In this current environment, you want to make sure you are doing everything you can to ensure your company can not only weather the storm but emerge stronger on the other side. Just because many physical offices are closed doesn’t mean you should just sit on your hands waiting for things to open back up.
With this in mind, below are 8 key articles from my content library that you should read to ensure you are serving your organization in the best way possible as we all navigate through this crisis. Note that many of these articles link to other relevant pieces that you can be checking out too.
1. 8 Ways Enterprise Risk Management is Different (…and Better) than Traditional Risk Management – This flagship article updated in the latter part of 2019 not only explores the fundamental differences between traditional and enterprise risk management, but also how ERM is a vital tool for ensuring an organization’s success. You can use this as a tool to explain to your executives how risk management is more than just buying insurance and thinking about health & safety risks.
- Traditional vs. ERM – 3 Steps to Move from Loss Prevention to Focused on Organizational Success – In a traditional mindset, risk management is all about preventing loss and failure. However, due to the pace of change in today’s world (…even without coronavirus), companies who simply focus on minimizing loss will ultimately fail. Learn what your company can be doing to shift focus away from strict loss prevention to one aimed at ensuring the organization’s success.
2. 8 Possible Consequences of Not Being Proactive in Risk Management – Many of the articles on my blog discuss ERM processes and the benefits of adopting a holistic approach to managing threats and opportunities. However, this article explores the potential consequences of putting risk management on the back burner. Too many organizations are tempted to backburner good risk management practices in exchange of reactive decision-making processes.
3. Explaining the Why of Enterprise Risk Management – As risk professionals, we understand why ERM is an important tool for ensuring an organization’s success. However, executives and middle managers may need more explanation. See how you should be approaching key players in your organization to help them understand why ERM is important and valuable.
4. Why Your Company Must Not Abandon ERM in These Trying Times – During this time, it is tempting for companies to reduce or eliminate ERM-related projects and initiatives. Learn why this is a mistake and what risk professionals can be doing to help their organization get through this crisis and emerge stronger on the other side.
5. ERM on a Budget: It is Possible! – 7 Key Considerations – Right now more than ever, cash flow is everything, so companies are looking for ways to reduce costs. Does this mean your company needs to forego ERM until there’s more money coming in? Absolutely not! See how you can deliver the benefits of ERM with little to no impact on your company’s immediate cash flow.
6. Practicing ERM without a Formal ERM Program – Most of the resources you will come across at least imply that your company must have a formal program in order successfully practice ERM. The truth is it depends. In this article, learn what elements need to be in place and questions you can be asking to see if your company is a good fit for “informal” ERM.
7. Maximize your Impact as a Risk Professional by Developing Strategic Thinking Skills in 4 Steps – Technical skills and processes are just one piece of the ERM puzzle. In order to be truly effective, risk professionals must possess or develop a range of soft skills, one of which is strategic thinking. In this article, learn steps for helping you go from thinking about the day-to-day of running your organization to the “big picture.”
8. My annual top outside resources list published at the beginning of each year includes a list of books and blogs of risk management thought leaders that you can be reading to expand your ERM knowledge-base.
For next week’s article, I plan on diving into how risk professionals can help executives go beyond a reactive approach to dealing with fallout from the coronavirus. Simply reacting without fully considering the upside and downside of a particular decision could prove even more disastrous down the road.
Until then, stay well!!
What are other resources you would recommend?
I’m always on the prowl for other websites, books, and perspectives to help me better serve my clients and blog readers. To share your favorite resource(s), please feel free to leave a comment below or join the conversation on LinkedIn.