31000 (15)

Radar and Specialty Technical Publishers (STP) Launch Online Risk Management Assessment Program

Announcing ERM BenchMarker™, offering tailored assessment of risk management effectiveness and improvement based on decades of experience in risk management, and organizational competence in managing risk.

Radar, The Risk Management Company providing Consulting, Engineering, Education and Software Services, in partnership with Specialty Technical Publishers, premier North American publisher of audit, co

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Risk Appetite in IT operations

Assessing and measuring risk appetite away from an investment portfolio is perhaps one of the most difficult risk management initiatives practitioners have to entertain, it is also discussed often on risk forums and written about avidly by many consulting firms.

In this article we release a white paper that steps through the entire process of measuring and assessing risk appetite, dealing with the numbers specifically rather than just top level summaries and catch phrases on what risk appetite is

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ISO 31000 supporting Basel II

On the G31000 LinkedIn risk forum, we have decided to open up a new "chat room" that is dedicated to the application of the ISO 31000 enterprise risk management standard to Banking, Insurance, Supply Chain Finance, Markets and Investment.

The link for the new group can be found by clicking the [Link here].

In this blog posting however, we are going to consider whether ISO 31000 is compatible with Basel II from the outset, [Link here].
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The question today is, does the use of a risk framework such as the one proposed under ISO 31000 reduce risk management disputes between managers in a company?

A possible upside we look for once a risk framework is in full operation, is an improvement in the sharing of risk knowledge and business intel. It could of course go the other way as well; where the risk framework actually does more harm than good and drives bickering or discontinuity between departmental managers?

What did the G31000 foru

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Understanding risk appetite

Risk Appetite is loosely defined as "the affinity a person has for taking risk when attempting to meet a specific objective".

This concept of risk appetite differs from person to person or business to business and interestingly you will find that a person's risk appetite changes as they age.

In this blog we look at risk appetite; what it is, where it has been used and why it is important.

Click here to continue reading ]

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Risk charting and bubble charts

Perhaps ten years ago, reporting risk profiles or organisational threats was a challenging thing to do for many risk analysts on the job and while the majority of risk reports were fundamentally ordinary, it became apparent quite quickly that a simple list of hazards was never going to cut it.

In this blog we look at an emerging era of risk reporting.

Click here to continue reading

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Retrofitting ISO 31000

Should we retrofit ISO 31000 to become the umbrella for enterprise risk management?

ISO 31000 has two key issues for integration in the enterprise. The first is an accidental creation of conflict from the ISO standards board, the other is a missed oversight on what is happening on the ground.  

In this blog we take a look at both of these problems [ Click link to continue reading ]

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ISO 31004 Wishlist

The International Organisation for Standardization is about to enter into a trial review for its ISO 31004 guide. Meanwhile, the risk community is generally aware of what it seems to struggle with and the world of risk knows that certain aspects of risk management are simply not verbose enough in ISO 31000.

So then, perhaps it's time to write up our own ISO 31004 wishlist for solving the Achilles' Heel in ISO 31000.

The 50 wishes for ISO 31004 can be viewed by clicking this link

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We define risk as "the effect of uncertainty on objectives" (ISO 31000), however how often do we stop and ask if we have the right objectives in the first place? On what basis were they formed? When were they developed? Have times changed? In my experience facilitating risk workshops, often a poor or even incorrect set of objectives is the "elephant in the room" for the management team. Here are some tips for ensuring you have the right objectives:

 Stakeholder Analysis - Identify your stakeholde

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If we assume risk management is actually formalised within an institution, then a firm might do well to perhaps consider embedding decision making and appetite into their risk enterprise framework.

A look into why it is so hard to comprehend risk appetite and five tips which improve the quantification of risk appetite on objectives.

Click here to continue reading.

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ISO 31000 for banks

A presentation on ISO 31000 for banks.

A presentation that looks at ISO 31000 in the banking domain. Why ISO 31000 is compatible with Basel, why ISO 31000 can value-add a Basel risk framework.

The presentation attached to this [ link ] will be delivered at the ISO 31000 conference in Paris on 21st and 22nd of May 2012.

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This is a copy of the latest CompliSpace blog orginally published at http://http://complispace.wordpress.com/2012/04/04/10-reasons-why-your-enterprise-risk-management-program-wont-work/.  Would love to get your feedback.

In our last blog post we boldly asserted “If You’re Not Practicing Enterprise Risk Management You Should Be”.

So it was with great interest that we came across an article in Risk Management Magazine titled “Is ERM Failing?” which basically summarised the finding of a 2012 PwC repo

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ISO 31000 and Objectives

ISO 31000 is becoming a popular risk framework, a credible alternative for COSO and many organisations across the planet are now selecting this approach for formalizing their internal risk programs directly. Actually, ISO 31000 is probably taking the lions share of market interest for risk management at present and that isn't such a bad thing.

One aspect that sets ISO aside from many other risk frameworks in use, is its clear delineation yet connection between an objective and the objectives unce

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COSO & ISO 31000 Exposure Valuation

Is ISO 31000 going to make the risk quantification mistakes that COSO did?

I have been following various debates on quantifying operational risk exposure on linked-in and elsewhere on the internet in the backdrop of risk standards such as COSO and ISO 31000.

What is a little disappointing is that it appears we might be falling into the same trap with ISO 31000 as the world has already done with COSO. 

Let's take a look at the single problem around: What is the value of risk from an event?

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