Posts Tagged ‘ RIMS ’

Managing the risk of risk management

April 6, 2011

An article by Jared Wade in Risk Management Magazine references the death of luger Nodar Kumaritashvili and includes an email from VANOC head John Furlong relating to the safety concerns about the luge track raised before the Vancouver Games. Furlong wrote: “…someone could get badly hurt… An athlete gets badly injured or worse, and I think the case could be made we were warned and did nothing. Our legal guys should review at least.” Furlong had the right approach to manage the related legal risk. But do we do risk management only to mitigate our potential legal risks or the…

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RIMS – ERM at the Vancouver Olympics

April 5, 2011

I was just reading one of my blog posts about ERM at Hydro One where I wrote that there were very few great case studies about ERM. Until today. I think this case study about ERM during the organizing of the Vancouver Winter Olympics in the RIMS Risk Management magazine is a close second to the Hydro One case study and a must read. This tale reminds us that we must always to come back to the objectives. This is basic stuff but when you keep reminding yourself of the objectives and the risks that prevent you from acheiving the…

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Take this ERM and shove it

May 18, 2010

RIMS recently honoured Paychex, a company that offers payroll services, for “innovation in risk management“. Paychex, spelled with an “x” is not to be confused with the late country music star, Johnny Paycheck, who recorded the song “Take this Job and Shove it” in the 1970s.

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Risk management certification: let’s discuss

January 13, 2010

Tim Leech’s IIA blog discusses some of the many risk management designations and certification available and whether or not one of these may be the cost of entry in the future. I would like to know if anyone out there is interested in replying to this post with thoughts, pros, cons, benefits, etc., for the many designations out there. For example years ago, I entertained the FRM certification from GARP but found the study material a bit too quantitative for the risk management I was interested in. (If memory serves me right, I think there was a calculus test!) I’ve…

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RIMS Core Competency Model

September 3, 2009
RIMS Core Competency Model

Earlier, I reviewed the RIMS report titled: 2008 Financial Crisis: A Wake-up Call for Enterprise Risk Management. Here are are few more highlights. The report includes a list of the suite of skills needed by individuals needed to drive a risk program, on page 8. I like this model because it supports my assertion that ERM is not audit and ERM should not be owned by auditors since most (generalization) career auditors lack the breadth of skills displayed here. From Search results for “rims”

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RIMS – A Wake-up Call for Enterprise Risk Management (Part 1)

September 3, 2009

I was reading the RIMS report titled: 2008 Financial Crisis: A Wake-up Call for Enterprise Risk Management. Very well written and highlights all the same ideas that Riskczar.com has been blogging about lately. Was the financial crisis a failure in risk management? RIMS writes: 1) The crisis resulted from a system-wide failure to embrace appropriate enterprise risk management behaviors; 2) There was an apparent failure to develop and reward internal risk management competencies; 3) There was a failure to use ERM to inform management’s decision making for both risk-taking and risk-avoiding. On point #2 above, I’ve often said that being…

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