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The Case for Strategic Risk Management

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At last week’s RIMS 2019 in Boston, a group of risk professionals got together for the panel session “NextGen ERM: Strategic Risk Management” to discuss the advantages of strategic risk management (SRM) and the challenges to successfully integrating it into organizations.

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The panel examined several major organizations that have taken shortcuts with training or even rushed to out-duel a competitor, failing to consider the long-term impact on strategy, reputation and market-share. Blockbuster, Kodak and Sears failed to innovate, and these once-thriving name brands are now prime examples of SRM’s benefits.

“Blackberry is one such company, but there are countless examples of organizations that have overlooked the long-term strategic impact of their actions,” said Marian Cope, owner of CopeRisk LLC.

Despite recent corporate missteps tied to failures in long-term strategic analysis, as recently discussed in Risk Management, risk professionals still face resistance to their SRM initiatives. “Demonstrating the value of SRM has to be a priority for risk professionals if they hope to gain buy-in from leadership,” said Rick Roberts, director of risk management and employee benefits at Ensign-Bickford Industries and a former RIMS president.

One of the value propositions of SRM—and an easy one for leadership to support—is the focus on taking advantage of risks that can accelerate the achievement of strategic objectives. “Artificial intelligence is an example of a disruptive technology that is impacting many industries. But, if your organization is aware of it, understands its usefulness and has developed a plan for it, it can give you a competitive edge,” said Marian Cope, owner of CopeRisk LLC.

But the case for an SRM initiative should not just be made with cautionary tales of organizations that did not use SRM. “Don’t just share failures, it’s also important to share SRM successes,” said Ellen Dunkin, senior vice president, general counsel and chief risk officer at Amalgamated Life Insurance Co. “Even Amazon and their business model that gives consumers almost instant access to their purchases has adjusted its strategy and started to open brick-and-mortar shops.”

According to the panel, the risk professional should ideally be involved in strategic planning from the get-go. “Some organizations have a chief risk officer that participates in the preparation as well as the strategic planning and decision-making discussions. Unfortunately, that’s not the norm,” Cope said.

The panel identified the next-best option for risk professionals, which is to work from the strategic objectives established by the organization. From there, they need to analyze the business model, identify, assess, and prioritize the risks that can derail or accelerate achieving the strategic objectives, facilitate the development of appropriate risk responses, and then align such objectives, risks, and risk responses with operations.

An effective SRM program will incorporate plans for a risk strategy, communications strategy, implementation, and training with the goal of integrating strategic risk management into decision-making processes. “The risk professional is going to require support from others in the organization too.

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They’re going to need risk champions to vouch for them, as well as a final presentation that includes achievable and measurable deliverables that demonstrate the value of the process,” Roberts said.

SRM can be a stand-alone program or a component of ERM. Regardless, the panel noted that SRM is vital to the long-term success of organizations as alignment of strategy and operations results in the identification of opportunities to accelerate achievement of strategic objectives and prevents operational blunders that will trigger strategic risks (e.g., substantial reputational harm). Accordingly, SRM as a stand-alone program allows risk professionals to add more value while streamlining the process.

“SRM is the next generation of ERM and identifies external and strategic risks as opposed to the more granular view for ERM. It allows the team to bring the top 10 key risks to leadership, with a focus on the top two to three as opposed to overwhelming them with the full risk register that could include 100,” said Ellen Shew Holland, higher education practice leader for Hanover Stone Partners LLC and president of Strategic Risk Frameworks LLC.

Ultimately, the group agreed, SRM will help fully integrate risk management programs into an organization’s business model and the value should be evident in each positive step the business takes toward achieving its strategic objectives.

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The Economic Costs of Government Internet Interruptions

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At the end of April, global internet access monitor group NetBlocks reported that Venezuela’s state-run internet provider ABA CANTV was restricting the country’s access to various social media platforms amid continuing demonstrations and political turmoil. In May, NetBlocks reports this has continued, in addition to similar internet limitations in Benin and Sri Lanka. While increased global internet connectivity has led to international economic growth, it has also often led to increased government control over methods of communication and commerce, and government shutdowns pose a serious risk to businesses and economic activity in these countries.

