The key word is prioritize. With ERM, we identify and assess risks, but only so we can use the data to prioritize on a portfolio basis where we should spend or not spend our limited resources. There is a cost of action and a cost of inaction and ERM helps us make intelligent and informed [...]
Archive for October, 2009
The key word is prioritize
Posted in ERM Basics, My Opinions, tagged ERM, prioritize, Trevor Levine on October 30, 2009 | Leave a Comment »
Using ERM to decide if you should get the H1N1 vaccine
Posted in ERM Basics, My Opinions, Office and culture, tagged dishwasher, ERM, H1N1, impact, likelihood, probability, Trevor Levine, vaccine on October 30, 2009 | 1 Comment »
The Canadian government is practicing risk management this week. It has begun administering H1N1 vaccines as part of the largest mass immunization effort in Canadian history. But did it assess the impact and likelihood of H1N1 risk properly before implementing this plan? Are people making the right decisions about getting (or not getting) the shot? [...]
ISO 31000 is the “New Age in Risk Management”
Posted in Frameworks, Risk management, tagged 31000, ERM, standard on October 29, 2009 | Leave a Comment »
Courtesy of Reuters http://www.reuters.com/article/pressRelease/idUS246464+28-Oct-2009+BW20091028 From October 2009 corporations of different sizes and industries will be faced with a new universal standard focused on Risk Management. Dubbed ISO 31000: Principles and guidelines for risk management; the new guidelines were developed by the Organization for Standardization (ISO) in response to the need to standardize the existing norms, [...]
Apparently the FDIC thinks ERM is a good idea
Posted in ERM Basics, Frameworks, tagged ERM, FDIC on October 26, 2009 | Leave a Comment »
An interesting article titled “Regulators Tighten Screws on Enterprise Risk Management at Banks” in FinCriAdvisor this weekend, discusses how FDIC thinks ERM would be a great idea ERM at some small banks. Apparently, not only do some banks not practice risk management, but some like the Bank of Tacoma (Wash.) also lack strategic plans! Others [...]
From AS/NZS 4360 to ISO 31000 – A history lesson
Posted in ERM Basics, Frameworks, Risk management, Thought Leadership, tagged 31000, 4360, AS/NZS 4360, Australia, ERM, ISO 31000, New Zealand, Trevor Levine on October 23, 2009 | 3 Comments »
A consultant from New Zealand named Chris Peace, traces the history of the AS/NZS 4360 standard and the new ISO 31000, due out just in time for Christmas, in this copy of Safety and Health Practitioner dated October 16, 2009. Although the original 1995 edition of the AS/NZS 4360 standard was developed from earlier risk-management [...]
Risk management: ya, there’s an app for that too
Posted in Risk management, tagged ERM, iPhone, Marsh, Trevor Levine on October 23, 2009 | Leave a Comment »
CS STARS, a business unit of Marsh, has developed an application for iPhone allowing users to access risk-management dashboards right from the device. According to the announcement: “CS STARS LLC offers technical solutions for risk-management professionals, as well as for insurance carriers and third-party administrators. The company assists these parties by delivering integrated software and [...]
S&P ‘Refining and Adapting’ Insurers ERM ‘Adequate’ Assessments
Posted in Risk management, tagged ERM, S&P, Trevor Levine on October 22, 2009 | Leave a Comment »
October 21, 2009 Courtesy: Insurance Journal Standard & Poor’s Rating Services is refining and adapting its methodology for assessing insurance companies’ enterprise risk management (ERM), as set out in a recently published article, “Expanded Definition Of Adequate Classification In Enterprise Risk Management Scores.” S&P said it published the article to help market participants better understand [...]
Measuring the benefits of ERM
Posted in ERM Basics, League of Extraordinary Risk Gentlemen, Thought Leadership, tagged ERM, Patterson, six sigma, Trevor Levine on October 22, 2009 | Leave a Comment »
I was reading this article from Gary W Patterson called, “Enterprise Risk Management (ERM) Applied to Benefit Operations and Strategic Planning”. In it, Gary, a.k.a the FiscalDoctor™, addresses these five questions about ERM: 1. Does ERM focus only on money? 2. What activities does ERM involve? 3. What are ERM deliverables? 4. How do I [...]
Risk managers are like janitors
Posted in ERM Basics, Humour, My Opinions, tagged Black Swan, COSO ERM, ERM, ISO 31000, janitor, Maureen Miskovic, Oswald Grübel, risk culture, risk management, risk manager, UBS on October 21, 2009 | 1 Comment »
This is a bit of a re-post but it seems appropriate following a comment I received earlier where the reader asks: “How can you convince a small business owner to invest resources into something that they cannot see a value in?” For years I have been saying that being a risk manager is like being [...]
Good white paper from GT on value of ERM in this economy
Posted in ERM Basics, Thought Leadership, tagged ERM, GrantThornton, GRC, Trevor Levine on October 19, 2009 | Leave a Comment »
Another pretty good white paper from earlier this summer, from a major accounting firm, this time GrantThornton. It is a decent primer on ERM if you are a newbie but makes some good points about the value of the ERM. It is written in very simple language, and includes a list of about 100 risks [...]
