ERM Insights by Carol

Although there can be an infinite number of reasons for an organization to evaluate its risk and performance management, two main reasons that apply across-the-board include: You need to understand where your organization stands in order to plan where it should go. Executives want to know if what’s in place or being done is adding... The post Questions for Gauging the Value of your Organization’s Risk & Performance Management appeared first on Carol Williams.

You are working hard to help your organization build an effective enterprise risk management program. You’ve spoken with all the business units, identified their significant “risks” and assessed them, come up with numerous risk registers, developed detailed risk reports for executives, and so on. Yet, people still don’t seem to see the value. Why? Why... The post Why ERM Often Fails to Add Value to Decision-Making appeared first on Carol Williams.

There’s no doubt among risk professionals… ISO 31000 and COSO are the two leading risk management standards in the world today. I previously discussed the fundamentals and background of each standard – check out the separate articles on ISO 31000 and COSO. As promised, the purpose of this article is to compare and contrast each... The post ISO 31000 vs. COSO – Comparing and Contrasting the World’s Leading Risk Management Standards appeared first on Carol Williams.

In my popular article on traditional vs. enterprise risk management, one distinct difference is how traditional risk management assesses risk from only one-dimension or point-of-view. In most cases, the use of a one-dimensional view is strongly connected to insurable risks and determining the potential impact or loss from a particular event. In the original article,... The post Traditional vs. ERM – Going Beyond One-Dimensional Risk Assessment appeared first on Carol Williams.

Upon reviewing a report from NC State discussing top risks for 2019, both Carol and I were surprised that an economic downturn was pretty far down the list of concern for executives. (As a quick side note, neither one of us are doomsday people thinking the sky is perpetually falling…) I know nobody wants to... The post ERM and Economics – Making Organizations More Resilient in Difficult Times appeared first on Carol Williams.

I recently asked of fellow risk professionals “what is your single biggest challenge when it comes to ERM implementation?” What do you think the answers were? Maybe figuring out how to assess risks? Maybe integrating with strategy? Or aggregation of risks? Nope. Tone at the top! Yes, the executives and how they convey their thoughts... The post ERM Implementation: What Risk Professionals Consider the #1 Challenge To Be appeared first on Carol Williams.

A recent Business Insider article on Uber’s self-driving car incident goes in-depth into the culture of the company. Uber has been going through changes for over a year, beginning with the CEO being fired in 2017 amid charges of sexual harassment claims throughout the company. Uber has been focused on developing a self-driving car in... The post When Organizational Culture Fails…. appeared first on Carol Williams.

If the popularity of my article from early 2017 outlining risk response strategies is any indication, organizations spend a lot of time thinking about the best way to address a particular risk. This popularity is the reason why I want to give risk professionals a more thorough understanding of each of the 4 response strategies…avoid,... The post Risk Reduction – A Response Strategy for Decreasing the Impact of Potential Risk Events appeared first on Carol Williams.