Businesses face a variety of challenges and risks when operating abroad, but internet shutdowns and limitations may present a unique impediment, especially for companies that operate largely online and rely on consistent internet access. With more countries shutting down or limiting access more frequently, companies that conduct business in countries with regular interruptions may need to plan accordingly, or reevaluate whether their operations can accommodate these disruptions. Companies that have internet-dependent supply chains may be particularly susceptible and should ensure they have comprehensive mitigation strategies in place to avoid business interruptions.

Many nations increasingly use internet and social media disruptions as a way to quell political dissent. Some countries have shut down social media after violent incidents, purportedly to curb people’s ability to incite further violence, such as in Sri Lanka after the Easter suicide bombing there. Ethiopia also limited internet access in 2017 after activists leaked copies of the national school exams online. Whatever a country’s motivation, the frequency of shutdowns worldwide is rising dramatically, according to Stastista, which notes a 6,000% increase between 2011 and 2018.

government internet shutdowns

The Indian government routinely implements shutdowns in various parts of the country, and has in turn suffered serious economic consequences. The Indian Council for Research on International Economic Relations recently reported that, between 2012 and 2017, internet shutdowns in India climbed from 3 to 70 per year, and the shutdowns’ total duration rose from 9 hours in 2012 to 8,141 hours in 2017. According to the report, titled The Anatomy of an Internet Blackout, these disruptions cost the Indian economy approximately $3.04 billion in total. This includes approximately $2.37 billion from mobile internet loss and $678.4 from fixed line internet shutdown.

The Brookings Institution released a study in October 2016 examining 81 short-term shutdowns in 19 countries and their impact on GDP. Between July 1, 2015, and June 30, 2016, the study found that the economic consequences of internet shutdowns cost at least $2.4 billion in GDP globally. The report notes that this is a conservative figure and does not account for tax losses or drops in investor, business, and consumer confidence.

Deloitte also examined the issue in 2016, estimating that the economic consequences of a temporary shutdown “grow larger as the level of connectivity and GDP increase.” For highly connected countries, a temporary shutdown could cut 1.9% of daily GDP—an estimated $141 million per day. Medium-connectivity countries lose an estimated 1% ($20 million) of daily GDP and low-connectivity countries could lose an estimated 0.4% ($3 million) of daily GDP.

A study released in October by Strathmore University’s Center forIntellectual Property and Information Technology Law (CIPIT) showed that shutdowns can also severely impact countries’ shadow economies, often uncounted in formal studies like those from Brookings and Deloitte. According to the report, titled Intentional Internet Disruptions in Africa, unreported economic activity in 49 African countries made up an average of 37.65% of all economic activity. Because this activity is not counted in previous formal studies (like the Brookings study), CIPIT estimates that including these shadow economies increases the total cost of shutdowns by 19% to 29%.

Another Statista study from August 2018 shows that certain countries are shutting down their internet more often than others, most notably India, Pakistan and Iraq. Risk managers should consider these figures and cost estimates when assessing their companies’ existing or potential operations in the countries noted below, or when looking at where to invest overseas.

Solving the Talent Crisis in the Risk Profession

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BOSTON—In a time when skills become obsolete much quicker than in previous eras and the professional landscape is rapidly evolving, businesses need to be more agile and adaptive. Companies with these characteristics tend to meet their clients’ expectations more effectively, have higher employee engagement, and see more success generally. They can accomplish this by bringing on and nurturing younger or newer talent.

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While more schools are offering risk-related academic programs, however, the industry is still not attracting enough young people to its ranks.

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How can companies attract new talent to the risk management industry and keep them from leaving?

“I hear people saying all the time, ‘I wish next-generation people would stay,’” said Monica Merrifield, vice president of risk intelligence at YMCA of Greater Toronto. At today’s RIMS 2019 session “Solving the Talent Crisis in the Risk Profession,” Merrifield and fellow panelists Joseph Milan, principal at JA Milan and Associates LLC, Grace Crickette, vice president of administrative affairs at the University of Wisconsin-Whitewater, and Andrew Bent, risk director at Sage Group plc., discussed why young people aren’t joining the risk management field, and what companies can do to bring them into the industry and keep them there.

