Risk Commentary

Edward Robertson
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New website: RiskCommentary.ca We see a contradiction: increased need for Enterprise Risk Management, while risk managers report low perceived value of their processes. High Quality Risk Assessment addresses uncertainty and helps solve chronic business problems. Join Edward Robertson, successful ERM practitioner, to discover a simple process that delivers clear value.

  1. 2021. 06. 01.

    Is Enterprise Risk Management Dead?

    New website = RiskCommentary.caPodcast launch! Is Enterprise Risk Management (ERM) dead? There is a stunning disconnect between the unprecedented need for ERM to be “instilled into the corporate DNA” and lacklustre risk manager survey results.  Let’s explore why ERM is broken, and how to fix it. Welcome to the Risk Commentary podcastWho is this podcast for?MissionCredentialsIs ERM Dead? Survey resultsWhy is ERM so incredibly convoluted and seemingly complex?  KEY QUOTES”We are in an unprecedented and evolving landscape unlike anything that we have ever seen historically.” This from the former President of Lloyd’s of London for North America... and yet only 35% of those surveyed have a full Enterprise Risk Management practice.   LINKSBook: Solving the Enterprise Risk Management Puzzle: Secrets to Successful Implementation (E.R. 2016) Interview with LoriAnn Lowery-Biggers and colleague Sean Murphy by John Czuba of Legal Talk Network. The State of Risk Oversight - An Overview of Enterprise Risk Management Practices by AICPA. April 2021.

    13분

  2. 2021. 06. 08.

    Enterprise Risk Management: Busting Myths - part 1/2

    New website = RiskCommentary.caWhat are common misconceptions that can block success in your Enterprise Risk Management program? Your host Edward Robertson has a list of ERM myths, observed over several years’ experience as practitioner and educator. For each point, we will give you the practical take-away to apply in your risk management program. Myth #1: ERM is one thing.Myth #2: International standards (ISO 31000; COSO, etc.) give ERM implementation guidance.Myth #3: ERM is unproven. Myth #4: ERM imposes an unacceptable administrative burden.Myth #5: ERM is the purview of audit & finance.Myth #6: All the various pre-existing risk disciplines and practices will be replaced by ERM.Myth #7: Managers in all verticals can reasonably be asked to conduct risk assessment. LINKS“over 80 risk management frameworks...” Ahmad, Saudah et al. (2014) “Enterprise risk management (ERM) implementation: Some empirical evidence from large Australian companies” “30% of time spent in meetings was unproductive...”S. Rogelberg, et al. “Wasted Time and Money in Meetings: Increasing Return on Investment”

    16분

  3. 2021. 06. 15.

    Enterprise Risk Management: Busting Myths - part 2/2

    New website = RiskCommentary.caERM myths, observed by your host over several years’ experience as practitioner and educator. For each point, we will give you the practical take-away to apply in your risk management program. Myth #8: Managers, directors, analysts, CEOs, etc. know how to implement new programs.Myth #9: Enterprise Risk Management can best be implemented by using a software application.Myth #10: Defining risk tolerance is essential to an ERM program.Myth #11: Monitoring compliance constitutes effective ERM.Myth #12: Linking corporate strategy to ERM is difficult and complex.Myth #13: ERM takes 3-5 years to implement.Myth #14: Good ERM predicts the future; it is effective forecasting.  KEY QUOTEDo not fall prey to the myth that the technology, in and of istelf, will inspire acceptance and take-up of the new risk management program. LINKS / NOTESProgram implementation failureSynopsis of various studies. Technology implementation failure - Linked in postScroll down to innovation: successful tech implementation part one Risk tolerance vs risk appetite - pdfRisk & Insurance Management Society: Exploring Risk Appetite and Risk Tolerance ComplianceSteering clear of compliance pitfalls © Key Media Pty Ltd.Unattributed, 31 May 2010. Corporate Risk and Insurance. Excerpt: "The most common pitfall in compliance programs is an overreliance on policies, procedures and systems, according to Ulysses Chioatto, director of SSAMM Management Consulting. A cursory glance over all the convictions and enforceable undertakings by ASIC in the past five years highlights this overreliance on policies, procedures and systems by financial services providers in their compliance programs, said Chioatto, with little to no work on people – or to put it another way, the company’s culture.  Both internal and external auditors as well as compliance and risk officers pore over documents, flowcharts, plans and reports from computer risk and compliance applications, yet breach registers are overflowing, or worse still, completely empty. "

    19분

  4. 2021. 06. 22.

    Enterprise Risk Management: Definition and Core Practice

    New website = RiskCommentary.caTime to get into the ERM process! Let’s start with definitions that reflect a precise method.  *Definitions: rationale and approach1. Enterprise Risk Management2. High Quality Risk AssessmentSignificance of High Quality Risk Assessment processSummary KEY QUOTE“One key message here is: do not fall into the trap of trying to lead a risk ID session, much less implement an entire ERM program, where goals and objectives are poorly defined.” (Solving the Enterprise Risk Management Puzzle: Secrets to Successful Implementation p.32) LINKS *My definition of ERM shows a clear process, whose results were praised by the BC Auditor General. See blog post of Enterprise Risk Management example: 5-part case study of ERM implementation, Camosun College. E.Robertson Solving the Enterprise Risk Management Puzzle: Secrets to Successful Implementation (2016)

    19분

  5. 2021. 06. 29.

