| | Enterprise Risk Management
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| | | Blog -
There's an old saying that goes something like: "Give a man a hammer and all he sees are nails." While I try to avoid developing such a tunnel-vision blind spot in my own thinking, it seemed like everywhere I looked while on a recent business trip, all I saw was Enterprise Risk Management. It started with a random conversation I struck up with a fellow seated next to me in the boarding area of a flight from Seattle to Atlanta. It turned out that the gentleman is the Western Region head... -
There was a time when communications were mostly harmless. If you wanted to hurt somebody, the worst would be to insult them. Not so any more. Now, the global communications industry is the carrier of a lot more than words. It is becoming the proxy battlefield of choice, a warfare deployment network of staggering proportions. Want to inflict damage on a faraway target? Do not build an aircraft carrier, just recruit a team of hackers. The grim USP of neutron bombs is said to be that they kill people... -
When you look at modern Communication Service Providers, which aspects of their business generate the most risk? Is it disruption by newcomers like Google, Apple, and OTT providers, or is it intervention by the good old regulator? How do fraud and security rank? I know what I think, and normally I would just tell you ;) but now the TM Forum wants to know what you think are the biggest risks facing CSPs. The charter for the ERM team has been approved and you can find it at our project workspace .... -
In the wake of the global financial crisis and Deepwater Horizon, John Ruggie, the UN Secretary General's Special Representative for Business and Human Rights, has made an intriguing contribution to the debate over how companies factor the interests of the rest of society into their business decisions. Ruggie's blog post to the Harvard Law School Forum squarely places a business' obligations to support human rights within the context of managing enterprise risk. At first glance, talk... -
Sometimes it is difficult to spell out the human weaknesses that give rise to risk. A risk manager needs to get along with a wide range of colleagues, and that necessitates a degree of diplomacy. So it is refreshing to read what Mohammed Siddiqui, Chief Enterprise Risk Management and Audit Officer of Hydro Ottawa Holding Inc, thinks about the relationship between risk and the frailties of his fellow man: 'Clearly arrogance, greed, dishonesty, incompetence, and anger are major causes of corporate... -
In September 2008, credit rating agency Standard & Poor's informed the world that they were extending their credit rating process to cover Enterprise Risk Management in non-financial companies. Last month they issued an update , sharing some insights into how those companies manage risk. As one of the few businesses that impartially reviews risk management across a broad range of non-financial companies, their comments are very revealing about the state of ERM. Here are some snippets: 'The... -
Is Voice over IP much less secure and much less robust than good old-fashioned POTS? Let me try to answer the question with a back-to-front thought experiment. One way to manage a risk is to 'share' it. In other words, you pay a premium to an insurance company so that when something goes wrong, the cost falls on the insurer and not on your business. With more and more corporations switching to IP-based telephony to cut costs, if their risks are higher, then an economically rational market... -
Author and strategist Gary Cokins wrote the following: "Classic managerial methods of past decades, such as total quality management, are now giving way to a trend of management by data. I would caution that extensively analyzing historical data is not sufficient without complementing descriptive data with predictive information. The absence of reliable foresight explains why companies seem invulnerable one minute and aimless the next. An important competence that will be key to an organization... -
Why should risk managers and billing managers be allies? I'll tell you why. They are both goalkeepers in the metaphorical world cup of electronic communications. Think about it. The goalkeeper is the last line of defence for his or her team. When all else goes wrong, who is supposed to be there, diving full length to make the save? The goalkeeper. The goalie does not occupy a position of glory; they mind their own net and don't score the goals. Goalkeepers are different. Goalkeepers are eccentric... -
In a recent paper, Six Sigma consultant and author Michael Young argued that: There is a synergistic relationship between ERM and Six Sigma. The continuous improvement methodology assists leadership in managing both the operations of the organization and the inherent risk associated with it. Six Sigma is not “something else to do,” but rather a robust framework in which an organization can manage its risk across the enterprise. That makes sense to me. If Six Sigma is essentially a statistical approach...
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