Performance evaluation serves as a health check on operations and individuals’ work. The organizational maturity notion signifies the progress of an organization in terms of developing its people, processes, technology, and capability by implementing quality practices. Organizations aiming to achieve the highest maturity levels in performance need to take care of the intricacies involved in deploying a Performance Management system and the relationships it has with the other key organizational
Chapter 9-Project Integration of my recently published book Risk-management in the World of Threats and Opportunities: A Project Controls Perspective discusses the challenges that many Project Managers are facing. One item that throws many to fits is project integration. It is a project requirement with varying level of complexities. Some have successfully toe the line but many just fail.
Integration happens throughout the project lifecycle using continuous collaboration. It becomes a big challen
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
The RIMS Risk Maturity Model, co-developed by LogicManager CEO, Steven Minsky, and the RIMS Risk Management Society, has been adopted by yet another governance body in an attempt to formalize how organizations achieve risk management competency.
The NAIC specifically identifies the Risk Maturity Model (RMM) as an effective tool for evaluating the state of an organizations program, and indicates that Insurers should strive to meet a ‘Repeatable’ level of Enterprise Risk Management maturity in eac
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 worms.”
Hack’s observation, while misguided, provides a lesson in the difficulty of training and educating employees. Over the next several weeks, I h
One of our business analysts recently came to me with a particularly troubling conversation he had with a prospective client. The client reported to him that while 6 months ago the appetite for ERM had been strong, the enthusiasm and excitement for the program had since waned and the risk manager was now preparing to take “micro” steps forward over the next several years.
This account is far too common for enterprise risk managers in today's environment. Hired into an energetic and new function,
Risk Leadership: Risk - What It All Boils Down To
Earlier this year I read Administrative Behaviour by Herbert A. Simon which was first published in 1946. I highly recommend Simon’s book for risk professionals because it only mentions risk a few times, yet it describes so clearly the challenges of organisational success.
When you consider the challenges Simon sets out, it helps clarify how risk professionals should aim to assist organisations through the application of risk management principle
Risk Leadership: Beyond Resilience
I have long described the aim of Enterprise Risk Management to be to develop an Adaptive and Resilient organisation (check out my RMP Healthcheck). In recent times the concept of Organisational Resilience has become popular, in particular for those in government and the owners and operators of critical infrastructure. Both concepts, in my opinion, have similar aims, drivers, benefits and barriers and are about nurturing a successful organisation for decades a
Fifteen of the world’s top risk managers met recently at the 2013 RIMS Risk Summit. When the topic of reputational risk arose, the group struggled to develop a concrete value proposition, but unanimously agreed that no ERM assessment that failed to tackle reputation risk would be deemed complete by leadership.
Their recognition calls attention to one of the biggest hurdles confronted by risk managers in all industries when faced with high level risks deemed critical by the board or executive lead
In my last blog and On-Demand Webinar “Presenting Risk Management to the Board,” I was asked for help identifying government regulations that hold Boards responsible for Enterprise Risk Management (ERM) compliance.
Definition: First some background, the SEC Proxy Disclosure Enhancements rule defines ERM compliance as extending the board's role in risk oversight to the threshold of material impact of the risk regardless of the level. Boards of Directors were previously only responsible for CEO- le
Last week, at RIMS ERM Conference 2011, we announced that LogicManager and RIMS (The Risk and Insurance Management Society) have selected Queens University Management School (QUM) to update the landmark 2008 study that quantified a direct, positive relationship between the maturity of an organization's risk management framework and its business performance. Read the full press release here.
The 2011 update will gather data just as the 2008 study did, using real organization's data compared again
Risk Management is all about managing the uncertainty around achievement of objectives. So all risk assessments should start with the objectives of the organisation, business unit, program, project, process or system that is the subject of the risk assessment. Strategic Risk Management is the management of uncertainty around the strategic objectives of the organisation. Doing this well requires skill, experience and commitment of the most senior people in the organisation.
When I recently read “R