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Relationships: A Common but Fatal Mistake of Risk Management

The majority of articles on my blog focus on the process side of enterprise risk management. I’ve discussed at great length subjects like setting up an ERM program, risk identification, risk assessment, and more. However, the process and technical skills is only part of what goes into a successful, value-enhancing ERM program. If you’re like…

The Hazards of Implementing ERM without a Plan

I cannot tell you how many times someone has asked me questions about random parts of an ERM program. The discussions range from basic concepts all the way to advanced topics. What is prompting the jumping between topics? It is typically these two things: Someone looked up ERM and saw some aspects, which looked really…

3 Ways to Avoid the Check-the-Box Trap in Risk Review

In both my experience and according to a white paper from PwC, a common ERM challenge is how an annual risk review becomes a check-the-box activity. It shouldn’t be this way… Regardless of the reasons, everyone from executives all the way down to entry-level managers and employees have enough “bureaucratic” burdens as it is. An…

Key Players for Successful Risk Identification

In order to have a risk management effort that ultimately “creates, protects, and enhances shareholder value,” you must first have a successful risk identification process. I’ve said it many times, and have heard it repeated elsewhere, that risk identification serves as the foundation for the entire risk management process…without it, the entire process is just…

Integrating ERM with Strategy Continues to be a Struggle for Companies

NC State’s ERM Initiative released their 2018 report on the State of Risk Oversight. This report spurs lots of thoughts for me on a variety of topics, but I want to focus today on enterprise risk management adding value to the strategic planning process. Last year, I wrote about how ERM can be used as…

3 Key Infrastructure Elements for a Successful ERM Program

NC State’s ERM Initiative recently released their 2018 report on the State of Risk Oversight, which is very useful to see the progress (…or not) being made by organizations with enterprise risk management. One of the sections in this year’s report studies the infrastructure of an ERM program, specifically a designated leader of risk, management-level…

How Digital Transformations Mirror the ERM Journey for Many Organizations

I recently read an interesting Harvard Business Review article titled “Why So Many High-Profile Digital Transformations Fail” which examines the digital transformations attempted by GE, Nike, Sears, Lego, Walmart, Staples, and Proctor & Gamble. These are some big brands that have run into issues when attempting to go full-force into a digital space. This part…

ERM Maturity Assessments: Are we assessing the right thing?

At the end of my first year of managing the ERM program for a large Florida property insurance company, we had a big risk consulting firm come in and assess the maturity of the program. ERM maturity assessments measure where your ERM program sits on a scale (typically 1 to 5 or words that label…

ERM on a Budget: It is Possible! – 7 Key Considerations

When I started my consulting firm in August 2016, I knew I wanted to help organizations perform better by using enterprise risk management (ERM) instead of just traditional risk management. After all, I know how well ERM can work when done right and how much the organization can benefit from it. But as a start-up,…

3 Ways to Mature your ERM Program and Why They’re All Bad

In a nutshell, ERM can be a powerful tool for ensuring executives are making risk-informed decisions and limited resources are being used in the most efficient manner. Unfortunately, this isn’t something you can simply wish for and it’s done. Getting an ERM program to this point requires time and LOTS of patience and diligence. There’s…

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