risk oversight

5 Simple Questions for Assessing the Effectiveness of ERM Processes

It’s hard to believe that we’re nearing the end of 2021! Whether it’s improving health, changing eating habits, or some other goal, the New Year always represents a great opportunity for a fresh start. A company’s ERM processes are no different… The end of the year represents an ideal time to take a step back…
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What Risk Ownership Is and Isn’t

In a previous article on assigning a risk owner, I discuss how designating someone to be accountable for a risk is important for ensuring that it does not fall through the cracks and that an appropriate response is developed and acted upon in a timely manner. The article provides a high-level overview of when a…
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3 Factors to Consider Before Escalating Risk Issues to the Board

After beginning as a requirement for financial firms, active Board oversight of risk management has increasingly become an expectation, even a necessity, for all types of organizations over the last 20 years. The annual State of Risk Oversight report from North Carolina State University corroborates this. According to their survey, a high number of Boards,…
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5 Tips to Making Board Risk Reports Meaningful Tools for Decision-Making

The year is flying by as we’re well into the second quarter already. Q1 board risk reports should be done, assuming your company prepares one quarterly, and you are likely getting ready to prepare a midyear update. As I discuss in The Ultimate Primer for Effective Risk Reporting, board risk reports serve a dual purpose……
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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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changes in risk owner

Avoid the Scramble: Proactively Plan for Changes in Risk Owner

Wouldn’t it be nice if a risk simply went away when the risk owner left the organization or changed roles? Okay, now wake up from that dream…this doesn’t happen in real life. As a previous article on assigning a risk owner explains, the ERM unit does not actually manage risks. Instead individual(s) who are close…
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quantitative

Quantitative Risk Analysis: What Companies Must Have First

The goal of my blog has been and will always be to distill ERM concepts into actionable insights for anyone interested or who is tasked with risk management in their organization. If you browse around, you will find that I discuss qualitative risk analysis methods like scenario planning, root cause analysis, and just plain old…
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