The competitive advantage for businesses in the 20th Century was centered around the efforts related to process excellence – making the processes throughout a business as efficient and as effective as possible. And this was accomplished using a variety of disciplines including (but not limited to) Lean, Six Sigma, Theory of Constraints, and so on. Continue reading
After more than 5 years in the making and thousands of comments received from representatives of 54 participating and observing countries as well as multiple liaison organizations, updated ISO 31000 standard is going through the final stages of feedback and will likely be published in early 2018.
In this short article I will attempt to summarize key changes to the most popular in the world risk management standard ISO31000 and how will the changes impact businesses. Continue reading
In my 2013 book “Mastering 21st Century Enterprise Risk Management” I quipped “just as the Wild West of the 1890’s had disappeared without trace by the Roaring 1920s, so too will the business world of the 1990s, be long forgotten by the 2020s”. Just 5 years on and not only has the world changed emphatically but the rate of change is accelerating. Continue reading
When Enterprise Risk Management (ERM) is advocated, it often seems like it is the end all and be all. However, this is not true. It is a methodology which assists management in identifying the risk that can prevent an organization from accomplishing it desired goals. As such, it should be viewed as another management tool in a range of tools. Perhaps the best presentation of this idea, for local government, is from the city of Oshawa Canada. This piece discusses how it has integrated ERM into it continuous improvement process. Continue reading
2016 and 2017 have seen a virtual tsunami of compliance failures involving some of our largest companies. From Mitsubishi to VW, from ANZ to Target, almost weekly there have been media reports about some company employees having run amok – unbeknownst to their executives and boards. People are asking: “What happened to the compliance management systems that are supposed to monitor and prevent such abuses?” Executives and boards are naturally starting to question the entire compliance management function. Continue reading