Risk Identification eBook

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risk reporting

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,…
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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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risk owner

Why Assigning a Risk Owner is Important and How to Do It Right

Falling in the middle of the risk management cycle (after developing risk appetite and tolerance and identifying, but before assessing and analyzing risks), the organization then must identify who will “own” or be responsible for a particular risk. Although the exact definition of what a risk owner is will vary depending on the organization, it…
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external ERM resource

What to Look for in an External ERM Resource or Consultant

Extending on our theme from last week on the people side of ERM, I want to outline some things I think organizations should look for in an external ERM resource (a.k.a. “consultant”). Although I outline the skills and personal qualities of an effective ERM professional in a prior post, there are special considerations when looking…
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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…
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implementing ERM

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…
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risk review

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…
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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…
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