When UCLA Extension asked me to conduct a webinar based on my popular “traditional vs. ERM” article, my first thought was “sure” because it gave people an opportunity to better understand each of the 10 differences and perhaps provide some additional insights not included in the original piece.
But after further reflection, I decided a different approach would be appropriate. After all, how many webinars have you seen where the host just talks for 45 minutes, does a 5 minutes sales pitch, and leaves only enough time to answer a question or two?
To make this webinar more valuable for attendees (which is what matters!), I instead opted to spend most of the time answering viewers’ questions about any ERM topic they wanted to discuss. The attendees asked some great questions, some of which I unfortunately didn’t have time to answer during the hour we had.
Below is the full webinar, along with timestamps where you can jump to a particular question or section. However, if your schedule allows, I highly recommend watching the entire webinar from start to finish. (A little biased…) 🙂
- Introduction (0:00)
- Definitions of traditional risk management and enterprise risk management (1:00)
- One soft skill every ERM practitioner needs (3:55)
- Which one of these 10 differences (…or anything else for that matter) would you like me to talk about? (4:50)
- Differences: Reactive and rear-facing vs proactive and future-facing (6:10)
- Tools or software systems for ERM and finding the right one (8:30)
- Documentation vs. Decision-focused – 3 questions for identifying risk(s) for strategic decision-making (11:15)
- Where do you start an ERM program when the company is extremely risk averse? (16:08)
- Differences: Quick overview of the other 10 differences (18:30)
- Can you provide examples of how to explain risk appetite and tolerance in business terms? (27:45)
- Scenario analysis, modeling, and data analytics (31:00)
- How much budget is allocated for Fortune 500 companies as a benchmark for risk management? (35:00)
- How would you describe the ideal role of a risk manager? (37:50)
- How do you change with the ERM system? (40:20)
- What percentage in ERM is IT vs. non-IT risk? (42:30)
- How can we as risk practitioners help our Board be more comfortable with setting higher risk appetite? (44:20)
- Ideas to grow risk culture in a newly formed business unit? (46:30)
- How can I break into risk management? (48:05)
- How do you overcome bias in risk management? (53:05)
A huge thank you, first to UCLA Extension for providing this opportunity for current and aspiring risk professionals to learn more and ask questions, and secondly, to the attendees for taking time out of their busy schedules to join us and ask great questions!
Do you have a question about ERM that is not addressed in this webinar?
If so, leave a comment below or join the conversation on LinkedIn.
If your company is struggling to harness ERM as a strategic decision-making tool instead of just a documentation exercise, please reach out to me to discuss your current situation and potential options for you to move forward.
