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…
Using ERM to decide if you should get the H1N1 vaccine
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…
ISO 31000 is the “New Age in Risk Management”
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…
Apparently the FDIC thinks ERM is a good idea
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…
From AS/NZS 4360 to ISO 31000 – A history lesson
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.…
Risk management: ya, there’s an app for that too
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…
S&P ‘Refining and Adapting’ Insurers ERM ‘Adequate’ Assessments
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…
Measuring the benefits of ERM
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 FiscalDoctorâ„¢, addresses these five questions about ERM: 1. Does ERM focus only on money?…
Risk managers are like janitors
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…
Good white paper from GT on value of ERM in this economy
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.…