{"id":3132,"date":"2024-07-07T17:01:36","date_gmt":"2024-07-07T07:01:36","guid":{"rendered":"https:\/\/murrayslatter.me\/?p=3132"},"modified":"2024-08-21T08:43:26","modified_gmt":"2024-08-20T22:43:26","slug":"continuous-monitoring-and-review","status":"publish","type":"post","link":"https:\/\/murrayslatter.me\/?p=3132","title":{"rendered":"Continuous Monitoring and Review"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Keeping Your Finger on the Pulse<\/h2>\n\n\n\n<p>The business landscape is not static; it&#8217;s a dynamic field that demands continuous vigilance. In Enterprise Risk Management (ERM), the ability to continuously monitor and review risks is what separates proactive organizations from the rest. Continuous Monitoring: This blog post delves into the techniques for establishing a dynamic ERM process that remains agile in the face of new information and evolving risks.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Series<\/h3>\n\n\n\n<p>This Article is just one within the series on <a href=\"https:\/\/murrayslatter.me\/?p=3123\">Enterprise Risk Management<\/a><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"The Risk-Driven Business Model: Four Questions That Will Define Your Company\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_CmAEoH29Zdgbi4&#038;asin=1422191532&#038;tag=bywineexecu00-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The Imperative for Continuous Monitoring and Review<\/h2>\n\n\n\n<p>The raison d&#8217;\u00eatre for continuous monitoring in ERM is simple: the risk environment is constantly changing. As Dr. Rita McGrath from Columbia Business School puts it, \u201cWhat&#8217;s considered a risk today could be different tomorrow. We need systems that are as dynamic as the risks they track\u201d (McGrath, 2013). Continuous monitoring ensures that risk management strategies remain effective and relevant over time.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Antifragile: Things that Gain from Disorder\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_HSO5KMMefLiHaM&#038;asin=0141038225&#038;tag=bywineexecu00-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Best Practice Insights<\/h2>\n\n\n\n<p>Thought leaders champion the use of real-time data analytics, stress testing, and scenario planning as key components of an agile ERM process. Institutions like the MIT Sloan School of Management emphasize the importance of embedding these practices into regular operations to ensure they become routine rather than exceptional activities (MIT Sloan, 2019).<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Risk Assessment: Tools, Techniques, and Their Applications\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_swPX2iDlRnbVKS&#038;asin=1119483468&#038;tag=bywineexecu00-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Thought Leaders in the Field<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dr. Rita McGrath<\/strong>, Columbia Business School &#8211; An advocate for strategic flexibility and continuous learning in the context of risk management.<\/li>\n\n\n\n<li><strong>Dr. Andrew Lo<\/strong>, MIT Sloan School of Management &#8211; Focuses on the financial aspects of risk management, advocating for adaptive risk management strategies.<\/li>\n\n\n\n<li><strong>Dr. Robert C. Merton<\/strong>, MIT Sloan School of Management &#8211; Nobel Laureate in Economics, known for his work on the analytical techniques used in assessing risk.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Choice Additional Reading<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.amazon.com.au\/Risk-Driven-Business-Model-Questions-Company\/dp\/1422191532?crid=17ZFTQFBWOZR9&amp;dib=eyJ2IjoiMSJ9.yRd_6SmhHN5ab-KcbI-wwA.2AqeXC0zAIryjb45E79T229s2NekV7HdsFGHFzC9NfI&amp;dib_tag=se&amp;keywords=The+Risk-Driven+Business+Model%3A+Four+Questions+That+Will+Define+Your+Company+by+Karan+Girotra&amp;qid=1720335445&amp;sprefix=the+risk-driven+business+model+four+questions+that+will+define+your+company+by+karan+girotra+%2Caps%2C494&amp;sr=8-1&amp;linkCode=ll1&amp;tag=bywineexecu00-22&amp;linkId=36ed5a89fe80716424cdd94b62780126&amp;language=en_AU&amp;ref_=as_li_ss_tl\"><em>The Risk-Driven Business Model: Four Questions That Will Define Your Company<\/em> <\/a>by Karan Girotra and Serguei Netessine &#8211; This book discusses how businesses can use risk to their advantage by continuously monitoring the market.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.amazon.com.au\/Antifragile-Things-that-Gain-Disorder\/dp\/0141038225?crid=1WZ6ACTSVAF2F&amp;dib=eyJ2IjoiMSJ9.7Z9vO_iUKd-0YlFK8A5KZgxKmCtth6kChz5nxc7cIMXDAoRiN2hTlnXo9PrYL-zhlUzr06RR_uGY7YUEEhl5eLzu2lqIA8_PTv17d7v9QI5B-Abf80IA921kW3Fr5KAjkITsaIoy95tap3BlCRmLwTnvvliNuwdE8A26o1buk7neVdggGj0oxsyalHoIYdmE2Rz2cKkzgTS9NOl2dbrP5g.RmabeXamj1XMvnL2HRWU5TrapHVp2A9zO141pZ33law&amp;dib_tag=se&amp;keywords=Antifragile%3A+Things+That+Gain+from+Disorder&amp;qid=1720335479&amp;sprefix=antifragile+things+that+gain+from+disorder+%2Caps%2C251&amp;sr=8-1&amp;linkCode=ll1&amp;tag=bywineexecu00-22&amp;linkId=6f522d89a2931c6dd4693ef219dffc83&amp;language=en_AU&amp;ref_=as_li_ss_tl\"><em>Antifragile: Things That Gain from Disorder<\/em> <\/a>by Nassim Nicholas Taleb &#8211; A work that explores systems that improve when exposed to volatile environments, pertinent to risk management.