Strategic

ERM Foundations are vital for organizational success

3 Phases to Creating and Launching an ERM Program Focused on Organizational Success

If you’ve been handed the task of creating an ERM program for your organization, let me first offer my congratulations quickly followed by my empathy for the task ahead of you. I don’t say that to scare you but to provide a small dose of reality. Building, launching, and refining an ERM program that is…
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5 Steps to Shifting Board Oversight from Operations and Risk to Strategy

Contrary to popular belief, a Board of Directors, Trustees, or whatever title fits the corporate culture are not only for publicly traded companies. Simply referred to as the Board by most, it can be defined broadly as “…a group of individuals either elected or appointed to provide organizational leadership and oversight.” Following the Enron scandal…
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Multi-Decade High Inflation Creates Both Risks and Opportunities

Back at the beginning of 2021, I explored the gathering storm clouds of inflation and whether it was going to become an issue for businesses and individuals in the year ahead. Very few were talking about it at the time, but signs were percolating that price inflation was indeed going to increase – the question…
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Disruptive Innovation: Obtaining Funding to Set your Company Apart

We take things like electricity, automobiles, and TV for granted today, but in their time, they represented disruptive innovations that transformed work, leisure, and family life. Disruptions like this have not slowed down; in fact, their pace and magnitude continue to grow. Consider that when telephone was invented in the mid-1870s, it took nearly 70…
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implementers

Ignoring Implementers of Strategic Decisions – Why It’s Risky and How to Fix It

“A chain is only as strong as its weakest link.” We’ve all heard this idiom that first appeared in Thomas Reid’s “Essays on the Intellectual Powers of Man” published in 1786. The phrase is commonly used to describe organizations or groups and how they are only as strong as the weakest or laziest member. By…
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Prove your Value to the CEO: Focus More on Big Picture Issues, Less on Process

Too often, we get so consumed with the day-to-day that we forget to take a step back to look at the bigger picture. In our personal lives, this could take the form of being too hurried going from one thing to the next that we don’t stop for a moment and take time to just…
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recommendations

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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disruptive technology

Disruptive Technology – Is your Company Making a Strategic Decision or Being Reactive?

Disruptive technology is a phrase we’ve been hearing a lot lately. While the concept of business disruption is nothing new, it is an accelerating trend that shows no signs of slowing down anytime soon. Disruptive innovation or technology was formally defined by Harvard Business professor Clayton Christensen in a 1995 HBR article and subsequent book…
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Risk-Based Decision-Making: A Historical Analysis of Napoleon’s Life

A few weeks ago, the Risk Awareness online summit brought together some of the brightest minds in risk management, decision making, quantitative risk analysis, IT security, and more. You may recognize a couple of the speakers from the summit since I refer to them often. Many of the speakers though were new, even to me,…
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3 Threats Leave Long-Standing Food Brands Struggling

One of my recent articles, 8 Possible Consequences of Not Being Proactive in Risk Management, discussed possible ramifications for companies who do not factor risks into decision making. Two of those consequences, product failure and profit/financial loss, came to the forefront of my mind when reading an article from the Wall Street Journal about how…
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