strategic planning

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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How to Achieve Organizational Goals with Scenario Planning

For this week’s post, I would like to share an article written for Carrier Management, a quarterly journal targeting executives in the property & casualty insurance industry. Although examples are specific to the insurance industry, the advice and insights are applicable to any organization. Whether formally documented or not, every organization is going to have…
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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…
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12 Resources to Help Guide Strategic Planning for 2022

As we near Labor Day and summer draws to a close, we’re also entering that time of year when organizations begin their strategic planning for the next calendar year. It seems that September and October are the best months for this important task since summer vacations are ending and the year-end holidays are still a…
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10 Attributes that Made ERM Successful at the LEGO Group

LEGO is a timeless, classic toy line popular among kids and the young-at-heart, including here in our home. Building LEGO sets either as a themed set (e.g., Star Wars, fire station, airport) or creative imagination is something my son and I have enjoyed doing together for several years now. Just recently, he expressed his desire…
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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…
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