Introduction
It is estimated that an organization’s reputation accounts for over a quarter of its market value. As such managing reputational risk has become an important issue for C-Suite members. This piece examines the issues surrounding reputational risk and how an Enterprise Risk Management (ERM) approach can help manage this risk. (This piece is an extension of an earlier piece on Reputation and Risk presented in #153.) Continue reading
In the Baldrige Excellence Framework the term “Intelligent Risk” appears. It is defined as: “Opportunities for which the potential gain outweighs the potential harm or loss to your organization’s future success.” This definition expresses a concern that risk might inhibit innovation. With the addition of Enterprise Risk Management to the 2017-18 Framework has a condition been created where two best business criteria, innovation and risk management, might cancel each other out? More basically, does Enterprise Risk Management (ERM) inhibit innovation related risk taking? Continue reading
Introduction
The title may sound strange given the Baldrige’s origin as the U.S. National Quality Award. Yet, its migration to a Performance Excellence Criteria and the addition of Cyber Security, Innovation, and Enterprise Risk Management (ERM) does pose challenges to the quality profession. This is particularly true since the many of the Baldrige examiners are quality professionals. Continue reading
Introduction
The National Institute of Standards and Technology (NIST) just issued the 2017-2018 Baldrige Excellence Frame Work. There were modifications to a number of categories such as Category 1 Leadership, Category 2, Strategy and Category 6 Operations. Included in the modifications were substantive additions for Cyber Attacks and Enterprise Risk Management (ERM). Continue reading
Introduction
The United State Occupational Safety and Health Administration (OSHA) estimate that $60 billion is lost annually from workplace injuries and illness. Using their $afety Pays Program calculator, twenty Carpal Tunnel Syndrome injuries will cost a company $1,260,000 in direct and indirect costs. A single back injury would cost $101,933 total. This makes safety a prime target for risk analysis. Continue reading