Stream of Consciousness
One of the elements COSO-ERM does not thoroughly address is stakeholder consultation in risk management. Sure, there is the required communication capping stone on top of the COSO pyramid, but the activities described therein fails to adequately address the needs and complexity of interacting with your stakeholders on a regular
Stream of Consciousness
The importance of consultation and communication in risk management ISO 31000 refers to consultation and communication with stakeholders as a key activity in a well implemented risk management methodology. Let’s examine why these elements are important. The elements ISO talks about consultation and communication with stakeholders. So we need
Stream of Consciousness
I’ve been giving the practice and best approach of managing risks a lot of thought lately, and I’m seriously wondering whether or not we’re not trying to solve the wrong problem when trying to install risk management systems in the way we’ve been going about it
Stream of Consciousness
A brief history The relevance of using risk models as the basis for risk management was disputed in the beginning of this century. It actually remains disputed as an approach by a number of authors. In the early ‘00’s, leading risk management advisory companies did not see the reason
Stream of Consciousness
How do we start to manage our risks? It’s an often heard question when talking to organizations about risk management. The honest answer to that is that most organizations already manage risk. It’s often just not called risk management. Risk management by any other name Let’s look
Stream of Consciousness
An accidental witness When you're staying as close to St. Paul's Cathedral as we are, it's impossible to not see the 'occupation' of the square in front op the Cathedral's main entrance. When we went out looking for a taxi
Stream of Consciousness
Monday morning quarterbacking After things have gone wrong, we have a tendency to start Monday morning quarterbacking. “How is it possible that they didn’t see that one coming?” Quickly, the comments turn to lack of organization and lack of information exchange. Remember 9/11? Different assessments all pointed to
Stream of Consciousness
Red tape increases risks Red tape is likely to lead to increases in residual risk profiles of organizations. These organizations are overburdening their external and internal customers with these increases in rules and regulations they need to comply with. Contrary to their expectations, this will not lead to more care.