With each new crisis, surviving organizations revise their risk management plans, often modeling situations which look like the one just past. Whatever crisis troubles your organization next, it is not likely to be another pandemic, but may resemble some other crisis from the distant past. Research shows that top performing organizations do no better than their mediocre-performing peers at predicting the next crisis. However, because they have plans in place to handle one possible risk, they are better prepared when a different crisis happens as a result of having important elements of a solution in place. Often well-prepared organizations actually end up better off because the crisis occurred.
Black Swan risks. Role of finance, internal, and external auditors. COSO’s Risk Management Standards. The COSO Cube. The COSO Double Helix. Risk management definitions. Event identification. Expected value analysis. The heat map. The world economic forum global risk reports. Alternative risk.
Some risk management experience is helpful.
Auditors, CEOs, CFOs, controllers, board members, internal auditors, and those with risk management responsibilities.
Recall the risk management lessons from the COVID pandemic. Realize the role of auditors in risk management.
John Daly, President, Executive Education Inc
John L. Daly is a Chelsea, Michigan based management consultant specializing in costing, pricing strategy and pricing model development. He has taught continuing professional education courses since 1995. Earlier in his career, John was Chief Financial Officer for a Tier 1 automotive parts supplier. He also has been CFO for a large restaurant chain and COO for a window treatments manufacturer and retailing chain. He is the author of Pricing for Profitability published by Wiley & Sons.
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