May 2014 Blog Posts (20)

How ERM Prevents Disasters: Case Studies by Malcolm Gladwell

Over the weekend while traveling, I was reading Malcolm Gladwell’s Outliers and as coincidence would have it, I hit “Chapter Seven: The Ethnic Theory of Plane Crashes,” at a cruising altitude of 30,000 feet.

The challenge with Enterprise Risk…

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Added by Steven Minsky on May 28, 2014 at 10:30pm — No Comments

Report: Colleges & Universities Lack ERM, Guidance

Colleges and Universities are some of the most at risk institutions when it comes to high profiles failures in risk management. Reputational risk – and remaining off the homepage of CNN – requires an active approach to managing enterprise governance, and most universities are unsure where to start. An Association of Governing Boards of Universities and Colleges (AGB) report…

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Added by Steven Minsky on May 22, 2014 at 11:00pm — No Comments

Risk Appetite establishes clear boundaries

By defining a clear statement of risk appetite, the board and executive can establish clear boundaries within which the organization can execute the strategy and manage risk. It also provides the foundation for cascading the strategy and risk management disciplines through the organization, thus shaping the organization culture. Read more in the Risk-Based Performance Management book #RBPM www.riskbasedperformance.com

Added by Andrew J Smart on May 22, 2014 at 4:23pm — No Comments

Personal Journey Risk Assessments

The new personal, tailored Journey Risk Assessments and Travel Risk Assessments are live

Journey and Travel Risk Assessments.

Added by Tony Ridley on May 22, 2014 at 6:32am — No Comments

Country Aviation Risk Ratings

The new Country Aviation Risk Ratings are Live at www.countryaviationratings.com

Added by Tony Ridley on May 22, 2014 at 6:00am — No Comments

Last chance to attend the Risk-Based Performance Management (RBPM) book launch

The Risk-Based Performance Management (RBPM) book will be launched tonight in London. Register now at http://tinyurl.com/omztc2n to attend.

Added by Andrew J Smart on May 21, 2014 at 11:22am — No Comments

Probably the biggest intellectual failure of boards, regulators and shareholders

“The failure to properly evaluate and challenge risk of overall business strategies was probably the biggest intellectual failure of boards, regulators and shareholders.” Lord Turner, Chairman of the UK’s Financial Services Authority. Read more in the Risk-Based Performance Management book #RBPM 

Added by Andrew J Smart on May 21, 2014 at 11:21am — No Comments

It’s Time to Build “The Relevant Bank”

The Relevant Bank concept challenges attempts to finish the roof before starting the foundations.

What does being The Relevant Bank actually mean? First and foremost, it means being relevant personally – offering products and services consumers want, at the moments and through the channels they prefer.

For some time, one of the bits of received wisdom in consumer banking circles has been that you focus on high value customers and endeavor to engage them with high…

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Added by Nic Parmaksizian on May 21, 2014 at 11:00am — 7 Comments

How the RIMS Risk Maturity Model Works

Hack Wilson was an MLB star in the 1920’s, but he had a drinking problem. Realizing his potential, Hack’s manager pulled him into the dugout and said, “If I drop a worm into a glass of water, it swims around fine. If I drop it into a glass of whiskey, it immediately dies. What does this prove?”

Hack responded, “If you drink whiskey, you’ll never get…

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Added by Steven Minsky on May 20, 2014 at 7:30pm — No Comments

Commercial banks may be less vulnerable today to credit or economic shocks...

There is growing recognition that the dispersion of credit risk by banks to a broader and more diverse group of investors, rather than warehousing such risk on their balance sheets, has helped make the banking and overall financial system more resilient.

