Being Included vs. Being Engaged – One Key to ERM Success

I have written previously about how ERM can be integrated into strategic planning (see here, here, and here) and project management. During a recent conversation with another risk professional regarding ERM’s role within an organization, we spoke about how it was included in various activities and meetings. While ERM was being “included,”  it soon became…
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ERM and Internal Audit: The Right Relationship

There is much discussion and debate about how Internal Audit and Enterprise Risk Management (ERM) should be connected. Some say ERM can be embedded within the internal audit group. I don’t fall in this group. Internal audit standards say that internal auditors should be objective and not unduly influenced. In other words, independent. I have…
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3 Threats Leave Long-Standing Food Brands Struggling

One of my recent articles, 8 Possible Consequences of Not Being Proactive in Risk Management, discussed possible ramifications for companies who do not factor risks into decision making. Two of those consequences, product failure and profit/financial loss, came to the forefront of my mind when reading an article from the Wall Street Journal about how…
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7 Commonly Made Mistakes in the Risk Identification Process

The risk identification process, and ERM in general, naturally involves a bit of trial and error. What works for one organization may not work for another, which is why any “best practices” advice you run into should be viewed at a very high level only. When working through how you will identify and assess risks,…
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Building a Risk Intelligence Network

No risk manager knows everything. And if you think you do, then this may be a reality check for you. Regardless of how long you have been in the risk management profession, you have built up a network of fellow practitioners – people you can contact when you have questions or challenges. But have you…
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Experimentation and ERM: How ERM is like Manufacturing a Product

Many people believe that once you design an ERM program, that is it. No changes. No adaptability. It’s our way or the highway when it comes to risk management. But it shouldn’t be that way. Instead, we should treat ERM as an experiment. Risk management practioners use their knowledge and experiences to design a process…
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8 Possible Consequences of Not Being Proactive in Risk Management

Rather than discuss the benefits of risk management in this article, I want to take some time to explain what can possibly happen if you do not proactively identify, assess and manage risks in your organization. As I explain elsewhere, risks in the ERM context is more than just potential hazards – it includes any…
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Three Ways to Reduce Organizational Change Risk

Organizational change is something we experience and hear about all the time. Don’t you get tired of change? Goodness knows, I do! How many times has an organizational change, like a merger, acquisition, internal reorganization, or market expansion, not succeeded? Too many times to count. In fact, a CEB 2016 Workforce Change survey showed that…
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Avoiding the Dreaded “Bureaucracy” in your ERM Efforts

Bureaucracy – it’s such a dreaded word by all who encounter it. When it comes to an ERM initiative though, many perceive ERM and risk management in general as another layer of bureaucracy to heap onto their to-do pile. Fortunately, it doesn’t have to be this way!! Check out my quick video explaining how you…
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Practical Steps for Preparing and Responding to Risk Events

Everyone’s afraid of something. Most people seem to be afraid of normal things, like clowns, spiders, or public speaking. But for risk managers, our greatest fear is that all of our hard work will be for nothing. The risks we worked so hard to identify, assess, and report—the known and the unknown, the black swans…
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