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Risk Watch

Image of the Risk Watch Cover This tri-annual journal, produced by The Conference Board of Canada, presents original articles by leading, global thinkers and practitioners on risk management. Authors have a mandate to express opinions and ideas that test readers’ assumptions.

Latest Issues

Spring 2017

In this issue:

  • Imran Ahmad, Partner and National Leader of Cybersecurity at Miller Thomson LLP, and Richard Arthurs, Partner and National Governance and Risk Management Leader at MNP LLP list four key steps that organizations can take to effectively respond to the dual requirement of compliance and overall cyber readiness. They recommend conducting a full critical infrastructure asset, building a risk and control framework, considering “legal privilege,” and creating a clear roadmap to prioritize allocation of resources.
  • Navin Maharaj, Senior Manager, Enterprise Risk Management at OP Trust, provides insights into operating and sustaining enterprise risk management in the absence of a dedicated ERM function. He recommends three approaches—decentralizing ERM and using risk “champions,” integrating ERM into organizational planning and decision-making; and embedding risk in the decision-making process of the organization—to assist with maintaining, sustaining, and enhancing an organization’s ERM program.
  • Salvatore Cucchiara, Foresight Strategist and Systemic Designer, Government of Alberta’s Department of Energy, Alberta CoLab, maintains that more emphasis should be placed on strategic risk. He suggests that evolution in risk management should draw on foresight tools to understand how risks could evolve in the future, and that techniques, such as wind-tunnelling and the three-horizons model, can help prepare for an uncertain future.
  • This issue also includes a brief overview of a session on risk frameworks that took place at The Conference Board of Canada’s Enterprise Risk Management 2017 conference. The session focused on the evolution and recent changes to the leading enterprise risk management standards: ISO 31000 and COSO ERM Integrated Framework

Previous Issues

Autumn 2016

In this issue:

  • Principal of Southern Harbour, Alexander H. Hay’s analysis of the forces affecting enterprise risk focus on two major trends: sociology and market expectations. He connects this to the centrality of infrastructure in business operations and the associated risk implications,'
  • Frank D’Andrea, Vice-President and Chief Risk Officer at Hydro One, provides some important lessons learned in how ERM can avoid the need for post-mortems by enabling risk practitioners to proactively address risk and avoid major failures.
  • Brian Philbin, Laura Brown, and Lori McKay, senior Canada Revenue Agency executives, addresses the challenges of taking a comprehensive approach to risk evaluation to avoid over-focus on the “risks du jour” and share the risk tolerance model that they developed for CRA.
  • Patrick Hart sets out the key steps in the development and implementation of Payments Canada’s ERM program. Patrick’s 28-year career at the organization has culminated in the effort taken to create the current ERM program at Payments Canada during a 12-year ERM journey.

Spring 2016

In this issue:

  • Darlene Halwas is an experienced risk management professional who understands what it takes to move one’s career from risk management to board director. The title of her article—Moving From the Black Box to the Cockpit—is befitting and classic.
  • Anna Paluzzi, a chartered director, recognizes the challenges of boards in overseeing enterprise risk management. She conveys some of her director colleagues’ experiences and thoughts, and identifies the magnitude of responsibility that weighs on boards of directors.
  • Paul C. Godfrey, Kristina Narvaez, and John Bugalla provide some ideas on how to start ERM correctly and achieve its full potential. This means aligning strategic planning, ERM, and strategy execution. The authors emphasize the business practice of deliberation and action in managing risks and seizing opportunities.

Spring 2016, Special Edition

In this special Risk Watch edition, three professionals from varying disciplines and backgrounds write about the challenges ERM professionals face within the organizational environment and in coping with uncertainty within the ERM profession. They also discuss the realities and stressors in the ERM field and the uncertainty and relevancy the ERM specialist may feel, or has experienced, as a result.

The findings in this article are based on interviews with several ERM executives and with the trauma therapist who conducted the interviews. The therapist, Samuel Miller, was joined by Christine Maligec, Risk Officer, Alberta Blue Cross and Karen Schoening-Thiessen, Strategic Risk Manager, The Conference Board of Canada, to produce this informative article.

Although ERM is a popular subject, there are few in-depth discussions within the risk community on how to cope with the uncertainty of risk, and the toll it takes. In addition to enlightening the reader, this article also identifies some management tools and practices for the ERM professional who has to deal with stress, uncertainty, and the changes that inevitably follow.

Summer 2015

In this issue:

  • Chandra Krishnamurthy shares what his organization has experienced through its ERM practice, and advises fellow ERM pursuers about what to expect.
  • Christine Maligec interviews a company representative and two professionals who provide their perspectives and experiences in understanding and managing cyber risk.
  • Jody Hamade and Kim Melo start with a high-level reviewing process of in-house and external experiences that leads into what an organization should consistently do to demonstrate the value of lessons learned
  • Christine Petch pens herideas and experiences on how to get an ERM program started in the highly geographically and culturally diverse mining industry.
  • Dr. Alan Card discusses how the traditional use of a risk matrix can be improved to enhance the quantity and quality of risk information.