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.amazon.com.au\/Risk-Assessment-Techniques-Applications-Second\/dp\/1119483468?crid=2STQ739KD2ZXH&amp;dib=eyJ2IjoiMSJ9.AG0UOGs-zs_fKwJ7E7TSvht5NDGVCT5lSM0JwSIb4SnhDAN5ovTvb6cjg_V5Obx2BZ-taN1PSdON9vrq3fxUh1cIiDrE0H1ldjHP2_-xIrgQMFrkVtTmvDoFBtv85VzFw_ZHJzOpCIyA0mm05Ok0d2vkGLeH2AyCj2b6sC-n-e6qz1pLYTPd98jkpEMXXMTelUCAnt4HXo3n8GdgkTJFP4Id6W2y8PZJxZpIRwAg_wyKXqcgjoyeYYz_aQu2RTOu3zscKsO7-ZoGSP6F2ckCS2616oRyAaEJhOJfd561nWI.7XZl5gcHTF0vD-Ej8vx06lvdcUGA0v4oykxnTbFRnok&amp;dib_tag=se&amp;keywords=Risk+Assessment%3A+Tools%2C+Techniques%2C+and+Their+Applications&amp;qid=1720335542&amp;sprefix=risk+assessment+tools+techniques+and+their+applications+%2Caps%2C264&amp;sr=8-1&amp;linkCode=ll1&amp;tag=bywineexecu00-22&amp;linkId=ab0ec844c66f5d6888450de7fd1be88e&amp;language=en_AU&amp;ref_=as_li_ss_tl\"><em>Risk Assessment: Tools, Techniques, and Their Applications<\/em> <\/a>by Lee T. Ostrom and Cheryl A. Wilhelmsen &#8211; Provides practical insights into risk assessment and the importance of continuous review.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Antifragile: Things that Gain from Disorder\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_HSO5KMMefLiHaM&#038;asin=0141038225&#038;tag=bywineexecu00-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">What Separates Great from Good<\/h2>\n\n\n\n<p><em>Great Continuous Monitoring and Review<\/em>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Real-Time Data Analysis<\/strong>: Exceptional ERM systems leverage cutting-edge technology to analyze data in real time, providing the most current view of risks.<\/li>\n\n\n\n<li><strong>Embedded Processes<\/strong>: Great organizations have monitoring and review processes that are deeply embedded into everyday activities, ensuring constant vigilance.<\/li>\n\n\n\n<li><strong>Adaptive Learning Culture<\/strong>: They cultivate a culture where feedback from monitoring activities is used to learn and adapt strategies continuously.<\/li>\n<\/ul>\n\n\n\n<p><em>Good Continuous Monitoring and Review<\/em>, while proficient, often:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Reactive Stance<\/strong>: Good ERM processes may monitor risks but often act on them reactively rather than preemptively adjusting to new information.<\/li>\n\n\n\n<li><strong>Periodic Reviews<\/strong>: They may rely on periodic, scheduled reviews which can miss rapid developments in the risk landscape.<\/li>\n\n\n\n<li><strong>Static Learning<\/strong>: Good practices may review and update risk assessments regularly, but they may not fully utilize the learning to adapt their risk strategies.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Risk Assessment: Tools, Techniques, and Their Applications\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_swPX2iDlRnbVKS&#038;asin=1119483468&#038;tag=bywineexecu00-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Key takeaways<\/h2>\n\n\n\n<p>In the realm of ERM, continuous monitoring and review are not just tasks; they are the lifeblood of an informed, adaptive approach to risk management. By embracing the best practices of thought leaders and leveraging technology for real-time data analysis, organizations can keep their finger on the pulse of risk. This continuous cycle of monitoring, learning, and adapting is what enables organizations to not just endure but thrive amid uncertainty.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Call to Action<\/h2>\n\n\n\n<p>How dynamic is your ERM process? Does it integrate real-time data analysis and continuous learning? Strive to move from good to great by enhancing your monitoring and review processes, ensuring they are as responsive and adaptive as the risks they are designed to manage.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Do you want to 2x, 5x or 10x your Profits?<\/h2>\n\n\n\n<p><a href=\"https:\/\/outlook-sdf.office.com\/bookwithme\/user\/ffef0aaaf9ce4fa9bc29e062d1cb0d0f@qfactor.com.au\/meetingtype\/Pm-jEq3270-FEyHgAHjEmw2?anonymous&amp;ep=mcard\">Download the Playbook and connect to tailor <\/a>or Join our Master Class Club: <a href=\"https:\/\/share.hsforms.com\/1BOVrPBN0SZSyE6N4ppjRqAeiskf\"><strong>Join for free<\/strong><\/a><\/p>\n\n\n\n<p><strong>Want More<\/strong>?<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Connect on <a href=\"https:\/\/www.linkedin.com\/in\/murrayslatter\/\">LinkedIn<\/a><\/li>\n\n\n\n<li>Checkout more <a href=\"https:\/\/murrayslatter.me\/?cat=22\">Book Review in this series<\/a><\/li>\n\n\n\n<li>Connect for more free <a href=\"https:\/\/share.hsforms.com\/1BOVrPBN0SZSyE6N4ppjRqAeiskf\">material and coaching<\/a><\/li>\n\n\n\n<li>Connect for <a href=\"http:\/\/www.qfactor.com.au\">more<\/a>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Keeping Your Finger on the Pulse The business landscape is not static; it&#8217;s a dynamic field that demands continuous vigilance. In Enterprise Risk Management (ERM), the ability to continuously monitor and review risks is what separates proactive organizations from the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[66,30],"tags":[68,51],"class_list":["post-3132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coe-enterprise-risk-management","category-series","tag-enterpriseriskmanagement","tag-series","clearfix"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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