Last week I pointed out that one of the failings of the Three Lines of Defence (3LoD) risk management model was that it created a whole lot of red tape as regulators looked for evidence of each line delivering on its promises. Another problem is that the implementation of the 3LoD model in many organisations has
The last few weeks I have been blogging about Risk Leadership. I have covered why risk management has failed in many organisations, what the risk function should look like in the next decade and the leadership required from the risk function in the next decade. While on the surface the Three Lines of Defence Model (3LoD) model seems like
Last week my blog was about what your risk function should look to deliver in the 2020s. In it I suggested risk functions should deliver: “The kind of leadership that will ensure a culture where everyone leans in and takes accountability for managing the uncertainty surrounding their decision making”. Realistically, how are we going to do
Last week I wrote about why risk management has been failing in many organisations. The reason I gave was because risk functions often don’t deliver much value to the business served. The root cause, risk professionals often overcomplicate things and business leaders switch off and assume the “talk to the hand” pose. So, the obvious answer
While there continues to be man-made catastrophes and Royal Commissions into the operation of industries such as finance and aged care, one must conclude that risk management has failed in many organisations. The banks and insurance companies were not bereft of resources focussed on risk and compliance. Unfortunately, their efforts had limited impact. There are