Spring 2015

In this issue:

  • The ERM Tipping Point (authored by Richard Arthurs)
  • Measuring Your Corporation’s Risks in the Right Amount (authored by Kenneth R. Ledger)
  • Risk Management (authored by Norman Marks)
  • Cyber Risks: Imagining the Possible and Plausible (authored by Christine Maligec and Gregory Eskins)

Fall 2014

In this issue:

  • Strategic Approaches for Optimizing Risk Management (authored by Monica Merrifield)
  • Risk Management in a Connected World (authored by Wes Gill)
  • The Triple Threat: The Intersection of Enterprise, Execution, and Human Risk, and Five Tips for Managing Them (authored by Catherine Daw and Gail Severini)

Spring 2014

In this issue:

  • Approaching Reputational Risk Management From a Shared Value Perspective (authored by Helen-Marie Seibel)
  • What an ERM Culture Means to Toronto Hydro (authored by Rob Okashimo and Navin Maharaj)
  • Some Current Happenings in Enterprise Risk Management: A Personal View (authored by John Fraser)
  • Understanding Value-at-Risk to Avoid Risk Management Breakdown (authored by Betty J. Simkins and Allissa A. Lee)

Winter 2014

In this issue:

  • Is Canada an Innovative ERM Thought Leader or Follower? (authored by Richard Arthurs)
  • Risk—How Should Boards Manage the Upside? (authored by Douglas Enns)
  • Challenge Your Mind! (authored by Kloman)

Fall 2013

In this issue:

  • Now That You’ve Implemented Enterprise Risk Management ... (Author: Murray D. Wolfe)
  • Enterprise Risk Budgeting: How It Works (Authors: Alf Alviniussen and Håkan Jankensgård)
  • Risk Management in Not-for-Profits and Charities (Author: Don McCreesh)
  • Foresight: Finding Hope in Risky Futures (Author: Jerry Koh)

Spring 2013

In this issue:

  • Demonstrating Risk Resiliency (Author: Christine Cosby)
  • How Business Is Handling Human Capital Risk From a Generational Perspective (Authors: Adwoa K. Buahene and Giselle Kovary)
  • A Snapshot of ERM at Sunnybrook Hospital (Author: Ru Taggar)
  • Beyond Audit Assurance (Author: Chris Corless)

January 2013, Special Edition

In this issue:

  • Five Wild Cards (Author: Richard Worzel)

Winter 2013

In this issue:

  • Convergence of Risks, Regulation, and Responsibility in ERM (Authors: William Onuwa and Ben Marshall)
  • Shifting an Organization’s Safety Culture: A Case Review (Author: Dr. Martin Smith)
  • Insights From a Risk Manager (Author: Brad Sampson)
  • Food for Thought: ERM Today and Tomorrow (Author: Nancy Rhéaume)

Fall 2012

In this issue:

  • Adwoa K. Buahene and Giselle Kovary help us understand and manage the negative and positive risks associated with a multigenerational workforce.
  • Karen McBride lends an insightful hand to companies trying to plan in turbulent times. She relates the tale of two companies’ experiences in applying variations of scenario-testing to help assess the impact of strategic and economic uncertainties.
  • Jacquetta Goy shares BCLC’s story of integrating risk into business management—from past approaches to the present. She identifies the advantages and disadvantages of each approach.
  • Chandra Krishnamurthy writes with a philosophical angle and guides us to think more non-conventionally about the concept of the word enterprise.

Spring 2012

In this issue:

  • TELUS’ 10-Year Enterprise Risk Governance Journey (Authors: Kasey Reese and Claudia Roszell)
  • Risk Interconnectivity: Increasing Risk Intelligence at the Canada Revenue Agency (Authors: Brian Philbin, Valérie Bournival, and Kristen Petruska)
  • Enhance Your Risk Management and Create Value (Authors: John Lark and Grant Purdy)
  • Is Reputational Risk Management Really Ethics? (Author: Chris MacDonald)

Winter 2012

In this issue:

  • Managing the Unexpected: Ontario Power Generation’s Approach (Authors: Jody Hamade and Theresa Dekker)
  • International Sharing of Enterprise Risk Management Knowledge (Author: Scott Kashuba)
  • Repeat After Me ... An Enterprise Risk Management Mantra for Decision-Makers (Author: Rob Quail)
  • Does Gender Diversity on the Board of Directors Improve Risk Governance? (Authors: Betty J. Simkins, Ilene H. Lang and Heather Foust-Cummings)

Fall 2011

In this issue:

  • Message From the CEO to Introduce Enterprise Risk Management to the Company (Author: John Fraser)
  • Avoiding Unintended Consequences by Tying Risk Management to Organizational Compensation Plans (Author: Darlene Halwas)
  • Reviving Your Business: Four Key Turnaround Risks That Can Pull You Under (Author: David Wood)
  • A Practical Approach to Risk Appetite (Author: Hans Læssøe)
  • What Does It Take to Land and Retain the CERMO’s Job? (Author: Chandrasekhar Krishnamurthy)

Spring 2011

In this issue:

  • Smart and Dumb Questions to Ask About Risk Management (Author: Michael Power)
  • Readings on Risk: Essential Insight or Needless Distraction? (Author: Michael Murphy)
  • Aligning Decision Processes for Identifying and Evaluating Opportunities and Exposures (Author: David M. Wong)
  • We’re All Human: Coping With People Issues in Enterprise Risk Management (Author: Melanie Lockwood Herman)

Winter 2010

In this issue:

  • Board Accountability for Risk Communication—Clear As Mud? (Author: Douglas W. Brooks)
  • Are We Missing the Big Ship? (Author: Michael Hoffman)
  • How Good Is Our Risk Management? (Author: Grant Purdy)
  • Are Board Risk Committees a Fiduciary Expectation? (Author: David R. Koenig)
  • Risk Management in the Public Sector (Authors: James Ralston and Liane Sauer)

Fall 2010 (Inaugural issue)

In this issue:

  • What Does Risk Integration Look Like, Really? (Author: Christopher Eaton)
  • The Importance of Being Consequential (Author: Felix Kloman)
  • Managing the Grey Swans (Author: José Tabuena)
  • The “Other” Silent Killer (Author: Cathy Taylor)
  • Balancing Risk Awareness and Risk Intelligence in the Boardroom (Author: Leslie Thompson)