Episodios
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Stephanie recently started a new role as the Operational Safety Advisor (Aviation) for BP, responsible for advising on all matters related to aviation safety and the transportation of BP personnel. In her more than thirty years of experience in the aviation industry, she has held roles including the Head of Safety Performance and Risk at Gatwick in London and led the introduction and development of the risk-based approach to regulation and a strategic approach to oversight. She spent 15 years in the Royal Air Force in air traffic control and takes an innovative approach to using big data in her work. Stephanie earned a master’s degree with Distinction in Risk and Safety Management and is working towards her Certificate in Company Direction.
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Judy Samuelson is the founder and executive director of the Aspen Institute Business and Society Program and a vice president at the Aspen Institute. Judy led a ten-year campaign to challenge conventional thinking in board rooms and classrooms about the Purpose of the corporation; she produced the Aspen Principles of Long-Term Value Creation to challenge short-termism in business and capital markets and is promoting a set of Principles designed to disrupt the status quo in boardrooms about the design of CEO pay. Judy's career spans working in the California State Legislature, banking in New York's garment center, and directing the Ford Foundation's exploration of impact investing. She is a Rockefeller Foundation Bellagio Fellow, a director of the Financial Health Network, and the author of The Six New Rules of Business: Creating Real Value in a Changing World.
We discuss Market Civitas, the difference between business purpose and business goals, the origin of the license to operate that all businesses enjoy, co-creation, business education, and more. This is an insightful look at how businesses can best operate in a complex and interconnected world.
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Alex Metcalfe is the Global Head of Public Sector for the Association of Chartered Certified Accountants, where he focuses on leadership and policy in the public sector. He’s an experienced economist specializing in tax policy and has graduate degrees from both Oxford and Cambridge with an emphasis on accounting, business policy, and comparative social policy. He has worked across central, provincial, and local government in the UK and Canadian civil service has published material across a breadth of public sector topics, including infrastructure finance, employment law, and fiscal policy, and serves on the editorial board of the Public Service Accounting and Accountability book series.
Reports cited in the discussion:
Sustainable public finances through Covid-19Innovations in Pubic Finance -
Mark Frigo is Distinguished Professor Emeritus and founding Director of the Strategic Risk Management Lab in the Kellstadt Graduate School of Business at DePaul University in Chicago. He serves on the Board of Directors of a leading cybersecurity company, as an advisor to senior executive teams and boards of directors of Fortune 500 companies and international organizations, including United Nations agencies in Geneva, Switzerland.
He is the author of seven books and over 125 articles in leading business journals including the Harvard Business Review. He is a Certified Public Accountant (CPA), a Certified Management Accountant (CMA), and Chartered Global Management Accountant (CGMA) and holds a Ph.D. in Econometrics.
Mark is a pioneer in the development of the new and evolving body of knowledge in Strategic Risk Management, where he leads research on strategy and strategic risk management at high performance companies. This is the focus of our discussion today.
Some of the publications that we discuss in the podcast are found using the links below:
Strategic Risk Management the LEGO Group: Integrating Risk Management and StrategyAchieving Purpose Through InnovationDriven: Business Strategy, Human Actions, And The Creation Of WealthCreating and Protecting Value: Understanding and Implementing Enterprise Risk ManagementStrategic Risk Management: Creating and Protecting ValueMark Frigo's Website -
Tom Brandt is the Chief Risk Officer for the Internal Revenue Service in the United States, where he leads the agency’s enterprise risk and audit management programs. Prior to that, he was the Director of Planning and Research in the IRS’s Large Business and International Division, with responsibility for the division’s workload selection and risk identification processes. In 2016, Tom served as the Head of the Tax Administration Unit at the OECD in Paris, where he led the work of the Forum on Tax Administration, a body that brings together the leaders of tax administrations from more than 50 countries. After returning to the IRS in 2017, he founded and continues to serve as Chair of the OECD’s Enterprise Risk Management Community of Interest. He’s been a member of the Board of Directors for the Association for Federal Enterprise Risk Management and served as its President in 2019.
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Noha Georges is the former Chief Communications Officer and Managing Director for Deloitte, where she led Deloitte’s first-ever Reputational Risk Sensing Program - a program designed to identify areas of risk exposure to proactively shape potential risk issues that could negatively impact the firm, allowing firm leadership to adjust their business strategies. Her career journey and that specific program are the focus of our conversation.
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Peadar Duffy is the Founder Director of SoluxR and Quantum Risk Creator. A serial risk services entrepreneur Peadar has worked extensively across the US, Europe, and the Middle East. In Peadar’s recent paper on Quantum Risks and The Uncertainty Continuum, he explains the Quantum Risks effect of complex systems and digitalization in a world growing in uncertainty. He also serves on two technical committees of the International Organization for Standardization, more widely known as ISO, focused on risk and governance. We talk about those and his paper in this episode.
