risk culture

ERM for Small and Midsize Business: It’s Just NOT the Same

We’ve all heard it from politicians and the press, but it’s true – small and midsize business (SMB) constitutes the lion’s share of the economy. They account for 64% of new jobs created in the U.S. and over 90% of the “business population” according to this report. Gartner defines small businesses as those firms with…
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Performance-Focused Risk Management: Tying It All Together

Today’s article is a reprint of the last of four guest editorials originally published in The Demotech Difference, a journal targeting small- to midsize property and casualty insurance companies. The first three articles in the series delved into the foundations of building a performance-focused risk management process, specifically the importance of culture, identifying the company’s…
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risk owners

3 Steps to Ensuring Risk Owners Ultimately Fulfill Their Obligations

It’s all too common…we ask someone to help with something just to be disappointed later. It’s frustrating…believe me I know. When it comes to managing risks and opportunities, we assign an “owner” to manage the day-to-day and ensure someone is responsible for the risk (and oversee the mitigation activities). As I discuss in this article…
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Building a Performance-Focused Risk Management Process Step #2: Identifying Need

Early this summer, I shared an article discussing how important culture is to the success of a company’s risk management efforts and what executives can begin doing immediately to change it. The article originally appeared in The Demotech Difference, a journal targeting midsize property & casualty insurance firms. Today’s post explores the second step in…
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3 Easy to Use Tips to Understanding Why Executives Want ERM

Any endeavor, whether it is personal or in business, has a reason or motivation for its pursuit. Take exercise for example… If you’ve ever hit the gym, taken a Zumba class, or worked with a trainer, there was an underlying motivation. Example motivations are a desire to lose weight, build strength, build endurance so you…
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Will the Wells Fargo Settlement Actually Result in Change?

In some of my prior articles on reputation and positive risk culture, I’ve sometimes referred to the ongoing Wells Fargo saga. From 2002 until coming to light in 2016, the company engaged in a variety of fraudulent activities. Unrealistic sales targets aggressively pushed by leadership led many employees to create thousands of bogus accounts. The…
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7 Tips for Reducing Business Continuity Risk for ERM

Here’s a situation that is all too common… A company hires a new director for ERM. This person’s job is to design and implement an ERM process for helping executives make risk-informed decisions and understand threats and opportunities to achieving strategic objectives. At some point, this ERM Director decides to leave the company and the…
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Real-Life Example of Robust Enterprise Risk Management

Today we have a special guest – Hans Læssøe. As you may know, Hans’ perspective is something I reference often here on the blog. We finally got a chance to catch up! In this interview, Hans and I discuss his background, what led his former company, LEGO, to adopt ERM, and a few factors key…
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Protecting Trade Secrets: Finding the Right Balance

Out of all potential sources of a company’s value, tangible or intangible, trade secrets are often the most valuable.  While the theft of trade secrets is nothing new, it is an ongoing and growing problem that leads to over $300 billion in annual losses according to the Commission on the Theft of American Intellectual Property.…
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