Risk Watch: Thought Leadership in Risk—Spring 2019

The Conference Board of Canada, 34 pages, June 5, 2019
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Risk Watch presents original articles by global thinkers and practitioners on risk management and related matters. Authors express opinions and insights about the world of risk and provide practical applications to address risk challenges.

Document Highlights

Building on his 2013 article, Five Wild Cards, futurist Richard Worzel peers again into his crystal ball for new emerging risks that could be, as he originally said, “hiding in plain sight.” Richard focuses on four wild cards that threaten to surprise us—or surprise us again—and that will introduce significant risks to our lives and the operations of our businesses.

James Lam, a well-known author and risk consultant, contributes to this issue with an updated excerpt from his 2017 book, Implementing Enterprise Risk Management; From Methods to Applications. He advises that risk professionals must question whether their programs are designed for a world that is increasingly experiencing disruptive risks. James highlights the seven key attributes of “continuous, evidence-based ERM” to help risk professionals adapt to the fast pace of change.

PricewaterhouseCoopers (PwC) executive Navin Maharaj, and his associates Maggie Li and Dipika Sharma, remind us that people play a pivotal role in shaping and operationalizing risk culture. And, for risk management to be effective, an organization must have “the right talent occupying the right seats in the organization.” The authors point out that “identifying and securing the relevant and applicable skills is a key component in driving the understanding and acceptance of risk management and its link to performance within organizations.”

For this issue’s “Book Review,” Mike Murphy, a provincial auditor/risk manager, evaluates Chris Clearfield and Andràs Tilcsik’s 2018 book, Meltdown—Why our Systems Fail and What We Can Do About It. Mike finds the book highly readable and informative, with some practical solutions to prevent meltdowns.

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