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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

Dimensioning Dependency, Correlation, Causality and Mutuality for multiple risk factors is an important modelling exercise risk analysts should entertain. Not doing so is one of the reasons why CAPM is busted.

Let’s look at a very straight forward method for measuring correlation in risk variables and for propagating a final outcome.

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Is your risk management program on target ?

This Conference will help you to get the benefits of referring to the ISO 31000 standard.

With more than 30+ speakers, 4 plenary sessions, 10 parallel sessions including training opportunities, this international conference is the risk management event of the year.

Our Pre-eminent Speakers

20 years of Risk Management Standardisation - Past, Present and Future

Kevin W Knight. Chairman of ISO Working Group that developed ISO 31000 – Australia

Why every RM prog

Designing an organisation’s Strategy & Risk Management framework does not have to be difficult. Strategy and Risk Consultancy, Manigent, have created an innovative new way for risk and compliance practitioners to quickly develop and document their strategy and risk model: Strategy and Risk Studio for iPad.

Strategy & Risk Studio is a one-of-a-kind application enabling consultants and practitioners to design and define an organisation’s enterprise performance management, enterprise risk management

WHERE: http://www.brighttalk.com/r/c7B

With the rising costs of data leaks and the increasing ROI of proactively securing data, 2012 is seeing Data Loss Prevention (DLP) become a priority for IT professionals. Strong DLP strategies are helping companies lower their risk of security breaches and the threats associated with the emergence of cloud computing and the consumerization of IT. This summit will reacquaint IT professionals with the pillars of a strong DLP foundation while introducing cutti

Value at Risk (VaR) is often criticised. This is especially the case from those who don't use it, no surprise there and I label such propaganda as statistical xenophobia by the masses.

In this post we look at the problems with VaR and what can be done to improve this measure of potential downside.

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It is a time of clichés for banks as they currently find themselves caught in a Catch-22, stuck between a rock and a hard place. In the UK, government initiatives such as ‘Project Merlin’ have been put in place to encourage banks to lend more freely. At the same time, new regulations or initiatives such as Basel III, Recovery and Resolution plans and leverage limits are coming to the fore, increasing the capital adequacy and liquidity requirements for banks around the world. So how do banks walk

WRIN.tv Today: Iran sanctions; Solvency II requirements; Hartford exits annuities; Affordable Care Act goes to Court; Beazley's new Healthcare Regulatory Liability cover.

(A report from 
the Economist Intelligence Unit)

More than ever, boards and senior management want to understand overall risk exposures, and be provided with clear, consistent information in a timely manner. With corporate governance legislation increasingly stressing the importance of personal liability and accountability for executives and non-executives, companies cannot afford to be in the dark about their risk position

 Visibility into decision making can help preserve a company’s reputatio

Research from the Chartered Institute of Internal Auditors has revealed that more than half of the fines handed out by the Financial Services Authority (FSA) in 2011 were as a result of weak internal risk management systems. 

Fines can be issued by the FSA when organisations breach any of the eleven principles (operational and ethical). The research announced by the Chartered Institute of Internal Auditors this week, shows that 60% of the FSA’s fines in 2011 were as a result of weak risk manage

Is My Local Insurance Company Really Solvent (INT206)

This guide from Hudson gives an overview of hiring activity and key trends in the market across the European and Asia Pacific regions. It also details salaries for risk professionals in 2012.

http://bitly.com/riskguide2012

Please give your feedback

This guide offers an insight into the current hiring market in London, not only detailing salaries and benefits, but also the broader recruitment trends foreseen for the marketplace in 2012.

This salary and market report is indicative only. Please give your feedback in the feedback field below

http://bitly.com/bankingsalariesinteractive

A risk taxonomy, the brains of an enterprise risk management software platform, creates a common language to make working across operational silos possible. It also creates the basis for a risk management discipline, so rather than reacting to seemingly "one off situations" the entire organization can standardize and prioritize how assessment, mitigation and monitoring are applied in a common comparable way to build risk management competency across the enterprise.

See our other blogs Identify C

HML, a StratexPoint user, has been on a risk management journey to make risk management part of the DNA of their organisation and in doing so, deliver real business benefits.

It should become part of the firm’s DNA and simply the way business is done – reflected in the effectiveness of management doing the right things. At a basic level, risk management is simply there to support decision making, allowing opportunities to be seized and value created.

The benefits that HML have achieved include a 9

The industry is watching World Risk and Insurance News...are you?

This week on WRIN.tv:
Tuesday on World Risk and Insurance News - 13 March

Greek Debt Swap, Iranian Sanctions...and the impact on Petrochemical firms and P&I, UK PM criticizes Solvency II, Legislative Brief on the US Affordable Care Act.

Thursday on World Risk and Insurance News - 15 March

US tornadoes; Australian floods; QBE "Re"; Hedge funds in reinsurance; Investigations over UK’s Equity Red Star, and a new Legislative Brief on US To

Organizations need to build a robust Enterprise Risk Management (ERM) framework or risk taxonomy, which provides a holistic view of all information and relationships across the organization. Taxonomy structures and preserves the integrity of information, so as changes occur in multiple parts of the organization, managers can compare risks on an 'apples to apples' basis and connect the dots between business areas. It is the critical foundation of your ERM program and any enterprise risk managemen

In the world of operational risk, there are a lot of analysts who believe that they can dimension the impacts from uncertainty by counting the number of events they experience over a period of time and then multiply that count by the average loss amount for the total event horizon they observe.

This approach for quantifying the impacts from uncertainty is full of error and it should be avoided. In fact, let's be clear, it is so fundamentally wrong as a measure of exposure that it isn't even a goo