Risk management needs more dimensions.
When practitioners, consultants and academics discuss leading organizational risk management practices, they hone in on people, processes and supporting technology. As major risk management failures in recent years have illustrated, mastering these three dimensions is necessary but not sufficient.
Read the full article at Businessfinancemag.com.
Effective enterprise risk management (ERM) — or any discreet risk management process — hinges on other dimensions as well, including organizational culture, behavior, ethics and change management … all the squishy Big Fat Finance, human stuff that defies convenient categorization in COSO cubes and other traditional risk management frameworks.
In a detailed and engaging post mortem on MF Global, several New York Times business writers examine what went wrong. This “Wall Street CSI”-esque article focuses on CEO Jon Corzine, who once said that he considered “one of my most important jobs to be chief risk officer of our firm.”
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