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/