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 quite enjoyed this example about managing the risks of his daily commute to work – [...]
Posts Tagged ‘risk culture’
Marks explains how to make risk management a way of life
Posted in ERM Basics, Risk management, Thought Leadership, tagged IIA, Norman Marks, risk culture, risk management on December 23, 2009 | Leave a Comment »
John A. Wheeler writes about ways to improve your ERM
Posted in ERM Basics, Office and culture, tagged ERM, Openpages, risk culture, Wheeler on November 16, 2009 | Leave a Comment »
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 are no processes or buy in from the top. (Well, perhaps this doesn’t happen everywhere, [...]
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 [...]
The content and process of ERM
Posted in ERM Basics, My Opinions, Office and culture, tagged change management, content and process, ERM, risk culture on August 31, 2009 | Leave a Comment »
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 content is what I was once told by an EVP is the stuff “I put [...]
Assessing your risk culture
Posted in ERM Basics, Office and culture, Thought Leadership, tagged ERM, risk culture, Towers Perrin on August 29, 2009 | Leave a Comment »
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 as supporting components of ERM: risk culture and governance, and risk-based decision-making.
Culture and risk management
Posted in ERM Basics, Office and culture, tagged control, risk culture on August 28, 2009 | 1 Comment »
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 has grown in size over time, it is typically short on top talent. How many [...]
