In the book Freakonomics, the authors present data to support the fact that more children are killed by drowning in backyard pools than by handguns. However, as parents we are more likely to not permit our kids to go to…
Please do not mitigate all your risks
I am not a big fan of the term “mitigation” as the only way for a risk to become a lesser risk. Mitigating a risk is merely one way to “treat” the risk and hence, I recommend using the term…
Is it too soon to add Zombie Risk to our heat maps?
According to researchers at two Ottawa universities who modeled a zombie attack using biological assumptions based on popular zombie movies, “classic” slow-moving zombies could take over our cities in under a week. (The “nimble, intelligent creatures” would take a few…
Scientific Evidence About the Value of ERM
If you are the kind of fellow who enjoys 40-page white papers from academics about the value of enterprise risk management (ERM), then you must read a new paper with the catchy title: “The Value of Enterprise Risk Management,” by…
S&P expects to complete its ERM criteria by the end of 2009
Although the groundwork has taken longer than expected, Standard & Poor’s remains committed to integrating enterprise risk management (ERM) into its rating process for nonfinancial corporations. Click here to read the rest. I remember when I tried to convince the…
Everyone knows where the icebergs are
Before the Titanic struck that iceberg almost a century ago, the captain was told that there were icebergs in those waters but dismissed the junior officer’s warning. He was heard saying: “In my thirty years at sea, I’ve never struck…
A Common Sense Approach to ERM
In a sentence, The Riskczar says the common sense approach to describing the process of risk management like this: First you identify your risks, you figure out which ones are the most important, next you decide how to address and…
ERM Creates Value
ERM helps leaders deal effectively with the current or potential events that create uncertainty and respond in a way that balances the downside of the uncertainties that we want to avoid against the upside. The big picture outcomes of ERM…
Islands of Risk Management Capabilities
Risk management is not something new to you; there are islands of risk management capabilities throughout the organization. Sometimes we call it hedging or insuring or security, but it’s all risk management. Enterprise risk management (ERM) is merely a process…
Risk Management Frameworks are Boring
There are plenty of frameworks out there on the Internet that you can read or download for free so why not just read one of those? Well, first of all, frameworks are boring; people who write policies for a living…