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July 14, 2020 - Highly regarded governance and ERM advisor, Jim DeLoach discusses the current environment faced by boards and CEOs, the importance of delivering on customer expectations in the middle of a pandemic, the evolution of Enterprise Risk Management over the past twenty years since he wrote the first book on ERM, and more. Further resources related to Jim's work can be found here: Jim DeLoach's Blog, Protiviti View, Protiviti Insights.
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July 7, 2020 - My guest is Michele Gelfand, Distinguished University Professor of Psychology at the University of Maryland and author of Rule Makers, Rule Breakers: How Tight and Loose Cultures Wire the World - her groundbreaking book on how different cultural norms can be classified into tight and loose cultures, along with the implications of those norms. In our discussion, we focus on the importance of these classifications for organizational behavior, both in terms of resiliency and innovation as well as the impact of threat on cultural tendencies. For board members and executives governing the long-term success of their organizations, Michele's findings are essential knowledge. You can also find more about Michele's innovative research on her website.
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June 30, 2020 - Lakshmi Shyam-Sunder, Group Chief Risk Officer of the World Bank, discusses the integrated activities of the World Bank Group's five main enterprises and the Group Chief Risk Officer's role in contributing to innovation in serving the bank's inspiring purpose to reduce extreme poverty from 10% of global population to 3% by 2030. We also discuss the value of sound analysis of capital use in relation to needed ratings to the overall discussion of mission achievement and how one of the least known aspects of the World Bank Group - MIGA - makes the other efforts of the World Bank more effective.
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June 24, 2020 - Marie-Josée Privyk and I discuss the growing importance of reporting material ESG factors to meet the demands of investors. We look at how to see ESG reporting not as a burden, but something strongly linked to value creation. We also discuss how boards should get this information from company executives, which nations and industry sectors can be exemplars to those considering more enhanced reporting, and how companies can avoid unintentionally disclosing material non-public information when ESG rating companies request them to complete their specific questionnaires.
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June 16, 2020 - I'm joined this week by Bart Madden, who has written an important book that brings together more than five decades of thoughtful research, practical applications of ideas, and a deep commitment to the improvement of firm performance. Value Creation Principles: The Pragmatic Theory of the Firm Begins with Purpose and Ends with Sustainable Capitalism is one of those books that will change the way you look at your work and the governance of your organization, decidedly for the better.
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June 9, 2020 - Brian Barnier and I discuss the idea of managing risk to business performance, where a control mindset might come up short, cognitive and decision-making biases at the board-level and how to overcome them, the idea of a crisis-ready board member, and more. You can learn more about Brian's work at www.brianbarnier.com.
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June 2, 2020 - John Howard and I discuss his extensive experience with corporate restructurings, both as a board member and a Chief Legal Officer. His work includes notable successes for both debt and equity holders. We focus on the importance of planning, acting, getting the right people with experience, identifying the real source of the crisis, and working with a relentless optimism. In these challenging economic times for many companies, John's guidance is very timely. (Associated case study mentioned in the podcast: The Bankruptcy of General Growth Properties - NYU Stern)
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May 27, 2020 - James Lam and I discuss the evolution of Enterprise Risk Management over the past three decades - a movement he has led, the receptivity of boards to risk management and risk governance issues, common pitfalls in how boards govern risk, how to best communicate and analyze risk at the board level, and resources to make board members, both current and aspiring, better at what they do.
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David X Martin and Roel Campos discuss cyber risk governance and the DCRO Guiding Principles for Cyber Risk Governance. They co-chaired that DCRO governance council's work in 2018. This is a re-broadcast of an interview from July 18, 2018, although the content is as current today as it was then.
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May 7, 2020 - Michele Wucker, author of the best-selling book, The Gray Rhino, discusses the importance of identifying and preparing for obvious risks that we tend to ignore. Michele's book informs China's five-year plans and has even been spotted on Xi Jinping's bookshelf. Board members need to know more about how to find opportunity in spotting Gray Rhinos and Michele takes us through that process.
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April 28, 2020 - Leo Tilman and General Charles Jacoby discuss the concept of Agility and their book of the same name. We review risk intelligence, the importance of “the will to win,” having a deep understanding of your competitive environment, and how these relate to businesses managing the “restart” of the economy. Are you ready to respond to realities that may be different from your expectations?
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April 22, 2020 - Andrea Bonime-Blanc and I discuss key points from her book Gloom to Boom, her diverse perspectives and experiences relating to trust, ethics, reputation, and the creation of value by organizations through board risk governance.
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April 16, 2020 - Experienced board director and risk executive, Darlene Halwas, CFA, ICD.D and I speak about the differences between risk governance at infrastructure-heavy organizations versus financial service companies, her background in risk management and how it prepared her for the boardroom, guidance for board directors and risk managers on how to best communicate with each other, and how director certification can be beneficial.
Darlene was named a DCRO Exemplar in 2019 and is a recipient of the Queen Elizabeth II Diamond Jubilee Medal.
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