-Adrian Slywotzky and Karl Weber
“And the day came when the risk to remain tight in a bud was more painful than the risk it took to blossom.”
~Anais Nin quotes (French born American Author of novels and short stories.
“A RISK is a potential for a LOSS. The LOSS is the realization of that negative potential. A RISK is running across a busy street blindfolded. A LOSS is getting hit by a car while doing that.. “Thoughtfully assessing and addressing enterprise risk and placing a high value on corporate transparency can protect the one thing we cannot afford to lose: trust. A review of the use of complex systems applied to risk appetite and emerging risks in ERM practice
Like a well-prepared meal at a fine restaurant, ERM is best taken one course at a time, not mixed up on a single, giant plate. “Enterprise risk management is no panacea, and I know some people who question whether it really exists. But anything that gets people and the institutions they’ve built to look at risk from multiple angles, with an eye to building value, is a most welcome thing Summit on Fraud
“The concept of ‘inherent risk’ is impossible to measure or even define. The idea of looking at risk absent all hard controls, soft controls, or mitigations, provides little or no useful information in most cases.” Organisations are finding it increasingly difficult to manage and control risks. Armoghan Mohammed looks at why the dynamics of risk are changing Predicting Risk
ERM is really about managing residual risk – that is, things that could happen. That’s what senior management needs to know ... Risk taking is an integral part of business for every financial institution. Traditional thinking is the higher the risk the greater the reward. But, the most rewarded firms are those that have consistently balance risk and reward and understand the level of risk that the firm can profitably absorb Absorb
“Risk and time are opposite sides of the same coin, for if there were no tomorrow there would be no risk. Time transforms risk, and the nature of risk is shaped by the time horizon: the future is the playing field.
- Peter Bernstein, Against the Gods
Science Versus Art in Risk Management: Lessons from Merrill Lynch
“One of the greatest contributions of risk manager – arguably the single greatest – is just carrying a torch around and providing transparency.”
~Enterprise Risk Management, (Chapter 5 “Becoming the Lamp Bearer” by Anette Mikes)
“Enterprise risk management is a contact sport. Success comes from making contact with people.”
- John Fraser, Enterprise Risk Management, (Chapter 5 “Becoming the Lamp Bearer”)