Competitive Advantage

ERM at Thanksgiving – An Illustration of Risk Management in Action

On occasion, I like to take some of the concepts we risk professionals think about in our jobs and apply them to different personal situations…take some of the same concepts we use when working with executives to develop corporate strategy and manage risks or uncertainty around that strategy. It’s Thanksgiving week in the U.S. –…
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Should We Still Be Using the Term Risk Management?

“What’s in a name” you ask? Aside from “To be or not to be? That is the question,” this is probably one of Shakespeare’s most well-known quotes or idioms. And coincidentally, it forms the basis of one of the biggest debate’s in the risk management world today. Between risk appetite, heat maps, and the reliability…
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8 Possible Consequences of Not Being Proactive in Risk Management

You don’t need to be a rocket scientist or have a crystal ball to know how chaotic today’s world is. Whether due to rising costs, supply disruptions, or some other industry-specific issue, companies across-the-board and around the world are experiencing unprecedented challenges, where the response/reaction will determine their course for the next decade or more.…
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Building a Performance-Focused Risk Management Process Requires a Strong Foundation

For today’s post, I would like to share the first in a series of four guest articles published in The Demotech Difference, a quarterly publication that discusses issues affecting the property and casualty insurance industry. Regardless of your industry, instability, uncertainty, and change are becoming more pronounced with each passing day it seems. Companies need…
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Taking a Growth Pause: Preparing for Long-Term Success

For this week’s post, I would like to share a guest article published in Carrier Management, a quarterly journal targeting P&C insurance executives. Like previous guest editorials, this article was written with a specific industry in mind, but the contents are applicable to any organization. When a company is in its infancy, the main focus…
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Finding the Right Talent for Understanding Uncertainty

I don’t particularly like discussing the coronavirus pandemic; it seems like the topic is pretty worn out, but for organizations of all types and sizes, the pandemic and governments’ response to it over the last year blew the lid of uncertainty wide open. Now it’s not that 2020 ushered in the age of uncertainty –…
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3 Questions to Consider if Management Rejects Recommendations Due to Cost

Occasionally, I examine local or national events with a risk lens to see what went right and wrong, such as this example of poor vendor risk management in my local community. Doing so can help us better understand areas we may need to improve in our own organizations to avoid similar consequences. Quick Synopsis of…
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Performance-Focused Risk Management: Tying It All Together

Today’s article is a reprint of the last of four guest editorials originally published in The Demotech Difference, a journal targeting small- to midsize property and casualty insurance companies. The first three articles in the series delved into the foundations of building a performance-focused risk management process, specifically the importance of culture, identifying the company’s…
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Fewer Companies Realize Strategic Benefit from Risk Management Activities

Every spring, NC State’s ERM Initiative in partnership with the AICPA releases their State of Risk Oversight report. Data for the report was obtained through a survey sent to senior executives across a variety of industries this past fall. For this year’s report, 563 surveys were completed, which is a significant increase over prior years.…
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