Crickette described the next generation as purpose-driven and passionate, expecting a company to have a bigger vision and to be clear about the employee’s role in that vision. They work best in high-collaboration and low-hierarchy environments, and expect a variety of work, as well as meaningful interactions with leadership. They are interested in creating a pathway to growth more than advancement—not necessarily a ladder, Crickette said, but “a lattice.” In part, companies and hiring managers can attract these young professionals by examining their own operations and internal culture to ensure that they address these concerns and are open to new perspectives and contributions. When companies emphasize the values of diversity (both of ideas and people), humility, and learning from mistakes, this will make them more appealing for the next generation of talent, Merrifield said.

Merrifield and Crickette also stressed the importance of cultivating new talent, and how young professionals can grow by seeking out mentors and sponsors who will create opportunities for them, even if those opportunities are not at their current company.

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“Don’t wait for a sponsor, ask for a sponsor,” Crickette said. Multiple panelists also encouraged young professionals to pursue education and accreditation for advancement and growth in a risk management career, Crickette urging young people to take more tests and get professional designations to set themselves apart and learn more, and Milan describing the benefits of the RIMS-CRMP certification. Milan also advised young professionals to be courageous enough to share new ideas in their workplaces, and Merrifield said that they should focus on soft skills, which are less likely to be automated in the future.

When people lament that they wish millennials would stay, Bent said he responds by pointing to studies showing that millennials are actually more loyal when their employers present them with a “why”—a deeper purpose for their work and a reason to stay. He said that companies should examine what they are actually doing to attract and retain younger talent, keeping in mind that millennials and younger generations are better at moving on when they see that a new opportunity elsewhere is better.

Crickette added that the industry needs to show young people that there is more to the risk management business than just insurance, and explain how diverse the field is. Bent and Milan both also said that the risk profession is mostly associated with bad things happening, and that risk management professionals could help change that perception by showing how risk management can create opportunities, showing up in their communities during both good times and bad.

It is possible to get young people to join and stay in the risk management profession, these experts stressed, but companies must do the work to adapt to the employees they want, creating opportunities for young risk management professionals to engage and grow.

Saint Joseph’s University Wins Spencer-RIMS Risk Management Challenge

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BOSTON—Students from Saint Joseph’s University won the Spencer-RIMS Risk Management Challenge at RIMS 2019. Comprising team members Joseph Angelina, Katherine Branson, Ashley Myers, Daniel Tan, and academic advisor Michael Angelina, the winners earned $4,000 for the risk management program they developed and presented at the conference here in Boston this week. Second and third place went to St.

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Mary’s University and Butler University, which won ,000 and ,000, respectively.

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The case study for this year’s challenge came from Robert Zhang, RIMS board director and the risk and compliance director for IKEA China. Zhang tasked the students with identifying the top five risks of integrating new physical and digital commerce options for customers.

In determining a winner, the fine print proved critical, with the best presentations specifically focusing on the core part of the prompt: given digital transformation and shifting consumer preferences, what are the key risks involved as such a massive company innovates and evolves?

The winning team took a useful, strategic approach to risk management that could be flexible for the company to adapt and use going forward.

“They provided a true strategic view of IKEA’s risks as they transition from traditional brick-and-mortar into a multi-channel retailer, and they provided IKEA with a strategic framework that can be built out with tactical options,” said Andrew Bent, risk director at Sage and one of the challenge judges.

This year’s Spencer-RIMS Risk Management Challenge drew more entries than ever before, with teams from 28 schools initially submitting papers on the case study. And the competition was strong—according to Louis Drapeau, who served as a judge, they could not pick a top eight submissions, as anticipated, so they invited nine teams for the in-person presentation rounds here in Boston.

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Poise and pertinent PowerPoint slides reflected the strong presentation skills of the top three teams, Drapeau noted. RIMS CEO Mary Roth had a similar impression, praising all of this year’s participants as impressive aspiring additions to the risk management community. “Beyond the remarkable presentations delivered by each university team, our Spencer-RIMS Risk Challenge students continue to demonstrate the highest-degree of professionalism and an exceptional grasp of sophisticated concepts,” she said.