ERM

Home
ERM

Risk Reduction – A Response Strategy for Decreasing the Impact of Potential Risk Events

Podcast: Play in new window | DownloadIf the popularity of my article from early 2017 outlining risk response strategies is any indication, organizations spend a lot of time thinking about the best way to address a particular risk. This popularity is the reason why I want to give risk professionals a more thorough understanding of…

Explaining the Why of Enterprise Risk Management

During the North Carolina State University’s ERM Roundtable Summit this fall, one of the topics of conversation focused on how to involve more people from across the organization in ERM. During this discussion, we were all asked, “how many of you have talked extensively about ‘what ERM is’ and explained ‘we are conducting surveys, interviews,…

Traditional vs. ERM – Elevating Risk Management from the Business Unit to the Whole Enterprise

One of my most popular articles discusses the differences between traditional risk management and ERM, with one of the core differences being the approach to risk. Traditional risk management occurs within a singular business unit – it is departmentalized or occurs in what’s called a “silo” or “stove pipe.” The IT Director or Chief Technology…

A 5-Minute Primer on Factoring ERM into Credit Ratings for Insurance Companies

An article we published in mid-2017 gave an introduction to how credit rating agencies are factoring ERM into their ratings. For most organizations, the evaluation of ERM is simply folded into the overall review of the firm’s management and governance. Additional research and other resources (see here and here) shared with me since the original…

Peak Car – Can ERM Help Automakers Adapt to a Growing Trend?

On occasion, I come across news articles that present a great opportunity to showcase how ERM can be a valuable tool in helping organizations adapt to change. Because let’s face it – any organization, be it for-profit or non-profit, must adapt to growing trends to ensure they remain relevant for the long haul. The best…

Enterprise Risk Analysis – Prioritizing Risks for Maximum Benefit to the Organization

Resources – whether they are time, financial, human, or natural – are limited. You only have so many hours in the day or only so much money, which is why all of us prioritize our activities for the day or how much money to spend. The same process we subtly do each day is definitely…

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…

Strategic Planning vs. Annual Planning: How ERM Can be Engaged and Add Value

What is the difference between strategic planning and annual planning? Here is my way of separating the two concepts: Strategic Planning is when an organization’s leadership discusses and formally plans out the future of the organization. What goals do they have regarding market share, revenue, and customer satisfaction? With the speed of change over the…

Crisis Communications: Protecting and Saving Reputations Everywhere!

An Interview with Evan Bloom of Fortress Strategic Communications Communication is critical to the success of an organization — especially during a crisis. How well an organization communicates can help or hurt any reputation. I have previously written about how organizations can better understand their reputation risk; one of those methods is to analyze your…

ERM