Enterprise Risk Management: Busting Myths - part 1/2

Risk Commentary

New website = RiskCommentary.ca
What 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”