In this episode of the Risk Management Show podcast we welcome Michael Schank, a seasoned management consultant with over 25 years of experience in financial services. Michael discusses the limitations of traditional Enterprise Risk Management (ERM) programs and introduces the Process Inventory Framework, a methodology he developed to improve risk management, compliance, and strategic decision-making.

Key Topics:

1. Michael’s Career Path:

   • His journey in risk management and founding Process Inventory Advisors LLC.

2. Why Traditional ERM Programs Fail:

   • Blind spots, data quality issues, and confusion in operating models.

3. The Process Inventory Framework:

   • How it enhances risk management by integrating a detailed process inventory.

4. Improving Data Quality in Risk Management:

   • Addressing root causes and leveraging process taxonomy in GRC systems.

5. Reducing Chaos and Increasing Accountability:

   • Streamlining operations and improving risk management efficiency.

6. Application Across Risk Types:

   • Benefits for Operational Risk, Compliance Risk, Operational Resiliency, and Third-Party Risk Management.

If you want to be our guest or suggest a guest, send your email to [email protected] with the subject line "Podcast Guest Inquiry".

Join us as we uncover the complexities of AI security and learn how to safeguard your AI initiatives against emerging threats. Tune in to gain valuable knowledge on cyber security, sustainability, and the evolving landscape of AI risk management. Don't miss out on this crucial conversation with one of the industry's leading experts!