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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…

Organizations Across-the-Board Report Increasing Risk Volume and Complexity

In my first post analyzing NC State’s latest State of Risk Oversight report, we discussed how more organizations are designating a Chief Risk Officer. In this post, I want to take some time to discuss another significant observation from this year’s survey – the volume and complexity of risk. The ERM Initiative in partnership with…

Chief Risk Officer: An Increasingly Vital Role in Effective Risk Oversight

The 2019 State of Risk Oversight report from NC State recently came out with some interesting results about the current state of risk management leadership in organizations. The report breaks down results into four different industry-categories – large organizations, public companies, financial institutions, and not-for-profit. Over the last five years, nonprofits have seen the biggest…

Why ERM Often Fails to Add Value to Decision-Making

Podcast: Play in new window | DownloadYou are working hard to help your organization build an effective enterprise risk management program. You’ve spoken with all the business units, identified their significant “risks” and assessed them, come up with numerous risk registers, developed detailed risk reports for executives, and so on. Yet, people still don’t seem…

ISO 31000 vs. COSO – Comparing and Contrasting the World’s Leading Risk Management Standards

Podcast: Play in new window | DownloadThere’s no doubt among risk professionals… ISO 31000 and COSO are the two leading risk management standards in the world today. I previously discussed the fundamentals and background of each standard – check out the separate articles on ISO 31000 and COSO. As promised, the purpose of this article…

COSO ERM Framework – Background & Overview

The COSO ERM framework is one of two widely accepted risk management standards organizations use to help manage risks in an increasingly turbulent, unpredictable business landscape. We previously discussed the background and a general overview of the other commonly used ERM framework, ISO 31000. COSO, which is short for the Committee of Sponsoring Organizations of…

The ISO 31000 ERM Standard – Background & Overview

Since its inception, ISO 31000 has become a widely accepted standard for enterprise risk management by private corporations, government bodies, and nonprofit organizations throughout the world. Although the ISO standard has only been around for 10 years, its origins date back to 1995 when the AS/NZS 4360 standard from Australia and New Zealand was first…

Top 19 Risk Management Resources for 2019

This time last year, I wrote a well-received article providing my favorite 18 risk management resources. Well, it is time to provide a new list of 19 resources as you start making progress towards achieving your 2019 goals for risk management. Over the recent months, I have really focused on expanding my skills outside of…

The Ultimate Primer for Effective Risk Reporting

A mechanism for ensuring leadership, business managers, and other stakeholders make risk-informed decisions and fulfill oversight duties At the end of the day, the ERM process should be regarded as a cycle or feedback loop…meaning, there’s never a definitive end point. It’s like the four seasons of the year – there’s never an end point,…

ERM Implementation: What Risk Professionals Consider the #1 Challenge To Be

Podcast: Play in new window | DownloadI recently asked of fellow risk professionals, “What is your single biggest challenge when it comes to ERM implementation?” What do you think the answers were? Maybe figuring out how to assess risks? Maybe integrating with strategy? Or aggregation of risks? Nope. Tone at the top! Yes, the executives…

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