risk informed decision making

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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Are Qualitative Risk Assessments Fatally Flawed?

Early last month, I published an article explaining why I don’t discuss quantitative assessment methods like modeling, Monte Carlo simulation, and others very much and what companies must have in place before they can use methods like this to guide their decision making and strategic planning. In short, without establishing corporate governance policies, a strategic…
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Why Organizations Struggle with Key Risk Indicators and How to Make them Work

If done properly, key risk indicators (KRIs) can be a valuable tool for proactively managing risks to achieving strategic objectives. As I explain in a previous article, being proactive is one of the key differences between traditional and enterprise risk management. Despite their potential for facilitating the proactive management of risk, around 70% of organizations…
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Are Top Risk Reports Really Helpful to Organizations?

As we enter a new year (…and a new decade), it’s always a good idea to take a step back to see what may impact organizations in the year ahead. Every fall, NC State’s ERM Initiative, in partnership with Protiviti, surveys C-suite executives and Boards across a variety of industries to gauge what they see…
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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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ERM Outputs Do Not Equal Reports

There’s a common misconception that ERM outputs means reports… It’s easy to understand why – reports are something that people are comfortable with. They are tangible and usually don’t rock the boat since they simply lay out already known information in a glossy presentation. It’s no wonder then that over 40% of executive respondents in…
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strategic planning

6 Quick-Glance Resources for ERM to Support Strategic Planning

We’re fast approaching that time of year when organizations start their strategic planning.  It literally seems like yesterday we were talking about goals for 2019. Before you know it, 2020 will be here! Risk professionals like you play a key role in ensuring executives are making the most informed decisions possible. These decisions are among…
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Don’t waste time managing risks

Risk management as a concept is undergoing changes, as most everything else. New developments and an ever-increasing speed of change adds and changes the demands for risk management- both in terms of what to do, and how to do it. The world is changing faster than ever before – and anxiety as to the speed…
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