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
The 2009 release of ISO 31000 was the first step across the threshold into 21st century risk management. Unfortunately the industry that has developed around it has firmly grabbed the doorway and won’t let go. Although the latest revisions make references to decision making and integration into functional purpose, it totally misses the point of risk management, which is to assist navigating a complex world. 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
Recently I read a new 6-star hotel is opening in Australia in 2018. 6-Stars, really? I remember when 5-star rating was synonymous with 1st Class, as opposed to 2nd Class. Now we have 0th Class. I stayed in a 6-star hotel once and couldn’t see the difference to a true 5-star hotel, in fact it wasn’t as good as the 5-star Royal Crescent Hotel in Bath UK, which I would have to say is the best hotel experience I have enjoyed (that includes The Plaza, Savoy & Peninsula). Truly sublime. So if ISO 31000 is the 5-star of the GRC field what would be 6-stars? I would put that as being Strategic Management, it’s what turns the Plan into reality. Continue reading
The Compliance Manager’s role in the modern organization is to enable/empower decision makers to take action and leave the building defensive walls to the Risk Manager with his heat maps. So how can compliance managers start realising their value adding role? Continue reading