How NOT to reinvent the 'risk management' wheel

July 2009 Issue

Think fast; can you name 3 publications on risk management? More importantly, what risk management literature have you read within the past year? If your answers are blanks, you are in danger of wasting your time and resources trying to reinvent the risk management wheel.

I have noticed that many executives with risk management responsibilities read surprising little about the discipline. But the most successful ones do keep current with risk and management literature. This observation is confirmed by the paper Who Reads What Most Often? A Survey of Enterprise Risk Management Literature Read by Risk Executives by John R.S. Fraser, Karen Schoening-Thiessen, and Betty J. Simkins. Their study, published in the Journal Of Applied Finance - Spring/Summer 2008, found that experienced risk executives are much more familiar with the literature than their less experienced counterparts.

The paper also lists those titles that experienced risk executives found very useful at early and advanced stages of ERM implementation. Any risk executive would be well served to consult the risk and management resources (books, papers, and reports) featured in the paper by Fraser et al.

Research and learning from others can help you to shorten your learning curve, avoid expensive mistakes and reduce the chance of failure in change initiatives associated with enhancing risk management practices.

What is your plan to stay current with the risk management literature?

Follow the links to:

Current Special Offers for Subscribers

Current Special Offers for Subscribers

The codes to access the following special offers have been emailed to The Mobilize for Growth™ Advisory subscribers:

  • SPECIAL INTRODUCTORY OFFER:  Free registration ($145 value) for Virtual Learning Bites in April.  There is a maximum of 10 spots per course, available free of charge on a first come, first served basis (April 1 - 30, 2019).  Two risk quantification Virtual Learning Bites from NavIncerta on the Italian Flag technique and on the Range Assessment technique.  (Subscribers have been sent the instructions on how to access this offer).  Not yet a subscriber?  Don't miss out, click here to sign-up for your complimentary Advisory subscription.
  • SPECIAL OFFER: $200 off the full fee for The Mobilize for Growth™ Advisory subscribers on NavIncerta's Virtual Learning Lab on Risk Management and Quantification (April 1 - June 28, 2019).  (Subscribers have been sent the instructions on how to access this offer).  Not yet a subscriber?  Don't miss out, click here to sign-up for your complimentary Advisory subscription.

  • SPECIAL OFFER: $500 off the full fee for The Mobilize for Growth™ Advisory subscribers on Module 1 of the Masters Certificate in Risk Management and Business Performance Leadership presented by the Schulich School of Business Executive Education Centre (April 29 - May 3, 2019).  Subscribers have been sent the instructions on how to access this offer).  Not yet a subscriber?  Don't miss out, click here to sign-up for your complimentary Advisory subscription.

Not yet a subscriber, but want to access these special offers?

When you subscribe to the Advisory, we'll send you the code for all current special offers along with a link to your New Subscriber Bonus, a copy of Moving Beyond the Risk Map to Operational Vigilance.

FIND OUT FOR YOURSELF why risk management leaders subscribe, click to access the ARTICLE INDEX of all past issues of the Risk Management Made Simple Advisory.

"I save and study each issue of the Advisory. I appreciate how Diana gives very practical advice and links it to fundamental theories and best practices." 

Sherrie Hyde, Risk Manager, Lutherwood

Current Special Offers for Subscribers

The code to access the following special offer has been emailed to all Risk Management Made Simple Advisory subscribers:

  • SPECIAL INTRODUCTORY OFFER:  To entice you to 'take a bite', we are waiving the fee ($100 value) for your first Virtual Learning Bite.  (Subscribers have been sent the instructions on how to access this offer).  Not yet a subscriber?  Don't miss out, click here to sign-up for your complimentary Advisory subscription.  The Learning Bite topics for June 2019 are:
    • Italian Flag is a technique that enables you to quickly conduct an evidence-based assessment of the likelihood that a risk event will occur.  The focus on evidence helps to minimize the bias that can creep in when using more subjective methods such as the risk matrix approach which relies heavily on judgement and opinion.
    • Range Assessment is a technique that enables you to enables you to estimate a range for a variable (e.g., impact or cost of a risk event) which more realistically represents and communicates the uncertainty in the estimate than a single number would.
    • Scenario Planning Primer - Scenario planning is a powerful methodology to get to grips with the future uncertainties of the broader business environment.  The primer provides an overview of the approach illustrated by examples of scenarios and also covers how scenario planning can support decision making.
  • SPECIAL OFFER: $500 off the full program fee for Risk Management Made Simple Advisory subscribers on the Masters Certificate in Risk Management and Business Performance . The next program module to be held on September 23-26, 2019 in Toronto, ON. (Subscribers have been sent the instructions on how to access this offer).  Not yet a subscriber?  Don't miss out, click here to sign-up for your complimentary Advisory subscription.  Note:  the only change from the current listing on this are the dates.

Not yet a subscriber, but want to access these special offers?

When you subscribe to the Advisory, we'll send you the code for all current special offers along with a link to your New Subscriber Bonus, a copy of Moving Beyond the Risk Map to Operational Vigilance.

FIND OUT FOR YOURSELF why risk management leaders subscribe, click to access the ARTICLE INDEX of all past issues of the Risk Management Made Simple Advisory.

"I save and study each issue of the Advisory. I appreciate how Diana gives very practical advice and links it to fundamental theories and best practices." 

Sherrie Hyde, Risk Manager, Lutherwood

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Diana's Pick

The Neuroscience of Enterprise Risk Management (written by Diana Del Bel Belluz of Risk Wise) expores findings from the field of neuroscience and shares practical tips on how to apply them to enhance individuals' risk management thinking and implement brain-friendly ERM practices in organizations.

The article was published by The Conference Board of Canada in the Autumn 2017 issue of the journal Risk Watch.