risk response

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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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 methods like scenario planning, root cause analysis, and just plain old conversations quite…
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ERM framework

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…
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Top Posts from the ERM Insights Blog – 2-Year Anniversary Edition

It’s hard to believe, but this month marks the 2-year anniversary of my consulting firm and blog. My team and I have worked diligently to provide risk professionals, executives, and other interested parties with helpful tips for understanding enterprise risk management and how to apply it and realize value for their organization. To celebrate our…
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risk acceptance

One Tool for Informed and Responsible Risk Acceptance

As part of your daily life, you drive a car, walk down the street, ride in elevators, go swimming, have children. Correct? You live your life. Well, you are accepting risk in all of those things. In fact, having a home or renting an apartment also entails risk…fire, wind damage, snow or ice, tornado, earthquake,…
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KRI system

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…
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