erm resources

5 Simple Steps to Free Up In-house ERM Resources

Odds are you have more risks to manage this year, but not enough resources to do it sufficiently. In fact, here are a few startling statistics from NC State’s 2017 report, The State of Risk Oversight: An Overview of Enterprise Risk Management Processes:  70% of large organizations interviewed believe the volume and complexity of risks…
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Improve reputation risk oversight to survive the close scrutiny.

4 Ways to Survive Reputation Scrutiny and Improve Reputation Risk Oversight

I’ve been pondering reputation risk a lot lately, especially when I consider that around 75% of a company’s market value today is tied to intangible assets like reputation. Every organization is under scrutiny every day, and reputations are at stake. How well are companies and non-profits managing their reputation risk? What kind of reputation risk…
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5 Ways to Better Understand and Quantify Reputation Risk

As the person representing ERM at your organization, reputation risk is likely at the top of the list of concerns. You bring it up frequently with people across the organization and have tried to figure out how in the world to include it in your risk assessments. I know…because I struggled with this same thing.…
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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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