In this November 2009 post on the IIA website, Norman Marks promotes the idea of making risk management a way of life instead of a quarterly exercise. If it doesn’t add value, then it is merely “decoration”, he writes. I…
John A. Wheeler writes about ways to improve your ERM
I like John A. Wheeler’s comments because he says successful ERM requires investment in people first, followed by process and technology respectively. Far too often, organizations go out and buy some technology and say “go do risk management” when there…
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…
The content and process of ERM
I doubt you will find anyone else who breaks ERM into these two components: content and process. Content includes all the stuff that consultants deliver such as lists of categorized risks, control plans, outstanding actions and colourful heat maps. This…
Assessing your risk culture
In an earlier post, I described my experience with changing culture in order to embed risk management as a systemic capability. Towers Perrin recently published a brief paper titled Assessing Your Company’s Risk Culture, describes the two key pillars emerging…
Culture and risk management
A good 8-page paper on the culture or risk management in financial institutions from Booz & Co. It reminds me of my days on the institutional trading desk which I write about below. Booz writes: While the risk management function…