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Inside Internal Controls

News and discussion on implementing risk management

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risk strategy

How often should you assess risk?

I recently listened to a new video by my friend, Alex Sidorenko. In How often [should] the risk assessments be performed, he makes some solid points, including:

 

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Selecting a framework for managing risk

arol Williams has a website, ERM Insights, where she writes about risk management (I prefer to talk about the management of risk, rather than risk management, to ensure we are talking about how the organization addresses what might happen, i.e., risk, rather than talking about a function or team).

 

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Is the goal of risk governance taking boards in the wrong direction?

The board is discharging its responsibilities to ensure stakeholders get the performance they should: value creation as well as (and not just) value protection. The board should make sure the management team is effective in running the organization, and that is not done by focusing on a list of harms. Effective governance of an organization is limited if the board focuses on risks.

 

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Key principles of successful risk management

Somehow, we need to move the practice away from a periodic review of a list of risks (which Jim refers to as enterprise list management) and to increasing the likelihood and extent of success.

 

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Minimizing risk by having the proper insurance coverage and risk management practices

You can purchase business insurance for nearly every operation and risk your business faces. However, navigating the particularities of insuring your organization can seem daunting. Investing in insurance coverage is a necessary part of operating a sound business, whether your organization is for profit or not.

 

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