A lot of nonsense is talked about Enterprise Risk Management (ERM). As such, it is always a delight to hear a crisp 20-minute explanation that covers all of the essentials without repeating any of the erroneous myths. Professor Stuart I. Greenbaum is the Bank of America Professor Emeritus of Managerial Leadership at the John M. Olin School of Business at Washington University. In this video, Greenbaum explains ERM in a way that applies across all industries, but which should be appreciated by any risk professional working in the communications sector.
Prof Stuart Greenbaum Explains ERM
A lot of nonsense is talked about Enterprise Risk Management (ERM). As such, it is always a delight to hear a crisp 20-minute explanation that covers all of the essentials without repeating any of the erroneous myths. Professor Stuart I. Greenbaum is the Bank of America Professor Emeritus of Managerial Leadership at the John M. Olin School of Business at Washington University. In this video, Greenbaum explains ERM in a way that applies across all industries, but which should be appreciated by any risk professional working in the communications sector.
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Eric,
Thanks for this. It’s a very fine explanation for a layman like myself. Particularly instructive for me was the distinction Professor Greenbaum makes between “core risks” and “ancillary risks”.
When a frozen gas pedal in Toyota cars was causing driving deaths in the U.S., he says Toyota initially didn’t understand what its core risks were. Toyota at first thought the core risks were around manufacturing automobiles. But it turns out they were really around Toyota’s safety record and product reliability. Very interesting.
In telecom, I assume Professor Greenbaum would classify revenue risks such as RA and fraud management in the ancillary category. But I would love to hear your own opinion of where the distinction between core and ancillary risks falls in our industry.