decision-making

communicating risks

2 Keys to Effectively Communicating Risks to the Board

It’s getting to be that time of the year when many organizations have major board meetings to finalize plans and budgets for the next year. Considering this year’s unprecedented volatility, many Boards will naturally want to discuss risks facing the enterprise. While the topic of Boards and reporting risks have been peppered in past blog…
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Building a Performance-Focused Risk Management Process Step #2: Identifying Need

Early this summer, I shared an article discussing how important culture is to the success of a company’s risk management efforts and what executives can begin doing immediately to change it. The article originally appeared in The Demotech Difference, a journal targeting midsize property & casualty insurance firms. Today’s post explores the second step in…
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ERM & audit

Understanding the Changing Dynamics between ERM & Audit

As is often repeated here and elsewhere, the world is changing at an incredibly fast pace. Even without this year’s coronavirus pandemic, this pace will only accelerate in the years and decades ahead as automation, AI, machine learning, and other technologies continue to develop. ERM and audit are not immune to this change… Internal auditors…
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Decision Analysis: A Structured Process for Improving Business Decisions

If you scroll through the posts on this blog, you will notice that many focus on decisions. This shouldn’t be a surprise considering that ERM is one tool for ensuring risk-informed decisions across the organization… Unfortunately, a growing number of organizations continue to report that their ERM processes do not provide a competitive advantage and…
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Why Reactive Decision-Making Can Be Devastating and How to Improve It

In response to the coronavirus pandemic, companies are having to make hard choices on how to survive and thrive through this uncertain time. Instead of taking time to consider potential impacts of their options, too many companies are taking a very reactive approach to their decision-making. The book Decision Quality: Value Creation from Better Business…
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ERM Outputs Do Not Equal Reports

There’s a common misconception that ERM outputs means reports… It’s easy to understand why – reports are something that people are comfortable with. They are tangible and usually don’t rock the boat since they simply lay out already known information in a glossy presentation. It’s no wonder then that over 40% of executive respondents in…
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Risk-Based Decision-Making: A Historical Analysis of Napoleon’s Life

A few weeks ago, the Risk Awareness online summit brought together some of the brightest minds in risk management, decision making, quantitative risk analysis, IT security, and more. You may recognize a couple of the speakers from the summit since I refer to them often. Many of the speakers though were new, even to me,…
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