 Part I shared some of Roger Estall’s background and experience from working more than 40 years in diverse fields providing practical guidance to help organizations deal with uncertainty. Part II focuses on Roger’s work on an Australian and New Zealand guideline for risk financing, including the use of commercial insurance. Part III focuses on Roger’s new book on decision-making that he co-authored with Grant Purdy.The Future of Corporate Risk Management: Part II - Building Strong and Healthy Communities5/28/2022  Historically, the corporate risk management department has been based on the partnership engagement model in that the department was viewed as a partner that supplied ancillary services to the core business. Using the COVID 19 pandemic as a backdrop, we will explain why this model has become outdated and how corporate risk management departments can evolve in ways that contribute to the success of the organization. Part I shared some of Roger Estall’s background and experience from working more than 40 years on helping organizations address uncertainty, developing public standards across a wide field of related topics, and co-authoring a book entitled Deciding. Part II focuses on Roger’s work to help create a Guideline for “risk financing” options, including commercial insurance. Historically, the corporate risk management department has been based on the partnership engagement model in that the department was viewed as a partner that supplied ancillary services to the core business. Using the COVID 19 pandemic as a backdrop, we will explain why this model has become outdated and how corporate risk management departments can evolve in ways that contribute to the success of the organization. This is the final article, in a three-article series, that discusses the risk financing guidelines set forth in the Standards Australia/Standard New Zealand Committee OB-007, Risk Management Handbook (“Standards Handbook”). This third article sets forth what is effective risk financing as identified in the Standards Handbook. This is the first of three discussions with Roger Estall who is a role model for all those who aspire to a leadership role in risk management. Part I focuses on Roger’s extraordinary background and experience from working more than 40 years with a wide range of organizations on how to make decisions, manage uncertainty, and solve problems We live at a time when humanity is steadily moving away from riskier forms of self-sufficiency to safer and more productive forms of mutual interdependence. This happens only through the evolution of existing systems and models for managing uncertainty. The COVID-19 pandemic can be a turning point that leads to a step-change in the effectiveness of ERM. This is the second article, in a three-article series, that discusses the risk financing guidelines set forth in the Standards Australia/Standard New Zealand Committee OB-007, Risk Management Handbook (“Standards Handbook”). This second article focuses on the various risk financing methods set forth in the Standards Handbook. This is the first article, in a three-part series of articles, that discusses the Standards Australia/Standards New Zealand Risk Management Handbook on Risk Financing Guidelines. This article discusses the role of risk financing and how a risk assessment can assist in evaluating the risk financing methods that can be used to treat an organization’s risks. |
AuthorsLori Siwik and Mark Siwik are the founders of SandRun Risk. They apply the principles of vertical leadership and lean six sigma to the discipline of risk management. From time to time they share their blog with guest authors who write about important risk management principles. Categories
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