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Inside Internal Controls

News and discussion on implementing risk management

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ERM

How do we make decisions? Where does ERM fit?

How do you make decisions in your personal life? How do you decide where to live, which car to buy, and where to go for lunch? For many of us, the last is the most difficult decision to make in a day! Consider your current situation and determine whether the decision is acceptable or not in the circumstances. Risk practitioners are often the voice of gloom in the decision-making process, pointing out what could go wrong. Balancing that with the positive outcomes can lead to effective decision-making.

 

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Views on the future of risk management

James Lam has an impressive resume: Chief Risk Officer for major financial institutions, author of a respected book on ERM, consultant, and board member. Recently, he wrote a white paper that is available through RIMS or Workiva, Next Frontier: Performance-Based Continuous ERM. I think it is fair to say that James and I agree on many points but disagree on others.

 

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