strategic risk

Peak Car – Can ERM Help Automakers Adapt to a Growing Trend?

On occasion, I come across news articles that present a great opportunity to showcase how ERM can be a valuable tool in helping organizations adapt to change. Because let’s face it – any organization, be it for-profit or non-profit, must adapt to growing trends to ensure they remain relevant for the long haul. The best…
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Key Players for Successful Risk Identification

In order to have a risk management effort that ultimately “creates, protects, and enhances shareholder value,” you must first have a successful risk identification process. I’ve said it many times, and have heard it repeated elsewhere, that risk identification serves as the foundation for the entire risk management process…without it, the entire process is just…
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Strategic Planning vs. Annual Planning: How ERM can be Engaged and Add Value

What is the difference between strategic planning and annual planning? Here is my way of separating the two concepts: Strategic Planning is when an organization’s leadership discusses and formally plans out the future of the organization. What goals do they have regarding market share, revenue, and customer satisfaction? With the speed of change over the…
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operational risk management

Integrating Strategic Risk Management and Operational Risk Management

Most organizations, if not all, have some level of operational risk management. Some organizations are focused on operational risk related to safety or contract oversight of vendors for example. But a common view of operational risk management is slightly broader by examining risks associated with the actual daily operations of the organization. Examples include understanding…
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3 Threats Leave Long-Standing Food Brands Struggling

One of my recent articles, 8 Possible Consequences of Not Being Proactive in Risk Management, discussed possible ramifications for companies who do not factor risks into decision making. Two of those consequences, product failure and profit/financial loss, came to the forefront of my mind when reading an article from the Wall Street Journal about how…
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8 Possible Consequences of Not Being Proactive in Risk Management

Rather than discuss the benefits of risk management in this article, I want to take some time to explain what can possibly happen if you do not proactively identify, assess and manage risks in your organization. As I explain elsewhere, risks in the ERM context is more than just potential hazards – it includes any…
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Practical Steps for Preparing and Responding to Risk Events

Everyone’s afraid of something. Most people seem to be afraid of normal things, like clowns, spiders, or public speaking. But for risk managers, our greatest fear is that all of our hard work will be for nothing. The risks we worked so hard to identify, assess, and report—the known and the unknown, the black swans…
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3 Best Practices for Factoring Risk into Your Strategic Planning Process

No one enjoys strategic planning exercises. They conjure images of a stuffy room filled with executives in dark suits, stacks of paper strewn across the table, and whiteboards covered in scribble. Even in the most collaborative organizations, each executive represents his own department as he vies for the few dollars set aside for yearly projects.…
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