New Era of Risk Management

Wake-up Call for an ERM Approach to Business Continuity

By Steven Minsky on May 5, 2009 9:54 AM 0 Vote 0 Votes

Corporations have a false sense of security about risk management due to a silo approach in assessing the threats they face. Simply run a Google search for business continuity and swine flu and you will find links to mostly IT related... Read More..

Categories: Business resiliency and sustainability, Enterprise Risk Management

New Congressional Report: A Call to Action for ERM Regulation

By Steven Minsky on January 30, 2009 11:05 AM 2 Vote 0 Votes

Yesterday the Congressional panel overseeing the Troubled Asset Relief Program (TARP) program released a scathing report of the regulatory failures that led to the current financial crisis, Congressional Oversight Panel Special Report on Regulatory Reform. The report concluded “The... Read More..

Categories: Business resiliency and sustainability, Compliance, ERM process management, ERM-based approach, Enterprise Risk Management, Risk Assessment, Risk Maturity Model, Risk Mitigation

Evidence links ERM directly to improved business performance

By Steven Minsky on January 26, 2009 10:39 AM 0 Vote 0 Votes

Articles on ERM typically provide valuable examples, but many risk managers have been asking for quantitative evidence supporting ERM standards. With contributions from the RIMS ERM Committee, I developed the RIMS Risk Maturity Model to meet the need of actionable... Read More..

Categories: ERM process management, ERM-based approach, Performance management, Risk Assessment, Risk Maturity Model

Risk Management: Evolve or Step Aside

By Steven Minsky on February 19, 2008 7:00 AM 0 Vote 0 Votes

The business environment evolves, organizations evolve and people’s roles and contributions must evolve as well. Some risk managers have expressed frustration due to insufficient resources or support from senior management. Risk managers who have an active role in financial reporting... Read More..

Categories: ERM process management, ERM-based approach, Performance management, Root cause discipline, Software

Global Warming: What does it mean to your bottom line?

By Steven Minsky on December 11, 2007 7:11 AM 0 Vote 0 Votes

Al Gore received his Nobel Peace Prize on Monday and urged the United States and China to make the boldest moves on climate change or “stand accountable before history for their failure to act.” The cause and effect of global... Read More..

Categories: ERM-based approach

The Institute of Internal Auditors: A champion of ERM

By Steven Minsky on October 29, 2007 12:00 PM 0 Vote 0 Votes

At the recent Institute of Internal Auditors (IIA) event “2007 Risk and Control Conference Featuring Governance, Risk, and Compliance” one of four tracks was dedicated to Enterprise Risk Management (ERM). The role of internal audit has gained in stature as... Read More..

Categories: Compliance

New Audit Standard For Financial Reporting

By Steven Minsky on June 13, 2007 9:27 AM 1 Vote 0 Votes

The approval by the PCAOB Board to the overhaul of the Sarbanes-Oxley legislation on May 23rd has profound significance for the credibility of Enterprise Risk Management as a discipline and its charter for action within organizations. For nearly a decade,... Read More..

Information Security and Enterprise Risk Management

By Steven Minsky on November 16, 2006 9:46 AM 3 Vote 0 Votes

Security of information is critical to all corporations and is one of the many areas of competency established with Enterprise Risk Management. The weakness of traditional risk management is the focus on historical precedence rather than forward looking investigative approach.... Read More..

Categories: Enterprise Risk Management, Methodology, Risk Assessment, Risk Identification

Amaranth Advisors revealed; The Emperor has no clothes

By Steven Minsky on October 26, 2006 9:53 AM 0 Vote 0 Votes

Amaranth Advisors lost roughly $5 billion in a week, and this is from a hedge fund that boasted of world-class risk-management systems. The result is a loss of 50% of the company’s asset base best summarized by this USAToday headline... Read More..

Categories: Enterprise Risk Management, Methodology, Risk Assessment, Risk Identification

The Power of Expert Opinion: A Lesson in Risk Management

By Steven Minsky on October 17, 2006 9:40 AM 3 Vote 0 Votes

The book “Blink” by Malcolm Gladwell is a must read for risk managers. Chapter one opens with the description of the approach used by the J. Paul Getty Museum to perform due diligence on a famous statue’s authenticity prior to... Read More..

Categories: Enterprise Risk Management, Risk Assessment

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