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Reviewed by Irene Valentine for Readers' Favorite
Gregory M Carroll has updated his 2013 book Mastering 21st Century Enterprise Risk Management. This comprehensive edition includes new standards on Resilience and Compliance and the change in approach from rigid procedures to a focus on the outcome. "Just as the Wild West of the 1890s had disappeared without trace by the Roaring 1920s, so too the business world of the 1990s will disappear in the 2020s.” He says, ask yourself, do you want to be the best wagon builder in the Wild West or Henry Ford in 1920?
Citing cases like Ford Australia (2012) and Qantas (2014), he questions whether planning is approached as key to market development, or merely a defensive report. Corporate Boards see Risk Management as a compliance necessity, rather than a strategic tool for growth. Risk Management follows the fundamental 80:20 rule; 80% organizational behavior: 20% technical. The Global Economic Crisis can be attributed to systemic issues. GEC could have been prevented by operational risk management, not by improved tech. Effective risk management of necessity requires adoption throughout the organization. A different methodology is appropriate in different aspects of the business. Risks interact with each other, presenting a different urgency, evolving into a threat. Reviewing governance, risk, and compliance concepts, and embracing a diversity of approaches will reduce decision bias. Engaging staff by providing operational relevance and encouraging their personal skills mastery will foster collaboration. Carroll questions the common practice of outsourcing systems development. Exception requirements will cause 80% of future problems. Delegating these functional requirements within the organization will increase buy-in from the team.
Gregory M Carroll reviews the values of both COSO and ISO 3100 Frameworks, suggesting that neither is adopted exclusively. He proposes the same way risk is a reality in our physical world, so too in business. Mastering 21st Century Enterprise Risk Management will cause you to rethink your risk management approach. Risk evolves and requires continual review. Ineffective compliance management is like depending on a guard dog that does not notify you of an intruder. I found Carroll's case studies interesting, and his content most informative and relevant in my life. I recommend this book to everyone who wants to equip themselves with thinking skills for this risky world.