The Future of Enterprise Risk Management in the Age of Pandemics and Cyber Crime: Part IV - Total Engagement and the Whole of Organization Concept
We live in a world that is becoming increasingly intertwined and interdependent which means that complex risks such as pandemics and cyber crime are here to stay. Consequently, the future of ERM will be concerned with building “whole of organization” approaches that meet specific opportunities or challenges with the end goal being the creation of shareable and scalable solutions.
Voluntary Payments Defense – Not a Viable Defense to Defeat Coverage When Insurance Carriers Refuse to Make a Coverage Determination
What is a policyholder to do when it puts its insurance carriers on notice of a claim, but the insurance carrier does not acknowledge coverage and leaves its policyholder to its own devices to defend and settle the claim, then later claims that the policyholder breached the insurance policy by defending and settling the claim without its consent?
Grant Purdy joins us for a three-part interview. Part I focuses on Grant’s background and experience from working more than 40 years on practical applications of risk management, including the improvement of decision making.
Black swans - unlikely, unpredictable, and catastrophic events - justify investment in ERM but there is even greater justification with the arrival of black elephants - looming disasters that are visible but no one wants to address or deal with them.
Phil Renaud concludes this article series with a discussion of the need to build a better bridge between the HR function and risk management.
Black swans - unlikely, unexpected events that change paradigms - justify investment in ERM but now there is even greater justification with the advent of black elephants - looming disasters that are visible but no one wants to address or deal with them. History teaches us the importance of building resilient organizations comprised of people that are self-confident, believe in each other, and feel a sense of responsibility to control their collective fate for the better.
In the age of pandemics, cyber crime, and other black elephant type risks, getting senior leadership to increase their involvement and commitment to ensure that ERM becomes integrated into all organizational activities is more important than ever. We start this article series by looking at the difference that good leadership makes in determining whether their organizations build the necessary infrastructure to pursue opportunities and absorb the shocks of doing business in an increasingly intertwined and interdependent world.
Part I of this article provided an overview of the results of the 2019 risk management survey conducted by The Risk Institute at The Ohio State University’s Fisher College of Business. Part II of this article focuses on the role of leadership and the integration of risk management throughout the enterprise, including day-to-day decision-making.
Lori 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.