Articles

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

When evaluating risk response strategies, executive management along with process owners must align risk responses with the organization’s risk appetite, business objectives, costs/benefits, and overall risk strategy/tactics. Risk response strategies and tactics may involve: [Read more…]

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

Introduction

There’s always a story that explains why an event is a “Black Swan” – after the fact. Where are the “Black Swan” prognosticators before events occur? I see “after the fact” articles and statements, such as, “we knew that was coming” or “we predicted this” – all after the fact. Generally projections and predictions seem never to hold sway until after the fact. Predictions and projections never seem to occur when the prognosticator specifies — is it just that the timing never seems to work out – until after the fact. From Nostradamus to the “Bible Code” we are enamored with predictions – after the fact. Does there seem to be a theme developing here? [Read more…]

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

Exposure to threats, hazards, and risks leads to vulnerabilities that an organization must deal with.

Commonly these are addressed via a mitigation process. Once mitigation is accomplished, often times the organization feels that the risk, threat, hazard does not need to be revisited. However, as a result of the mitigation efforts on the part of the organization, the risks, threats, hazards reconfigure and re-emerge in a different form.

In order for mitigation to be successful, it has to be a constant and ongoing process that produces a resilience to the negative effects of risks, threats, and hazards that are realized. [Read more…]