Doing ERM is the Control Cycle
RISKVIEWS has commented many times that Risk MANAGEMENT is not a spectator sport. It is all about DOING.
If Risk Management never results in the firm DOING something different than what would have been done before Risk Management – then STOP IMMEDIATELY. You are wasting your time and money.
The DOING part of Risk Management is not particularly tricky or difficult. Doing ERM is accomplished with a Control Cycle.
In fact Doing ERM is accomplished with one control cycle for each major risk and one control cycle over all risks in total.
WillisWire has recently featured a piece on risk limits and the risk control cycle that would apply to each major risk.
Which is from the 14 part ERM Practices for Insurance Company ORSA series. The other pieces in that series so far are:
Controlling with a Cycle about the control cycles for each risks andERM Control Cycle about the overall ERM control of total risk