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ERM May Be Simple to Understand but It’s Not Easy

One name you see me refer to often is Hans Læssøe, author of the book Prepare to Dare, and former strategic risk manager for The LEGO Group. Hans is currently a consultant based in Denmark. Not only do I admire LEGO for its stellar assortment of models that both my son and I enjoy building,…

How Regulators Perpetuate Enterprise “List” Management

As a former regulator of property & casualty insurance companies in Florida, I can appreciate the importance of some regulation of certain companies. After all, you don’t want to find out after a hurricane that your insurance carrier is insolvent. Risk management related regulations like ORSA for insurance companies, Basel III for banks, and some…

ERM Framework vs. ERM Process – Understanding the Difference

In the vast arsenal of materials discussing enterprise risk management, words are thrown around that may be unclear to novice risk professionals or executives unfamiliar with ERM. While I intuitively know the difference between an ERM framework and process, the random use of these terms can lead to confusion for some. If you’ve read my…

The Future of ERM – Grooming the Next Generation

As ERM professionals, we are always looking toward the future. The core of our job is to ensure executives are making risk-informed decisions in establishing and pursuing strategic objectives. Our goal isn’t to avoid risk but to help companies take intelligent risks to ensure success. Since our profession should focus on the future, the recent…

Questions for Gauging the Value of your Organization’s Risk & Performance Management

Podcast: Play in new window | DownloadAlthough there can be an infinite number of reasons for an organization to evaluate its risk and performance management, two main reasons that apply across-the-board include: You need to understand where your organization stands in order to plan where it should go. Executives want to know if what’s in…

Risk Monitoring: 6 Considerations for Understanding this Make or Break Moment for ERM

Michael Rasmussen, an internationally recognized author and expert on governance, risk management, and compliance, explains: Organizations take risks all the time but fail to monitor and manage these risks effectively in an environment that demands agility. It is not surprising then to see how risk monitoring is considered a “big win” by many… This article…

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…

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