In our first two webinars, our panel discussed the pros and cons of the updated COSO and ISO guidance on effective risk management. They left us with the idea that while both updates are improvements on their prior versions, neither is fully satisfying. In this, the third webinar in the Great Debate series, our panel… Continue reading The Great Debate Part III: Can ERM Realize its Potential in the Real World?
Originally written for RM GURU and posted on http://riskmanagementguru.com/competencies-risk-managers-non-financial-companies-really.html/ Here is also a short video summary of the article: https://www.youtube.com/watch?v=nqmnycKZwgg A while back I saw some discussions about competencies that risk managers should have. Some people talked about empathy and emotional intellect, others about strong communication skills and networking. And I thought to myself, what a… Continue reading What competencies should risk managers outside of banks and insurance companies really have?
Good news, first RISK-ACADEMY online course is now on Udemy! This course is not about doing risk assessments, building risk registers, heat maps or risk reports. None of these things have anything to do with proper risk management. This course is about alternative, a different take on risk management. This is what I call risk… Continue reading UDEMY: Informed risk taking
Risk management has evolved significantly over the last 10 years and we probably haven’t seen the last of the changes just yet. Norman Marks recently called for a leap change in risk management guidance. Alex Sidorenko, one of the authors of this guide, has also published a series of articles calling for a major change… Continue reading Practical ideas: CONTINUOUSLY IMPROVE YOUR OWN RISK MANAGEMENT SKILLS
We always encourage risk managers not to reinvent the wheel. Learn from others. Build connections with risk managers from similar companies. A good place to meet similar minded risk managers is the G31000 group on LinkedIn https://www.linkedin.com/groups/1834592. Do not be afraid to share your own experiences or participate in online and face-to-face discussions or initiatives… Continue reading Practical ideas: BUILD YOUR OWN NETWORK OF RISK ADVISORS
Podcast: Play in new window | DownloadSubscribe: Android | RSSAs far as international risk management standards go, the best choice for any non-financial organisation is by far the ISO 31000:2018. At the time of writing the standard had been officially translated and adopted in 70+ countries, making it truly global. ISO 31000:2018 is an international… Continue reading PODCAST: Start by selecting the overall framework and documenting legal requirements 17.05.2018
At the risk of sounding controversial, we believe risk managers sometimes need to take responsibility for providing an independent risk analysis not based on the information supplied by the management. Although rare, there may be situations where manager approving the project or making a decision has significant conflicts of interest or there may be suspicion… Continue reading Practical ideas: TAKE OWNERSHIP OVER SOME RISK ASSESSMENTS
Risk managers have a unique competency to identify and analyse risks using advanced tools like scenario analysis, sensitivity analysis, decision trees and Monte-Carlo simulations. This toolset can significantly improve business decision making. And just like any other service or tool it needs to be marketed to the rest of the organisation. Risk management needs to… Continue reading Practical ideas: PROMOTE RISK MANAGEMENT AS A SERVICE
Podcast: Play in new window | DownloadSubscribe: Android | RSSNowadays, risk management is on everyone’s corporate agenda; let it be a private or public organisation. A special attention to risk management is paid by governments, stock exchanges, shareholders and regulators. However, this hasn’t always been the case. We began our risk management research back in… Continue reading PODCAST: Guide to effective risk management 12.05.2018
Risk managers can bring a lot of value to the company by informing management about emerging risks. To do this, risk managers need to establish procedures for scanning the external and internal environment, for identifying emerging risks, recording them and informing senior management in a timely manner. In order to identify emerging risks, risk managers… Continue reading Practical ideas: INFORM MANAGEMENT ABOUT EMERGING RISKS