We just read KPMG’s Third Party Risk Management outlook 2020 and today we will pitch in comments on KPMG survey on third party risk management . Risk integration We discuss what its conclusions mean in terms of practical risk assessment and Enterprise Risk Management (ERM). At Riskope we started integrating third parties risks in ERMs and risk assessments twenty years ago. We note that in the grand scheme of things third party may also mean neighbors. Of course, defining the limits…
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Is it possible to link Geoethics, Theory of General Ethics and Risk Management to add value to our efforts? How can we integrate a risk assessment in ethics? What qualities should a risk assessment method possess to support ethical projects and endeavours? Kim Williams, a good friends of mine, let me a wonderful book by Warwick Fox entitled A Theory of General Ethics, Human Relationships, Nature, and the Built Environment (2006). The book is not easy to read. I was…
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COSO Aligning Risk with Strategy and Performance, dealing with public exposure, appeared in June 2016 within the frame of Enterprise Risk Management. COSO Aligning Risk with Strategy and Performance We have read with enormous interest the document which very eloquently explains the benefits of ERM and its interactions with business strategy, operations, etc. Defining Risk and Uncertainty We started balking when we arrived at the section entitled “Defining Risk and Uncertainty”. Not because of the general concepts, but because of…
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More questions raised by Probability Impact graphs common practice is all about the lack of logical robustness of the 4×4 or 5×5 risk matrix approaches. We oftentimes see PIGs risk matrix (probability impact graphs) based “ERM binning exercises” being presented where the scale of the graph (generally the consequence axis) is adapted when going from operational to corporate level. This practice certainly does not help a rational approach to strategic, tactical, operational levels and raises several questions. More questions raised by…
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Riskope will present at the Enterprise Risk Management (ERM) and Operational Risk half-day event planned in Edmonton, AB, on Oct 12, 2012. Riskope will present at the Enterprise Risk Management (ERM) and Operational Risk half-day event Riskope’s talk will discuss Optimum Risk Estimates (ORE), as described in here (of course in Edmonton we will present a “non-mining” application). Riskope’s ORE allows to: Avoid the pit falls that lead to failed Risk Management implementations Build and design a robust ERM program Gain…
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