    Is Your Strategic Planning Really Any Good?

    New website = RiskCommentary.caThe all-important risk identification process: High Quality Risk Assessment. The first step is actually to fix the organization’s planning practise!  Six steps in High Quality Risk AssessmentInvestigate and fix the planning practice.  The intuitive, informal approach -- does it work?The importance of the planning language.Properly formulated goals.Properly informed goals.The crucial point in the development trajectory of organizations.Conclusion: we need proper planning and management systems in order to mature.Complete planning practice Strategic identity; internal analysisLooking outward; external analysisVisionGap analysisFormulation of goals and objectives Beneficial psychological effects of engaging staff in planning process.Summary KEY QUOTE“Why do so many strategic plans end up on the shelf? It’s curious, given that strategic planning is among the most popular of management tools.” (Robertson, 2019, p. iv) LINKS E.Robertson Strategic Planning: Process, Templates and Effective Implementation (2019)

    17분

  6. 2021. 07. 06.

    Strategic Planning - Best Practices

    New website = RiskCommentary.caFoundation for ERM: you must have the best organizational planning practice you can muster.  Recap: 3 basic steps in strategic planning process internalenvironmental scangoal formulationThree types of planning internal organizationstrategicoperationalBroader schema to try to relate planning and management practices (Agile, Lean, ERP, etc.) see Robertson Strategic Planningreview to see where you might make changesIs strategic planning dead? Mintzberg’s article “The Rise and Fall of Strategic Planning“strategic planning is popular; yet somehow mysterious and ineffective (kinda sounds like ERM!)his true complaint: not predictive; focused on quantitative targets; not participatoryRecommended practices in strategic planning: an iterative process; participatory, involving dialogue and exchangewell-informed by detection of trends, conditions and emergent issueshelps promote an integrated cultureNote on the use of academic studies Conclusions: significance of good strategic planning: research and discussioncommon understanding that is developedresulting meaningful actionIs it too much to ask that risk managers look at planning? Summary KEY QUOTE“Traditional planning fails to take into account the creative processes and discoveries that generate breakthroughs.” (article ~ Wall, S. and Wall ,S.R.) LINKS Aldehayyat J & Anchor J (2010) “Strategic Planning Implementation and Creation of Value in the Firm” Wall, S. & Wall, S R (1995) “The Evolution (Not the Death) of Strategy” E. Robertson Strategic Planning: Process, Templates and Effective Implementation (2019)

    12분

  7. 2021. 07. 13.

    Establish Context - Underrated, Misunderstood

    New website = RiskCommentary.ca “Establish the Context” - the most misunderstood and underrated step in the whole risk management process. Recap of topics so farEstablish the ContextWhat do the standards mean by “Establish the Context”?What are the elements and true significance of “Establish the Context”?The headings in what I call the Context Paper, used to prep a risk ID session:1. Title of the plan under scrutiny2. Goals and objectives of that plan3. Corporate values4. Risk categories5. Stakeholder analysis6. Procedural and due diligence points (constraints)7. Deliverable KEY QUOTE“Do not introduce as risk things into the risk ID session which should, properly speaking, simply be trends and conditions that are already known -- that should have been taken into account in the formulation and design of the plans themselves.” LINKS E. Robertson Solving the Enterprise Risk Management Puzzle: Secrets to Successful Implementation (2016)The discussion on Establish Context begins in Chapter 2.2. Do you need a risk matrix (risk register) or other templates for risk assessment? Enterprise Risk Management Tools and Templates

    18분

  8. 2021. 07. 20.

    How to Establish Context

    New website = RiskCommentary.caContext for risk assessment could mean projects, contracts, administrative workflows, technical processes, etc. Summary of the series to date. High Quality Risk Assessment. Establish the Context. Context Paper - The purpose is twofold: - to create a highly useful aid to facilitation; and - to create a testament to due diligence. Trap of trying to identify risk in business settings where goals are poorly formulated. What if we don't have hierarchical “goals” and “objectives”?  Examples of Special Contextsa. budgetsb. formal projects (project management)c. contractsd. workflows: administrative procedures or technical processese. performance management regimesf.  specialized disciplines Alternative contexts must still somehow express goals or intended actions that are clear.Summary KEY QUOTE“The ERM champion must scrutinize the planning and even coach managers to adopt a complete planning practice... As a consequence, the risk information ultimately developed will make clear sense.” (Robertson, p.31) LINKS  Do you need a risk matrix (risk register) or other templates for risk assessment? Enterprise Risk Management Tools and Templates  E. Robertson Solving the Enterprise Risk Management Puzzle: Secrets to Successful Implementation (2016). The discussion on Establish Context begins in Chapter 2.2.

    16분
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New website: RiskCommentary.ca We see a contradiction: increased need for Enterprise Risk Management, while risk managers report low perceived value of their processes. High Quality Risk Assessment addresses uncertainty and helps solve chronic business problems. Join Edward Robertson, successful ERM practitioner, to discover a simple process that delivers clear value.

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