Articles

Guest Post by James Kline (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

ISO 31000 is the International Enterprise Risk Management (ERM) framework developed in 2009 by the International Organization for Standardization (ISO).  Its use in government is increasing.  The reason for the increase is that governments around the world are recognizing that risk events are increasing in frequency and cost.  For instance, Hurricane Harvey impacted the States of Texas, Louisiana, Mississippi, Tennessee and Kentucky.  It flooded 19 water systems, 31 waste water systems and 13 super fund sites spreading toxic waste throughout the region.  It cost Texas $125 billion dollars. (1)   [Read more…]

Guest Post by Malcolm Peart (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

“I told you so…” is so often cried after something has gone wrong.  But was that ‘telling‘ stated clearly and unequivocally before things went wrong or was it merely a passing counterview against a probable likelihood based on an alternative possibility.

When a risk manifests itself and takes a grip on a project it’s amazing how quickly hindsight can kick in.  This comes in the form of free advice as to what could have happened to avoid the risk ‘after the fact’. These latter-day soothsayers were, for some reason or other, unprepared to prove their prophetic ability before the fact preferring, it would seem, to go with the flow as an uninvolved observer but officious bystander when all facts are revealed. [Read more…]

Guest Post by Robert Pojasek (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

Why does COSO ERM:2017[i] use the word “enterprise” in the title of their standard and ISO 31000:2018[ii] is a “risk management standard?”  CERM Academy also has a book on this topic[iii]. So, what does the concept of an “enterprise” impart to an organization, if anything, to set apart the COSO standard from the ISO standard?

A search of the definition for enterprise covers the entire gamut of possible uses. There appears to be little difference between business enterprise and the business itself. [Read more…]