Tools & Skills

One Simple Method to Validate Risk Assessment Results

By Carol Williams / August 30, 2022 /

Everyone sees the world a bit differently…it’s one of those fun facts that makes life so interesting. Think about how boring the world would be if we all thought the same way! As with a group of any size, a company’s personnel will have a variety of perspectives or biases on a particular risk. It’s…

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Asking Unbiased Risk Assessment Questions

By Carol Williams / August 4, 2022 /

Originally coined by the U.S. Army War College in the early ‘90s, the acronym VUCA, short for volatile, uncertain, complex, and ambiguous, has become a popular term for describing today’s business environment. I agree this oft-repeated mantra could almost be considered cliché, but that doesn’t make it any less true. To make the best decisions…

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Determining the Best Approach for Low Probability Risks

By Carol Williams / July 27, 2022 /

To start today’s article, I would like to share a family story from July 2021… My husband Nathan was taking our son Jackson to his first baseball game. The two of them took a “guys” trip to see a minor-league team in my former hometown about 3 hours away. On their way, they stopped at…

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The Importance of the First Five Minutes of Any Risk and Strategy Conversation

By Carol Williams / June 22, 2022 /

If there’s one thing I’ve learned writing articles for my risk and strategy blog is that considerable thought has to be put into the post’s title and opening lines. With a seemingly endless amount of content on the Internet, visitors will quickly whisk away if the title and intro to an article is not engaging…

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How Addressing Minor Risks Through Process Optimization Creates Opportunities

By Carol Williams / April 19, 2022 /

I’ve said it dozens of times here and have seen repeated elsewhere – trying to manage each and every risk can be mindboggling and, at best, lead to wasted resources in the form of time, people, and money. In the most extreme circumstances, attempting to manage every risk can lead to business failure, which is…

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One Fatal Error of KRIs and How to Avoid It

By Carol Williams / April 12, 2022 /

If you were to ask what constitutes a well-rounded, mature ERM program that delivers strategic value to the organization, many would say robust key risk indicators (KRIs) would certainly be at or near the top of the list. Writing in the book Enterprise Risk Management: Today’s Leading Research and Best Practices for Tomorrow’s Executives, Deloitte…

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Another Baby Step in the Qualitative to Quantitative Risk Assessment Journey

By Carol Williams / February 17, 2022 /

To achieve success either as individuals or collectively as a group, we must resist the temptation to be stagnant and always seek improvement. A previous article where I discuss how to develop a growth mindset is one example of putting this idea into action. Kaizen, a Japanese term that literally translates to “continuous improvement,” is…

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Project vs. Portfolio Management – Avoiding a Common Trap with Strategic Initiatives

By Carol Williams / February 3, 2022 /

Now that we’re firmly in the New Year, strategic goals and objectives are set for 2022. Departments within the company are now working on projects and initiatives to help the company achieve these goals. Getting to this point is an accomplishment in its own right, but this is also where many strategic goals meet their…

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Risk & Strategy Visionary Shares Valuable Insights on Risk Appetite and Tolerance

By Carol Williams / January 27, 2022 /

It’s clear from commentary and my blog’s web traffic data that risk appetite is considered to be the most challenging and controversial parts of ERM. To learn more about these differing perspectives, I invite you to check out this article that includes commentary from various thought leaders. We are always trying to better understand the…

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Compliance vs. Risk Focused Software – Can One System Serve two Masters?

By Carol Williams / January 13, 2022 /

To save time, money, or both, many of us have the tendency to re-purpose tools and processes for something they weren’t originally intended for. Depending on the circumstances, this approach sometimes works … Take, for example, a client who uses a system called Jira designed for facilitating IT help requests. With a few tweaks, this…

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