Category Archives: Strategy@Risk – Geary Sikich

#44 – UNREALISTIC RISK SCENARIOS – GEARY SIKICH

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UntitledINTRODUCTION
The next time you hear that one of your risk scenarios is unrealistic and that the events could not have occurred in the sequence that are being depicted you might direct your audience to Japan. Imagine a scenario that contained an earthquake, followed by a tsunami, a nuclear accident, bird flu, snow and bad weather, panic buying of food, fuel and other necessities.

Unreal?  That is exactly what happened in Japan; and why your key executives need to be a bigger part of the business continuity planning process. Continue reading →

#42 – WHEN IS A BLACK SWAN NOT A BLACK SWAN? – GEARY SIKICH

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UntitledINTRODUCTION
There seem to be a lot of sightings of ‘black swans’ lately. Should we be concerned or are we wishfully thinking, caught up in media hype; or are we misinterpreting what a black swan event really is? The term black swan has become a popular buzzword for many; including, contingency planners, risk managers and consultants. However, are there really that many occurrences that qualify to meet the requirement of being termed a black swan or are we just caught up in the popularity of the moment?  Continue reading →

#41 – ENTERPRISE RISK MANAGEMENT (ERM) IN THE AGE OF UNCERTAINTY – GEARY SIKICH

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Untitled“To do something very dangerous takes a certain lack of imagination”
– Anonymous

INTRODUCTION
Governments and companies worldwide are emerging from the current financial crisis and subsequent recession.  While governments are crafting new regulations, businesses around the world are walking in shifting sand as risk exposures are high and new regulations will create compliance challenges.  According to a recent survey by Korn/Ferry International, corporate leaders are focusing more attention on risk management after what is considered by many to be excessive risk-taking during the boom times that factored into the global financial crisis. Continue reading →

#39 – REDEFINING THE BUSINESS IMPACT ASSESSMENT – GEARY SIKICH

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UntitledREDEFINING THE BIA – USEFULNESS AND USES
If we agree on the basic premise that Business Continuity can be defined as sustaining what is critical to the enterprise’s survivability during periods of discontinuity; then we must recognize that the activity known as the Business Impact Assessment (Analysis) or BIA needs to be redefined.   The BIA, as currently practiced does not necessarily achieve the following:

  • Define what is critical to the organization.
  • Develop strategies to recover/sustain during times of discontinuity. Continue reading →

#37 – RISK AND COMPLIANCE – GEARY SIKICH

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Risk management is not compliance; however, compliance can serve as a basis for the management of risks.  A risk management program that overlooks compliance or underplays the significance of being in compliance puts the enterprise at risk.  That said, risks and the managing of risk is not directly related to compliance; rather risk management is related to ensuring that the organization’s strategy, goals and objectives are achieved by buffering risk from being realized. Continue reading →