risk informed decision making

Decision Analysis: A Structured Process for Improving Business Decisions

If you scroll through the posts on this blog, you will notice that many focus on decisions. This shouldn’t be a surprise considering that ERM is one tool for ensuring risk-informed decisions across the organization… Unfortunately, a growing number of organizations continue to report that their ERM processes do not provide a competitive advantage and…
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Fewer Companies Realize Strategic Benefit from Risk Management Activities

Every spring, NC State’s ERM Initiative in partnership with the AICPA releases their State of Risk Oversight report. Data for the report was obtained through a survey sent to senior executives across a variety of industries this past fall. For this year’s report, 563 surveys were completed, which is a significant increase over prior years.…
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Why Reactive Decision-Making Can Be Devastating and How to Improve It

In response to the coronavirus pandemic, companies are having to make hard choices on how to survive and thrive through this uncertain time. Instead of taking time to consider potential impacts of their options, too many companies are taking a very reactive approach to their decision-making. The book Decision Quality: Value Creation from Better Business…
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7 Tips on Conducting a Successful Risk Appetite Workshop

A few months ago, I published an article outlining how risk professionals can develop engaging presentations and workshops. In the article, I discuss how ERM presentations are more than just a report, but instead a way to engage key stakeholders. Although a risk appetite workshop was used as an example in the previous article, a…
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Why Your Company Must Not Abandon ERM in These Trying Times

Wherever you are in the world, I hope this post finds you healthy and well in this difficult time. The COVID-19 pandemic is something most, if not all of us, have ever faced before. Before jumping into today’s post, a quick update on how my family and I are doing… Here in Florida, the number…
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Using Monte Carlo Simulation to Support Decision-Making

My first interview with Hans Læssøe last month covered a wide-range of topics, including background on what led Hans’ former company to adopt ERM and a few factors key to its success. In this interview, we discuss a topic I’ve touched on briefly in previous articles but haven’t elaborated on much, until now. Monte Carlo…
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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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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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