Meeting Your Challenge of Setting Risk Appetite A well defined risk appetite endorsed by Executive Management and the Board is the singular most important element for establishing the risk culture you want for your organisation. Like many things in life, the best things don’t come easily though. The two greatest challenges are: Dealing with disinterested
Here are a few tips about risk statements and a link to one of my presentations where I outline how to complete a risk statement. First and foremost a risk statement is a conversation between the risk owner and any stakeholders that have or should have an interest in the risk. It is also a
This little blog stems from a question I read in a LinkedIn Group. The question was “Should risks be always stated in a negative manner?” My view is that it doesn’t really matter as long as everyone involved accepts that risk is not only about the downside. As most modern definitions of risk refer either
The cloud is worth the risk if the annual benefit minus the expected cost of risk is greater than the cost to run in-house. A simple statement, however, on closer inspection the complexity of the decision becomes apparent and the engineer in me rises to the surface. Below is the cloud outsourcing decision expressed in
Often it is hard to find the positives when talking to a client about why or how much insurance they should buy. One approach is to talk about the “Burden of Risk” and how insurance relieves some of the burden. Of course you need to talk about it in their language. Many business owners and