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…
ERM doesn’t need to be expensive
In the May 2009 issue of Industrial Engineer, Paul Engle, senior manager with Grant Thornton, writes: ERM programs can be effective for most companies because they force management to look beyond the day-to-day decisions necessary to operate the business and…
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…
R-S-T-L-N-E
It’s always been my experience that when you put a bunch of people in a room and ask them to identify the risks their organization faces, they come up with the easy ones – the generic ones – and not…
KISS ERM
While I am excited about the recent tour announcement by the band KISS, this k.i.s.s. stands for “keep it simple stupid”. When implementing an ERM program keeping it simple is the goal, while avoiding unnecessary complexity. So while the band…
H. Felix Kloman – Mosquitoes and Handguns
Felix Kloman is to risk management what Peter Drucker is to management. A legend. I only hope to do this risk thing as long as Mr. Kloman and one day earn a fraction of his rock star status. Mr. Kloman…
Slywotzky on Strategic Risks
Once again, a must read for anyone who considers themselves a risk professional because they can memorize ISO 31000. (Sarcasm.) Slywotzky describes more dangerous strategic risks like project risk, customer risk and transition risk that should be addressed, while unfortunately…
S&P’s ERM review for nonfinancial companies
Ever wonder what S&P asks about during their ERM review for nonfinancial companies? Well here they are: a. What are the company’s top risks, how big are they, and how often are they likely to occur? How often is the…
Risk Management is not Internal Audit
Risk management is looking forward Risk management is when you are driving your car on a foggy night and you cannot see more than 10 feet in front of you – there may be something out there: perhaps a…
ISO 31000 group on LinkedIn
There’s an ISO 31000 group on LinkedIn http://www.linkedin.com/groups?about=&gid=1958423