Although this past year pales in comparison to the upheaval of 2020, it can still be summed up in one word: chaotic.
Between the Great Resignation, accelerating inflation, supply chain woes, the Delta variant, and industry-specific challenges, organizations of all sizes and purposes faced incredible obstacles that were unheard of just a few short years ago. But all the uncertainty also creates tremendous opportunities for companies with the tools to take advantage of them and the ability to use the tools to overcome the obstacles.
Helping executives address these challenges so they can focus on pursuing strategic goals with confidence is the reason I established this blog and my consulting firm, Strategic Decision Solutions, over 5 years ago.
It’s with this mission in mind that I’ve published this annual list of Top Resources at the beginning of each year. Now in its 5th edition, this compilation has transformed from an almost exclusive focus on ERM process to include a broader array of resources around strategy and decision-making. Each year’s list is unique in its own right, which is why I urge you to review previous editions (2021, 2020, 2019, 2018).
With this in mind, this year’s edition will be slightly different in its organizational style, with core areas of focus being the driver. (Note that the SDS articles below will have links to other relevant pieces on my site, while the books are often cited in my articles.)
Without further ado [drumroll please], below is my Top 22 list of must-read risk management (…and other) resources for 2022!
Core Area #1: ERM Value, Process, Corporate Governance, and General Fundamentals
This core area consists of resources aimed at helping you and others in your organization understand the value of ERM and some basics to consider when first starting the conversation around enterprise risk management and understanding how to actually do it. This list is, by far, not exhaustive.
- 8 Ways Enterprise Risk Management is Different (…and Better) than Traditional Risk Management (a great primer for executives, managers, or anyone needing to learn more about ERM).
- 5 Risk Response Strategies to Consider after Assessing Risks (an updated version of a popular article to include a section on risk taking)
- World-Class Risk Management (…and other resources from Norman Marks, including his website and comments section that includes perspectives and sometimes fiery debates on risk management and decision-making.)
- Prepare to Dare by Hans Læssø (Although applicable to other areas in this list, the steps and insights outlined in Hans’ initial book form a solid foundation for factoring risks in the strategic decision-making).
Core Area #2: Strategic Decision-Making, Advanced “Risk” Mindset and Techniques
Resources in this section go beyond the basics to include resources for better anticipating threats and opportunities to your company’s long-term success. This is where risk management becomes an integral part of a company’s strategic advantage.
- 5 Tips to Making Board Risk Reports Meaningful Tools for Decision-Making
- Why Following ERM Best Practices can Do More Harm than Good
- Disruptive Innovation – Obtaining the Funding to Set your Company Apart
- ERM Pioneer Shares Technique for Anticipating Long-Term Risks and Opportunities
- 3 Questions to Consider if Management Rejects Recommendations Due to Cost
- 5 Questions for Understanding the Fundamentals of Business Resiliency
- 4 Ways Scenario Planning Supports Decision-Making
- 16 Essential Questions to Ask for Effective Scenario Planning
- Can We Trust the Experts During Risk Assessments?
- Decision Quality: Value Creation from Better Business Decisions – by Carl Spetzler, Hannah Winter, and Jennifer Meyer
- Bulletproof Problem Solving: The One Skill that Changes Everything – by Charles Conn and Robert McLean
Core Area #3 – Other resources for developing into a well-rounded risk professional
At first glance, you may be confused as to why the following articles and books are included in a top risk management resources list. But as I discuss in these posts, superior processes and the day-to-day minutiae are not what determines the success of your efforts, but rather people, relationships, and other “soft” skills.
- Don’t Be That Person: Attitudes and Phrases to Avoid in Delicate Conversations
- What a Calm Act of Heroism Can Teach Us About Risk Management
- Prove your Value to the CEO: Focus More on Big Picture Issues and Less on Process
- EQ Applied: The Real-World Guide to Emotional Intelligence – by Justin Bariso
Of course, this list is not all inclusive, as I could easily add several more books, blogs, and other resources. This is also why, again, I strongly recommend reviewing previous editions of this top resources list (see here, here, here, and here).
As we at SDS gaze into 2022, we’re excited to both take-on both the challenges and opportunities to come. Hopefully, you are as well, so let’s make sure you have the tools in your toolkit to overcome challenges and seize opportunities!
What other resources you would recommend to risk professionals and organizations to improve decision-making?
As always, I am interested in learning more from my peers, so please don’t hesitate to leave a comment below or join the conversation on LinkedIn.
Also, if you’re just starting out or otherwise struggling to understand where you should be focusing your efforts to better manage enterprise risks and opportunities, I invite you to schedule a meeting today to discuss your organization’s current status and goals.