I have had some very interesting conversations lately with Boards, Senior Managers and Risk Managers about risk appetite. Here are some insights: Describing what we mean by risk appetite: Risk appetite is risk speak, however, it can be easily explained. With private sector firms I tend to describe using dollars as the example – “How
In November 2009 I contemplated “Should Board Audit and Risk Committees be Separate?” and today I question “Should a Board have a risk committee at all?” In 2009 I concluded: Management’s responsibility is to identify, manage and report on risk with a predefined risk appetite which has been established in consultation with the oversight body,
Christchurch City Council has just released a blueprint for the future of the city’s CBD, entitled the Christchurch Central Recovery Plan. It is bold and imaginative and makes this statement: “we are here and we will be back better than ever before”. I have just returned from meetings with city planners and consultants in Christchurch
Douglas Hubbard, in his book “The Failure of Risk Management”, claims that risk management failed us in the lead up to the GFC because of flawed risk models, the use of qualitative risk assessment through the use of risk matrices or both. He contends that anything can be measured and that we should be measuring.
Entering the cloud is easy for some and much, much, much more of a step outside the comfort zone for others. Which is it for you and why? “The cloud” to be clear (sorry about the pun) is either storing data, accessing an application, or both, on servers outside of your organisation. The servers