In Part 1: Decoding The RIMS Risk Management Maturity Model, I introduced the first of seven key attributes of the RIMS Risk Management Maturity Model, which was ERM-Based Approach. Here, in Part 2 of Decoding The RIMS Risk Management Maturity Model, I will discuss the attribute number two – ERM Process Management. Continue reading
With a threat, you search for the solution. With an opportunity, you search for the benefit. Reducing negative risk exposure is a good focus, but we need to understand that it is not value creating.
Are you tired of hearing all the excuses? Reducing risk exposure by attending to the threats is the predominant focus for today’s risk managers. There is no point in looking for opportunities if the boss wants us to treat the threats – the sooner the better. Continue reading
‘Management’, whoever they are, has finally woken up to the fact that the project is in difficulty. It’s been in trouble for some time and attempts to fix it haven’t worked. Somebody, somewhere, decides that Recovery is needed before the project crashes and burns.
Blinkered participants who denied all problems and reacted in anger realise that the bad tidings were not false-news. While they bask in depression others look at fixing the problem. If this ‘fix’ is just reorganising then, inevitably, the real problem(s) will not be addressed. Continue reading
Introduction
In 2015, the California Legislature passed the State Leadership Accountability Act (SLAA). The act updated previous legislation. The purpose of the update was to broaden the reporting requirements to operational and programmatic activities. It reemphasized the responsibility of management to establish and maintain effective systems of internal controls. It also set up bi-annual reporting requirements and included risk assessment as part of the internal controls. To assist departments and agencies with the risk assessment, in 2017, the Department of Finance published the State Leadership Accountability Act Risk Catalog. Continue reading
ISO 31000:2018 stresses the need for risk management to be integrated into operational functionality and decision making, but little has be written on how to actually achieve this. Scenario Analysis is not a modern technology but how you can provide operational management with risk based decision marking collateral. Continue reading