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Poole College of Management
Enterprise Risk Management Initiative

Emerging Risks

Dec 21, 2012

Making the Connection Between Strategy-setting and Risk

Organizations invest a great deal of effort in developing and executing their business strategies. Even so, winning business models are all-too-often subject to catastrophic failures in the blink of an eye. Didn't these companies see trouble coming? The answer: probably not, but only because executive managers did not think hard enough about risk during the strategy-setting process. This white paper from Protiviti Inc. explores the concept of strategic risk and provides an approach for incorporating risk assessment into the process of strategy-setting. By combining these processes, managers will be better equipped to make decisions for their organizations now and in the unknown future.

Dec 1, 2012

Managing the Risk of Disruptive Innovation

Organizations often find themselves surprised by a competitor's announcement of a new innovation. Such announcements can be hugely disruptive, and they hit the competitive environment in many forms, such as a new revolutionary business model, a completely new technology, or a new spin on an existing product or service. A December 2012 article in Harvard Business Review discusses the threat of disruptive innovation. A new product offering or a novel business model from a competitor is enough to upend any existing business and change the face of a particular market indefinitely. However, organizations can manage the risk of disruptive innovations by being proactive in regards to evaluating their own business models and those of competitors. In this HBR article, Wessel and Christensen present their approach for assessing and strategically managing the risk of disruption.

Oct 1, 2012

Applying “Big Data” to Risk Management

“Big data” is quickly building a following as a useful tool for helping managers make decisions. But what exactly is big data, and is its use actually beneficial to a business? This article from Harvard Business Review answers these two questions and more. The authors explain why digital data is perhaps more useful than ever before, and also provide real-life examples of companies using big data to make better decisions. The article also discusses five ingredients that are critical to using big data successfully in any company. Ultimately, big data could provide managers with insights into the risks facing their organizations.

Oct 1, 2012

Managing Risks of the Mobile Enterprise

Mobile devices are becoming more and more integral in the workplace today, as they are used for field work, file-sharing, and business processes. With the widespread use of mobiles, and the delicate intertwined relationship of such devices with both personal and professional lives, substantial number of risks arise that need to be managed properly in order to reap the benefits of these devices. To help organizations think about risks associated with the use of mobile devices, the Security for Business Innovation Council (SBIC) has issued an in-depth analysis of consumer mobile devices in the enterprise along with various risks that arise with the evolving technology. Furthermore, the report also provides various recommendations to manage such risks effectively over time. The following provides a summary of the report.

May 1, 2012

Managing Levels of Innovation Risk

The highly competitive landscape and the rapid pace of change means organizations must continually seek to innovate to survive and grow. For many, their rush to get new innovations to market overlooks critical risks that threaten the success of those initiatives. More organizations are seeing first-hand how difficult of a task it is to mitigate innovation risk. The Harvard Business Review (HBR) article "Managing Your Innovation Portfolio" highlights how organizations can, through the balance of diversifying and appropriately focusing efforts within their innovation portfolios, achieve higher returns over their long-term innovation investments. The authors of this article discuss issues dealing with managing innovation and ways to initially guide management.

Jul 1, 2011

Managing Human Capital Risk

Though companies recognize the high impact of Human Capital Risk (HCR), many still have immature HCR management processes, if any. The Conference Board researched companies based in North America, Europe, and Asia-Pacific to evaluate current HCR management practices. Companies with Strategic Workforce Planning (SWP) indicated better HCR maturity. The research in this article also highlights a need for HR and ERM executives to engage each other more to better understand risks associated with their human capital management.

Jul 1, 2011

Managing Social Media Risks

As organizations realize the potential of social media to positively benefit their marketing and advertising strategies, they are also aware of potential risks. In a white paper published by Crowe Howarth LLP, the authors outline sources from which social media risks can originate and provides a six-step approach that an organization can use to create an effective social media risk management strategy.

Jan 1, 2011

Assessing and Managing Risks Related to Intangible Assets

Given that intangible assets correspond to roughly 80 percent of the value of today's corporations, it is essential that companies improve risk governance practices concerning intangible assets to mitigate against the related risks. In an article from Corporate Finance Review, the authors discuss the evolution of ERM and recommend changes to the management of intangible assets as a way of enhancing enterprise value. In addition, key elements of an ideal oversight system are reviewed.

Sep 30, 2010

Data Risk Management – Applying a Holistic Approach

Due to the increasing costs associated with protecting and maintaining data, a holistic approach to data risk management is becoming essential to organizations. A whitepaper published by IBM discusses the framework and practices involved in using a holistic approach for implementing data risk management programs across organizations.

Sep 1, 2005

CROs (Chief Risk Officer) Challenged by IT Risks

The white paper focuses on the increasing dependency companies have on IT processes and the new challenges placed on CROs. Senior executives at various industries were asked to provide insight on digital risks and the role CROs play in tackling such risks.