The RIMS ERM conference provided a good virtual experience and allowed us to learn more about various topics such as diversity of thought, reputation, and long-term strategic risk management in focus. Since the conference events were held throughout the day, the RIMS virtual platform allowed us to access the presentations later at our convenience. These presentations covered numerous topics related to risk management to meet RIMS mission statement of educating, engaging, and advocating for the global risk community.
One of the talks that I listened to and enjoyed was the “long-term strategic risk management in focus” discussion. In this discussion, Michael Zuraw discussed how companies that win in the long-term tend to do well at managing risk, and how avoiding proper risk management is the worst strategy. He also reinforced the importance of managing strategic risk by showing that 86% of companies that had a significant market decline were due to strategic business risks. These are interesting notions because executives spend only 6% of their time on strategic risk and 94% of their time managing operational risks, legal and compliance risks, and financial reporting risks. I was surprised and intrigued to learn about this lack of focus on strategic risk by executives, and this is one example of the type of information you can learn at the conference. Since there are many discussions covering different aspects related to risk management, there is something for everyone.