strategic risk

What Does an Ideal Strategic Planning Process Look Like?

The most recent quarterly issue of Carrier Management, a journal for helping property & casualty insurance executives better understand trends and challenges facing their industry, featured one of my articles on the strategic planning process. Like my other articles appearing in this journal, the following subject-matter is relevant to companies in any industry. While strategy…
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3 Underlying Components to Building a Successful Strategic Plan

Today’s business environment is nothing like I’ve seen at any other time in my life. Based on the various commentary out there, I suspect you can say the same. This turmoil is precisely why a proactive strategic plan is so crucial. This is also why I’m taken aback to know that many companies either have…
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8 Possible Consequences of Not Being Proactive in Risk Management

You don’t need to be a rocket scientist or have a crystal ball to know how chaotic today’s world is. Whether due to rising costs, supply disruptions, or some other industry-specific issue, companies across-the-board and around the world are experiencing unprecedented challenges, where the response/reaction will determine their course for the next decade or more.…
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What Does Risk Identification Have to Do With Crime Dramas?

Anyone who knows me well knows how much I enjoy murder mystery TV shows and books. My personal bookshelf is loaded with novels from JD Robb, Tess Gerritsen, David Baldacci, and others. And IF I’m able to manage some TV time, something that is getting more difficult all of the time it seems, shows like…
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One Fatal Error of KRIs and How to Avoid It

If you were to ask what constitutes a well-rounded, mature ERM program that delivers strategic value to the organization, many would say robust key risk indicators (KRIs) would certainly be at or near the top of the list. Writing in the book Enterprise Risk Management: Today’s Leading Research and Best Practices for Tomorrow’s Executives, Deloitte…
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Another Baby Step in the Qualitative to Quantitative Risk Assessment Journey

To achieve success either as individuals or collectively as a group, we must resist the temptation to be stagnant and always seek improvement. A previous article where I discuss how to develop a growth mindset is one example of putting this idea into action. Kaizen, a Japanese term that literally translates to “continuous improvement,” is…
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ESG provides risk and opportunities

Does ESG Expose Additional Risks and Opportunities?

If you work with a publicly-traded company or otherwise follow financial news, you’re undoubtedly familiar with ESG, which can best be described as a “set of standards” for evaluating a company’s track record on an array of Environmental, Social, and Governance issues. Over the last decade or so, ESG has become a significant concern for…
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