Strategic Risk

Jan 29, 2019

Joint Venture Blind Spots and Strategies to Avoid Them

Joint ventures are developed through a five stage process requiring complex decisions to be made by varying teams. Joint venture success depends heavily on cross-process discipline throughout business planning and implementation while simultaneously be aware of and counteracting common blind spots. These blind spots are pressures that can undermine joint venture success. They include rushing to completion, a lack of leadership continuity, declining parent involvement, and insufficient planning to respond to changes in risk. This article discusses the causes of these blind spots and strategies to avoid them.

Jun 26, 2018

COSO Releases Examples of Framework Applications

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released an important supplement to its 2017 Enterprise Risk Management – Integrating with Strategy and Performance. This compendium to the 2017 framework includes detailed examples for applying principles from the updated ERM Framework to day-to-day practices. The compendium of examples recognizes the connection between ERM and strategic setting and organizational performance and includes examples across a wide range of industries. Each illustration in the compendium was developed from industry practices identified through extensive research, including interviews and case studies.

Sep 11, 2017

COSO Revises Its ERM Framework

COSO's 2017 Updated ERM Framework Guidance

Jul 25, 2017

Today’s Risk Management Challenges: It’s a Small World After All

In late June, I spoke at a conference in Italy focused on risk management and organizational change. Those in attendance included both business professionals and academics interested in understanding…

Nov 29, 2016

Five Recurring Themes for Enhancing Risk Oversight

Article by Mark S. Beasley: Over the past month I have had the opportunity to meet and talk with a number of risk management executives who have engaged with us at our ERM Initiative Advisory Board meeting, our ERM Roundtable Summit, and our inaugural ERM in Higher Education workshop, and I have traveled to Europe to participate in ERM conferences there. In all these experiences I have observed a number of common themes related to opportunities to strengthen ERM processes. These opportunities seem to transcend organizational size, industry, and geographic location. Let me highlight five challenges that ERM leaders view as opportunities to strengthen the value of their organization's ERM efforts.

May 11, 2016

Case Studies on Integration of ERM with Strategy

NC State University's ERM Initiative is pleased to release a new thought paper, Integration of ERM with Strategy, that highlights three case study illustrations of how organizations have successfully integrated their enterprise-wide risk management efforts with their value creating initiatives. These case studies are based on real life examples of how companies have attempted to better integrate their ERM process within their strategic planning process.

Apr 22, 2016

Taking a Strategic Approach to Emerging Risks

Bonnie V. Hancock, Executive Director of North Carolina State University's ERM Initiative, addresses techniques that might simplify the process of prioritizing risk.

Oct 1, 2015

Value Creation through Risk Management

Many companies have come to realize that risk management serves more than just a compliance function. In the ever-changing risk environment we live in today, risk management also serves to add value to the company. After conducting their Global Governance, Risk and Compliance Survey, EY published a white paper with a three-step approach to risk management.

Jan 1, 2014

The Importance of Integrating Risk Management with Strategy

A recent thought paper, 10 Lessons in Integrating Risk Management with Strategy by Protiviti uses examples of both corporate failures and successes to learn what helped those that survived and thrived reach different outcomes than those that failed and disappeared. The thought paper provides lessons learned as well as tools and techniques executives can use to improve their company’s chances of surviving and thriving in an ever-changing world. The thought paper finds that surviving and thriving companies were able to respond to a pending crisis because they integrate risk into their strategic discussions, allowing them to react quickly enough to take advantage of emerging opportunities.

Apr 1, 2013

Crowdsourcing, A Tool to Tackle Emerging Strategic Risks

Organizations are turning to “crowdsourcing” as part of their innovation strategy where they leverage the knowledge of “the crowd” to identify emerging trends and opportunities. A recent article in _Harvard Business Review_ highlights crowdsourcing as a problem solving technique. We use that as a springboard to explore how crowdsourcing might be used to leverage the collective talent of the crowd to help organizations deter or manage emerging risks that may affect their strategic success. Crowdsourcing may be a tool that risk leaders can include in their risk identification toolkits.