Comments on: Will the Real Risk Manager Please Stand Up!

By: Construction Failure: Why Contractors Fail | MyRiskControl Enterprise Risk Management Solutions

Fri, 09 Jan 2009 23:37:14 +0000

[...] With a greater understanding of how controls impacted profitability, it became clear that the effectiveness of existing controls at a company had to be assessed to determine the degree the company was at risk of failure. This is, in fact, what the Enterprise Risk Management process does and what risk management was intended to be long ago. [...]

By: Rafal Rudnicki

Rafal Rudnicki — Mon, 15 Dec 2008 22:29:41 +0000

David,

Indeed once every several months it is worthwile to remind everybody what risk management IS (and what it is not).

Especially now, when everybody speaks about financial crisis, failing banks, and looks for scapegoats – including statements like “risk management failed.”

Well, it first needs to be in place to be able to fail. And banks did not have risk management – they have had just “compliance.”

Rafal