enterprise risk management

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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Alternative Methods to Clarifying Risks and Opportunities

By Carol Williams / April 5, 2022 /

Have you ever asked 10 people the same question and received 10 different answers? It may seem funny in hindsight or on your favorite sitcom, but I can attest personally that it can be incredibly frustrating. In a previous article outlining the elements of a clearly articulated risk statement, I discussed how not having a…

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ERM to Company Misalignment: Square Pegs Don’t Fit in Round Holes

By Carol Williams / March 25, 2022 /

In many cases, a standard framework like the Project Management Book of Knowledge (PMBOK), JAVA for developing computer- and web-based applications, or some other business framework is the correct and best approach to take. When organizations embark on the ERM journey, one of the first (…and biggest) mistakes they make is to simply cut and…

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3 Components of an Effective Risk Statement

By Carol Williams / February 25, 2022 /

Have you ever been given an assignment at work without clear instructions? It can be dizzying to try and figure out what your first steps to be. At best, it’s disconcerting not knowing if you’re on the right track, and at worst, you don’t even know what your desired end result should be or look…

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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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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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Top 2022 Risks and Resources

Top 22 Risk Management (…and Other) Resources for 2022

By Carol Williams / January 3, 2022 /

Although this past year pales in comparison to the upheaval of 2020, it can still be summed up in one word: chaotic. Between the Great Resignation, accelerating inflation, supply chain woes, the Delta variant, and industry-specific challenges, organizations of all sizes and purposes faced incredible obstacles that were unheard of just a few short years…

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6 Steps to Building a Vibrant Performance-Focused Risk Culture

By Carol Williams / December 16, 2021 /

Even without the disruptions and displacements caused by the COVID-19 pandemic and various responses to it around the world, companies are experiencing an unprecedented amount of challenges that were unheard of as recently as a decade ago. Changing regulations, shifting consumer demands, rapidly evolving technology, and an overall uncertainty of what the future holds are…

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5 Simple Questions for Assessing the Effectiveness of ERM Processes

By Carol Williams / December 9, 2021 /

It’s hard to believe that we’re nearing the end of 2021! Whether it’s improving health, changing eating habits, or some other goal, the New Year always represents a great opportunity for a fresh start. A company’s ERM processes are no different… The end of the year represents an ideal time to take a step back…

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