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".

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