negative events

One Fatal Error of KRIs and How to Avoid It

If you were to ask what constitutes a well-rounded, mature ERM program that delivers strategic value to the organization, many would say robust key risk indicators (KRIs) would certainly be at or near the top of the list. Writing in the book Enterprise Risk Management: Today’s Leading Research and Best Practices for Tomorrow’s Executives, Deloitte…
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Alternative Methods to Clarifying Risks and Opportunities

Have you ever asked 10 people the same question and received 10 different answers? It may seem funny in hindsight or on your favorite sitcom, but I can attest personally that it can be incredibly frustrating. In a previous article outlining the elements of a clearly articulated risk statement, I discussed how not having a…
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3 Components of an Effective Risk Statement

Have you ever been given an assignment at work without clear instructions? It can be dizzying to try and figure out what your first steps to be. At best, it’s disconcerting not knowing if you’re on the right track, and at worst, you don’t even know what your desired end result should be or look…
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ESG provides risk and opportunities

Does ESG Expose Additional Risks and Opportunities?

If you work with a publicly-traded company or otherwise follow financial news, you’re undoubtedly familiar with ESG, which can best be described as a “set of standards” for evaluating a company’s track record on an array of Environmental, Social, and Governance issues. Over the last decade or so, ESG has become a significant concern for…
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risk controls

An Easier Way to Understand the Effectiveness of Risk Controls

KRIs, KPIs, ORSA, ISO, COSO…risk controls, risk owners, risk appetite. The acronyms, the alphabet soup, oh my! To anyone with little to no experience, risk management jargon can be dizzying and confusing, especially to executives who are often deluged with risk registers, reports, and processes that are overwhelming and not helpful for managing the organization…
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Coronavirus Response Not Always About Minimizing Harm

Unless you have been living under a rock for the last couple of months, you have undoubtedly heard about COVID-19, a new type of coronavirus. In a daily report from the World Health Organization for March 9th, there are close to 110,000 reported cases worldwide. Sadly, the virus has claimed the lives of just over…
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Be Warned: Impacts from Cyber Attacks Not Fully Insurable

In speaking with clients or other organizations, I’m often astounded by the response I receive when I ask about cyber-attacks. Too often, the risk professional or executive I’m speaking with says something like this – “Oh, we have insurance coverage for that…” This is cringe-worthy, like fingernails on a chalkboard cringe-worthy to me. Black Board…
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Reputation: A Standalone Risk?

You can’t place a high enough value on reputation in today’s world. And executives understand this, especially after high-profile scandals shook companies like United Airlines, Wells Fargo, and others to the core. A recent report shows that corporate reputation is now responsible for 38% of market capitalization for the Financial Times Stock Exchange (FTSE) 100…
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