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We see a striking contradiction: the sharply increased need for Enterprise Risk Management, while risk managers persistently 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 and thought leader, to discover a simple process that delivers clear value.
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SHOW NOTES Introduction The key questions entertained at the level of the C-suite with regard to ERM are likely these three, to which I give an answer in summary: a. What exactly is ERM? Due to uneven development in the field, the definition has to be selected from among many, or created. I offer a carefully crafted definition. b. Is there a verifi…
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SHOW NOTES Introduction Opportunity, as conceived of in ERM discourse, is discussed. Then we improve upon this by presenting the notion of a structured program for innovation. Main points 1. Opportunity - origin of the idea in ERM 2. Opportunity - how can we make sense of the idea? 3. Opportunity - as innovation 4. Innovation a. an established disc…
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Risk Commentary
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Due Diligence, Risk ID for Major Projects
19:58
19:58
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SHOW NOTES Introduction Due Diligence (defined) and High Quality Risk Assessment: how are they used in a complementary fashion in major projects? Main points 1. Reflections on financial risk management (Ep 17): quote from L. Burke Files. 2. Definition of due diligence. 3. How due diligence is distinct from yet complementary to risk assessment: orde…
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Risk Commentary
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Is Financial Risk Management Equivalent to ERM?
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Episode: 017 Date: Tue 21 Sep 2021 Title: Is Financial Risk Management Equivalent to ERM? EPISODE SUMMARY Enterprise Risk Management, for some, consists solely of Financial Risk Management. Is this sound? We offer commentary on quantitative modelling and its place in ERM. SHOW NOTES Introduction Financial risk management consists of a suite of quan…
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SHOW NOTES Introduction The curious juxtaposition of need vs poor take-up, as explained in Episode 1. Steps in Analyzing and Fixing Poor Take-Up in ERM Programs 1. Take a step back in order to analyze the situation. 2. What is the nature of the ERM mandate and your role in it? 3. What are the motives of senior executive regarding ERM? 4. What are t…
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Risk Commentary
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Principles of Successful ERM Implementation
14:38
14:38
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SHOW NOTES Introduction In our last episode, we focused on maintaining a light footprint, as ERM should not be an extraordinary administrative burden. Now let’s continue the story of successful implementation by employing the success factors shown in studies. Summary 1. clear goals and objectives - how to formulate them? 2. senior executive support…
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SHOW NOTES Introduction How can we roll out Enterprise Risk Management with a minimal footprint? The answer is to use a principles-based approach. Once High Quality Risk Assessment is grasped, we can turn to an implementation that meets crucial criteria efficiently. What is ERM in relation to your entire management practise? 1. value proposition an…
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SHOW NOTES Introduction So far we have discussed the technique of High Quality Risk Assessment sufficiently to enable initial experimentation. The question then arises: who actually is leading this work? What are the requisite qualifications and background? Is any special training needed? Significance of the Enterprise Risk Management champion - im…
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Risk Commentary
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Risk Register and Breakthrough Mitigation
16:10
16:10
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SHOW NOTES Facilitating risk assessment Last episode in our our discussion on how to facilitate High Quality Risk Assessment, we covered finer points on how to facilitate the session, as well as the minimum necessary steps to assess risk: Likelihood, Consequence, Existing controls; Tolerance. This methodology is presented as a generic model for you…
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Risk Commentary
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How to Facilitate High Quality Risk Assessment
19:21
19:21
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SHOW NOTES Let’s review what we accomplished by using a round table of experts (described last time) for risk identification, then go ahead with further detail on the process: how to facilitate High Quality Risk Assessment. There are four key criteria essential to risk assessment. Instead of the disparate and vague risk information often gathered t…
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Main points We discussed last time how supposed risk ID methods are a hodgepodge of (often problematic) procedures, addressing either ways to get at people, or to get at the content, or ways to think. What is needed is all of those elements in a coherent method. What is the preferred method for High Quality Risk Assessment? Preferred method: round-…
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Main points Let’s discuss the confusion entrained by the supposed risk ID methods set out in conventional literature: · interviews and surveys, questionnaires · audits, physical inspection · brainstorming · networking with peers, industry groups · judgemental - speculative, conjectural, intuitive · history, failure analysis · examination of persona…
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SHOW NOTES Main points Summary of the series to date. At this point in our podcast series we established the rationale and practical working definitions for Enterprise Risk Management. Now we are discussing methods, in particular the all-important core practice in Enterprise Risk Management, which I call High Quality Risk Assessment. Establish the …
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Risk Commentary
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Establish Context - Underrated, Misunderstood
18:24
18:24
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SHOW NOTES Main points At this point in our podcast series we have deconstructed some of the misconceptions in the field; we reiterated the persisting and obvious need for Enterprise Risk Management; and we introduced viable definitions for both ERM and what I take to be its core process, High Quality Risk Assessment. You probably feel how my worki…
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SHOW NOTES Main points Last episode we started with an examination of the planning regime, as the first step in High Quality Risk Assessment. I mentioned that an 80/20 rule seems to obtain, 80% of our efforts as risk managers is properly spent on fixing the quality and extent of the planning. For that reason, we expand that discussion today. We set…
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Risk Commentary
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Is Your Strategic Planning Really Any Good?
17:12
17:12
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SHOW NOTES Main points Longer Term Agenda: High Quality Risk Assessment 1. Investigate and fix the planning practice. 2. Establish the context 3. Identify risk 4. Evaluate Risk 5. Risk mitigation and review 6. How to conduct the High Quality Risk Assessment session Today’s agenda We can only address point 1 today: investigate and fix the planning p…
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Risk Commentary
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Enterprise Risk Management: Definition and Core Practice
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18:31
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SHOW NOTES Introduction In prior episodes, I devoted time to critique what I take to be some of the misconceptions in the field of Enterprise Risk Management. I explained, at least in part, what may have caused them, and highlighted the extraordinary need for good risk management that faces us today, even though difficulties in implementation, link…
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Risk Commentary
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Enterprise Risk Management: Busting Myths - part 2/2
19:09
19:09
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19:09
SHOW NOTES Introduction In Episodes 1 and 2, we asked: Why is ERM so incredibly convoluted and seemingly complex? and began to answer this question by explaining that there has been a proliferation of advice, leading to a confusion of foundational definitions, and core methods and practices. We did some myth-busting, an examination of misconception…
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Risk Commentary
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Enterprise Risk Management: Busting Myths - part 1/2
16:06
16:06
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SHOW NOTES Introduction In the first episode, we asked: Why is ERM so incredibly convoluted and seemingly complex? Why is there not better take-up? Why is there such a strange juxtaposition between the obvious need for ERM and the stagnation of methods and results? We began to answer these questions by explaining that there has been a proliferation…
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SHOW NOTES Introduction [00:40] Welcome to the Risk Commentary podcast - Episode One! Who is this podcast for? There are people in the risk management space who are just shopping around for core concepts, because they are charged with leading the risk management initiative and are not sure where to begin. Others, and I seen this more and more in re…
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