risk informed decision making
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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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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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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This may sound a little mundane, but with events and changes happening at what seems lightning speed in today’s world, companies of all types and industries need a way to make decisions quickly and effectively. Which is the core what an ERM program is supposed to do…support the company in making risk-informed decisions in pursuit…
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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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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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You know what they say about assumptions, right? One particular quote from one of my favorite action movies, the Steven Seagal classic Under Siege 2: Dark Territory comes to mind, but it’s not appropriate to repeat here. Instead, we’ll turn to the brilliant Albert Einstein who is quoted as once saying… Assumptions are made and…
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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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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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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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