“The greatest glory in living lies not in never falling, but in rising every time we fall.” – Nelson Mandela “Risk comes from not knowing what you’re doing.” – Warren Buffett “The biggest risk is not taking any risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is […]

Organizational risk consideration has undergone significant development in the past decade. Several events have influenced this development, including the corporate scandals for financials manipulation, which led to the passage of the Sarbanes-Oxley Act. The Act made the board of directors and executive management more accountable for corporate risk. The financial crisis in 2008 also raised

VUCA stands for Volatility, Uncertainty, Complexity, and Ambiguity. It is a concept that was originally developed by the US military in the 1990s to describe the unpredictable and rapidly changing battlefield conditions that arose after the end of the Cold War. Since then, the term has been adopted by business leaders and management consultants to

Introduction Enterprise risk management (ERM) is an ongoing process that helps organizations identify, assess, and manage risks that could affect their operations, reputation, financial performance, or future prospects. However, ERM is not just about avoiding or minimizing risks, but also about creating opportunities and value for the organization. One of the key components of ERM