risk monitoring

5 Risk Response Strategies You Will Have to Consider After Assessing Risks

We can’t control what people say to us – we can only control our response. Risk and uncertainty are much the same I suppose… The original version of the following article has been one of the most popular here at my blog.. Like other popular posts, such as this comparison of traditional risk management and…

ERM Framework vs. ERM Process – Understanding the Difference

In the vast arsenal of materials discussing enterprise risk management, words are thrown around that may be unclear to novice risk professionals or executives unfamiliar with ERM. While I intuitively know the difference between an ERM framework and process, the random use of these terms can lead to confusion for some. If you’ve read my…

Risk Monitoring: 6 Considerations for Understanding this Make or Break Moment for ERM

Michael Rasmussen, an internationally recognized author and expert on governance, risk management, and compliance, explains: Organizations take risks all the time but fail to monitor and manage these risks effectively in an environment that demands agility. It is not surprising then to see how risk monitoring is considered a “big win” by many… This article…

The Board’s Role in Risk Oversight and Why It’s Important

A majority of articles here on the blog focus on the process of ERM for anyone involved in their organization’s strategy-setting and day-to-day operations. While learning about processes like risk identification, assessment, and reporting is important, there are other risk-related activities in the organization that are equally important, namely the oversight of risk by the…

The Ultimate Primer for Effective Risk Reporting

A mechanism for ensuring leadership, business managers, and other stakeholders make risk-informed decisions and fulfill oversight duties At the end of the day, the ERM process should be regarded as a cycle or feedback loop…meaning, there’s never a definitive end point. It’s like the four seasons of the year – there’s never an end point,…

Why Assigning a Risk Owner is Important and How to Do It Right

Falling in the middle of the risk management cycle (after developing risk appetite and tolerance and identifying, but before assessing and analyzing risks), the organization then must identify who will “own” or be responsible for a particular risk. Although the exact definition of what a risk owner is will vary depending on the organization, it…

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…

Enterprise Risk Assessment – Transforming Risk Information into Action

Picture this – you’re planning a road trip and map out your route. You identify places you want to visit, eat, and stay along the way. When it comes time to actually hit the road though, you put on a blindfold and start driving in the direction you think you should be going. Now I…

3 Steps to Building an Effective KRI System Today

If your executives and managers love metrics, then they’re sure to use Key Performance Indicators (KPIs). Even if they don’t like numbers, any smart executive will be reviewing their KPIs dashboard. These historical measures are designed to gauge performance to ensure goals and milestones are being met. As risk professionals, though, we know the value…

8 Possible Consequences of Not Being Proactive in Risk Management

Rather than discuss the benefits of risk management in this article, I want to take some time to explain what can possibly happen if you do not proactively identify, assess and manage risks in your organization. As I explain elsewhere, risks in the ERM context is more than just potential hazards – it includes any…

risk monitoring

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