strategic planning

Fewer Companies Realize Strategic Benefit from Risk Management Activities

Every spring, NC State’s ERM Initiative in partnership with the AICPA releases their State of Risk Oversight report. Data for the report is obtained through a survey sent to senior executives across a variety of industries this past fall. For this year’s report, 563 surveys were completed, which is a significant increase over prior years.…
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7 Tips on Conducting a Successful Risk Appetite Workshop

A few months ago, I published an article outlining how risk professionals can develop engaging presentations and workshops. In the article, I discuss how ERM presentations are more than just a report, but instead a way to engage key stakeholders. Although a risk appetite workshop was used as an example in the previous article, a…
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Why your Company Must Not Abandon ERM in These Trying Times

Wherever you are in the world, I hope this post finds you healthy and well in this difficult time. The COVID-19 pandemic is something most if not all of us have ever faced before. Before jumping into today’s post, a quick update on how my family and I are doing… Here in Florida, the number…
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Using Monte Carlo Simulation to Support Decision-Making

My first interview with Hans Læssøe last month covered a wide-range of topics, including background on what led Hans’ former company to adopt ERM and a few factors key to its success. In this interview, we discuss a topic I’ve touched on briefly in previous articles but haven’t elaborated on much, until now. Monte Carlo…
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7 Tips for Reducing Business Continuity Risk for ERM

Here’s a situation that is all too common… A company hires a new director for ERM. This person’s job is to design and implement an ERM process for helping executives make risk-informed decisions and understand threats and opportunities to achieving strategic objectives. At some point, this ERM Director decides to leave the company and the…
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Are Qualitative Risk Assessments Fatally Flawed?

Early last month, I published an article explaining why I don’t discuss quantitative assessment methods like modeling, Monte Carlo simulation, and others very much and what companies must have in place before they can use methods like this to guide their decision making and strategic planning. In short, without establishing corporate governance policies, a strategic…
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Are Top Risk Reports Really Helpful to Organizations?

As we enter a new year (…and a new decade), it’s always a good idea to take a step back to see what may impact organizations in the year ahead. Every fall, NC State’s ERM Initiative, in partnership with Protiviti, surveys C-suite executives and Boards across a variety of industries to gauge what they see…
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ERM at Thanksgiving – An Illustration of Risk Management in Action

It’s Thanksgiving week in the U.S. – the air is crisp, Fall colors abound, and there is a palatable excitement as we enter the year-end holiday season. This week’s holiday provides a great opportunity to reconnect with family and old friends and take stock of what we’re grateful for. On occasion, I like to take…
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enterprise list management

How Regulators Perpetuate Enterprise “List” Management

As a former regulator of property & casualty insurance companies in Florida, I can appreciate the importance of some regulation of certain companies. After all, you don’t want to find out after a hurricane that your insurance carrier is insolvent. Risk management related regulations like ORSA for insurance companies, Basel III for banks, and some…
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