The improved resilience may be seen in fewer bank failures and more consistent credit provision. Consequently the commercial banks may be less vulnerable today to credit or economic shocks.  IMF Global Financial Stability Report in…

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Added by Andrew J Smart on May 16, 2014 at 10:24pm — No Comments

Your Ultimate Guide to Keeping Costs Down During Retirement

Currently, the most a British senior can claim in state pension is £113.10 per week, which equates to roughly £452.40 per month. If you're accustomed to living off the income of a full time job, dropping to a state pension can be a real shock to the system. Unfortunately, that's the price we pay for more freedom and a few extra lay ins here and there. Of course, if we've built up a private pension over the years, this can supplement the state…

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Added by GlobalRiskCommunity on May 16, 2014 at 10:00am — No Comments

Are Risk Assessments a Waste of Resources?

Where are there more homicides? Detroit or Michigan?

Most people would say Detroit, even though every murder in Detroit also takes place in Michigan. Our initial impressions, even those we have the utmost confidence in, can quickly and easily lead us astray. Avoiding such misconceptions is the value that risk assessments provide ERM programs.

Many risk…

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Added by Steven Minsky on May 15, 2014 at 8:30pm — No Comments

The Credit Crunch - a failure of the collective imagination of many bright people?

The failure to foresee the timing, extent and severity of the crisis and to head it off, while it had many causes, was principally a failure of the collective imagination of many bright people, both in this country and internationally, to understand the risks to the system as a whole. The British Academy on the causes of the Credit Crunch. Read more in the Risk-Based Performance Management book #RBPM

Added by Andrew J Smart on May 15, 2014 at 1:44pm — No Comments

Around the clock tweeting

Banks continue to increase their social media presence, especially on Twitter. But for all the talk of 24/7 omnichannel experiences, the number of institutions offering a genuine round the clock, real-time Twitter service to customers remains small. For today’s social-media savvy customer, that simply isn’t good enough.

But things are changing. Nationwide, the UK-based building society, has become the first in the UK market to offer 24/7 Twitter support through ‘@AskNationwide’. This…

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Added by Tom Race on May 15, 2014 at 12:04pm — No Comments

Inviting senior business & risk leaders to take part in our research project into the integrated management of risk in the strategy execution process.

Please take part in our latest research project related to the integration of strategy and risk management.…

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Added by Andrew J Smart on May 14, 2014 at 10:30pm — No Comments

To future economic historians, the Credit Crunch might be the defining moment that...

To future economic historians, the Credit Crunch might be the defining moment that separates the industrial age from the networked, digitized (or whatever name they assign to it) era we moved into in the early part of the 21st century. The Risk-Based Performance Management book. #RBPM

Added by Andrew J Smart on May 14, 2014 at 10:30pm — No Comments

Return on Investment: Enterprise Risk Management

Many business cases for Enterprise Risk Management programs begin with what senior management can expect in terms of return on investment (ROI). While ROI may not be the best indicator of ERM success (it’s tough to quantify the monetary value of risks you’ve mitigated), there are simple and direct steps you can take to demonstrate the efficiency your program will…

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Added by Steven Minsky on May 12, 2014 at 10:30pm — No Comments

Calibrating Capital to Risk Management rather than to History

The way that we calculate capital requirements is one of those embedded assumptions that has existed for so long that we fail to think about whether it really makes any sense or not.  And if you do stop and take a step back, you will realize that it actually does not necessarily make much sense. 

We calculate capital requirements looking backwards, when the thing that we will need capital for is in the future.  That backwards capital requirement is only broadly close to being correct…

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Added by Riskviews on May 10, 2014 at 4:00pm — 2 Comments

A Quick and Easy Guide to Life Assurance

They say there are two things you can be certain of in life – death and taxes. While you can’t prevent either, you can pay your taxes and you can look after things so that you can take care of yourself as best as possible. What happens if you’re struck down with a very bad illness? What happens to those who are dependent on the income you bring in? Making sure that all your dependants are well-looked after financially is very important and it’s something that we all need to…

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Added by GlobalRiskCommunity on May 2, 2014 at 3:55pm — No Comments

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