Posts Tagged ‘ Trevor Levine ’

Top 10 Must Read ERM Articles

November 30, 2009

In a survey conducted during the Fall of 2007 by The Conference Board of Canada titled, “Who Reads What Most Often? A Survey of Enterprise Risk Management Literature Read by Risk Executives”, authors listed the top ten articles used by leading ERM practitioners (in order of year published). I’ve reprinted the list here with links to the respective documents or abstracts. It’s no surprise that Mr. Kloman is on this list. For those of you new to the study of risk management, I recommend getting your hands on everything he has written. I’ve re-posted some of his work at riskczar.com…

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3000

November 27, 2009

I big thank you to everyone who was curious enough to click and read something from Riskczar.com. Today we passed the 3000 click mark, only two weeks after hitting 2000 views (since August). I am very humbled and delighted. I have a lot of fun writing for you and glad many of you are enjoying the content and leaving comments. Best regards, Trevor Levine

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COSO ERM book is like an 8-Track player

November 24, 2009

I have to give my props to Harry Cendrowski and William C. Mair of Cendrowski Corporate Advisors for writing a book about enterprise risk management, but writing one titled “Enterprise Risk Management and COSO: A Guide for Directors, Executives, and Practitioners,” with the word “COSO” right there in the title is troubling to me. The authors note: “Two comprehensive foundations for risk assessment developed by the Committee of Sponsoring Organizations of the Treadway Commission – COSO’s ‘Internal Control–Integrated Framework’ and the ‘Enterprise Risk Management–Integrated Framework’ – serve as the foundation for detailed chapters on risk management.”   I don’t know…

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Reputation risk to Easyjet

November 20, 2009

Here’s an example of reputation risk. As I have written, reputation risk is a second order risk which only occurs when some other first order risk manifests its ugly head. This is a type of outsource risk. While Easyjet may not have been responsible for what happened, they are accountable. Easyjet has apologised after fashion photographs shot at the Holocaust Memorial in Berlin were published in its in-flight magazine. In the pictures, models pose in designer clothes among the concrete blocks of the “Field of Stelae”. The budget airline says it was unaware of the images until they appeared in…

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2000

November 10, 2009

Thank you to everyone who was curious enough to find out about Riskczar or clicked on a Twitter link that directed you here since I started this blog on August 19 of this year. Today Riskczar.com saw its 2000th unique page view. I have no idea if that’s a lot but I wanted to thank you just the same.   Trevor Levine

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The key word is prioritize

October 30, 2009

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 choices. Unfortunately, organizations and people often make decisions about the risks they are going to treat without data, spending too much money on the wrong things and not enough on the right things. Prioritize.

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Using ERM to decide if you should get the H1N1 vaccine

October 30, 2009

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? Against the backdrop of the H1N1 vaccination debate, I thought I would borrow some of the concepts of enterprise risk management to make this decision for my family. There are two sides to this debate: people who will get the vaccine and those who will…

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From AS/NZS 4360 to ISO 31000 – A history lesson

October 23, 2009

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 ideas and processes it was nonetheless ground-breaking as the first standard published on risk management. The subsequent 1999 edition added the “communicate and consult” stage, and a number of handbooks on aspects of risk management was also developed, the majority jointly by Australia and New…

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Risk management: ya, there’s an app for that too

October 23, 2009

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 services for risk, claims and compliance management. STARS Enterprise, the company’s primary software platform, supports comprehensive risk management, enterprise risk management (ERM) and compliance and safety management, according to the official report.” The link to the app can be found here: http://handheld.softpedia.com/get/Business/STARS-Enterprise-85873.shtml I would be…

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S&P ‘Refining and Adapting’ Insurers ERM ‘Adequate’ Assessments

October 22, 2009

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 its “approach to scoring companies’ ERM processes. This article is related to our criteria article ‘Principles Of Corporate And Government Ratings,’ published on June 26, 2007, on RatingsDirect.” S&P”s update of it criteria is designed to “expand and subdivide the definition of Adequate as we…

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