization needs ERM, you have to make sure you understand the differences between ERM and traditional risk management. Then you can start the next step in the process: Step 1:…

Rescue Your ERM Program’s Reputation with Branding

Your organization has long had a risk management department or an insurance department. Now that leadership is committed to having enterprise risk management embedded into the organization, you are struggling to get buy-in on how this idea is different from what you already have. How do you overcome this to achieve success with ERM? People…

General Guidance

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