Episode 10

Workable Risk Management at scale with ERM

Published on: 17th October, 2023

On this episode of The Smart IT Podcast, I welcomed Carol Williams, CEO @ Strategic Decision Solutions, to the show. We talked about Enterprise Risk Management, aka ERM, and its role within the business. We explored the nature of its value to decision makers. For IT, understanding the risk associated with the business use of technology is important to set the right context for all the work we do.

We discussed several insightful areas, including:

  • ERM as its objective of an embedded business function
  • "ERM on a budget"
  • Thinking of the fundamental of asking the tough questions of new initiatives
  • The different types of risk domains
  • The challenges of risk accountability
  • Providing decision support
  • Who actually owns business risk (guess: it not ERM)
  • The benefits of ERM providing a framework for handling different types of risk
  • Knowing what you are not good at and offloading that to a third party
  • Third-party risk management
  • Differences between supply chain and vendor management
  • Limitations of risk transference
  • Cost tradeoffs
  • Moving beyond spreadsheets for managing risk
  • Finding the right software for adapting to what your ERM program needs

Risk embedded in strategy and strategy embedded into risk management is critical to understand. It is all about helping the management of risk and providing input to all the decisions that a business has to make. We all must lead and be wiling to talk with business leaders on matters of risk concerns. There are many opportunities for getting on a path to a role in the larger ERM program.

Hashtags

#enterpriseriskmanagement #erm #risk #riskmanagement #smartit

Show Notes Resources

Carol Williams on LinkedIn: https://www.linkedin.com/in/carol-williams-erm/

Strategic Decision Solutions: https://strategicdecisionsolutions.com

Carol's Blog: https://strategicdecisionsolutions.com/blog/

William D. Reed on LinkedIn: https://www.linkedin.com/in/cciewill/

Smart IT info: https://www.williamreed.info

Podcast on YouTube: https://www.youtube.com/@thesmartitpodcast

Podcast Homepage: https://the-smart-it-podcast.captivate.fm/


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About the Podcast

The Smart IT Podcast
Where IT explores what's next...
The Smart IT Podcast, where IT professionals can assemble and hear from each other, industry leaders, thought leaders, and those in adjacent fields to collaborate and learn from each other and explore what’s next for IT.

The Smart IT Podcast explores what’s next for IT as it continues to find ways to get the important things done for our organizations.
Preparing for the next decade, we need to think differently about how we approach our work to continue to thrive into the future.

Smart IT is an approach, conceptual framework, and development model to getting the important things done by transforming the way traditional IT thinks, works, and leads. It supports the disruption of the status quo, simplifies the complex, reduces uncertainty, and improves risk mitigation.

There has never been more pressure to deliver for our organizations; but I know IT is up to the challenge.

That will require IT to lead by working smarter. Let’s do it together.

About your host

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William D. Reed

As someone who has spent decades bridging the gap between those who build solutions and the people who need them,I’ve seen firsthand why so many great ideas fail—not because they aren’t innovative, but because they never truly reach or work for the people they were meant to help.

Today, through my work at Willway Labs and my Frontline Innovation framework, I help enterprise leaders, product teams, and innovators dismantle real human problems at the frontline—where solutions are actually experienced, adopted, and trusted.
Because innovation isn’t complete when you launch… it’s complete when it works in someone’s life.

What I do is help organizations close that gap—so their ideas don’t just exist…they deliver real value.