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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…

ERM Pioneer Shares Technique for Anticipating Long-Term Risks and Opportunities

Thinking about the long-term is not something we automatically do…after all, with the constant ups and downs and various trip wires out there, we feel that if we make it through the next year or even the next quarter, we can consider our corporate strategy a success. This mindset can be destructive in the long-term…

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,…

5 Steps to Avoiding Analysis Paralysis

Thoughtfulness is a wonderful trait and one my family and I strive for each day. In the professional setting, it’s also considered an essential leadership quality that ultimately yields better results for an organization. Individuals who process information more deeply than others can be called “sensitive strivers,” according to executive coach and author Melody Wilding…

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…

Prove your Value to the CEO: Focus More on Big Picture Issues, Less on Process

Too often, we get so consumed with the day-to-day that we forget to take a step back to look at the bigger picture. In our personal lives, this could take the form of being too hurried going from one thing to the next that we don’t stop for a moment and take time to just…

Risk Appetite and Risk Tolerance – Which Definitions Do You Use?

In follow up to our recent article on handling risks that exceed the company’s appetite, we would like to share this perspective from our friend Hans Læssøe on this complex and controversial topic. Hans’ article below describes how the world’s leading risk management standards, COSO and ISO 31000, have differing definitions on risk appetite and…

Signpost Analysis – An Easy Way to Anticipate Long-Term Risks

With information and other demands for our attention bombarding us each day, it can be hard to think about the long-term. As a growing number of examples show, ignoring long-term risks to strategic objectives can be devastating, especially considering the world of Volatility, Uncertainty, Complexity, and Ambiguity (VUCA) we find ourselves in. While discussing the…

3 Questions to Consider if Management Rejects Recommendations Due to Cost

Occasionally, I examine local or national events with a risk lens to see what went right and wrong, such as this example of poor vendor risk management in my local community. Doing so can help us better understand areas we may need to improve in our own organizations to avoid similar consequences. Quick Synopsis of…

Will Inflation be a Gray-Rhino in 2021?

Soon after COVID-19 began affecting the U.S. last March, I spotted a brief article on LinkedIn from Hans Læssøe explaining how the pandemic was not a “black swan” event as some were saying but rather a “gray-rhino.” As you may know, a “black swan” is an unforeseen, improbable event, be it positive or negative, which…

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