Seasons Greetings and 2022...

We have learned a tremendous amount of new Operational Risk knowledge in 2021. As we celebrate this holiday season and move into 2022, it is imperative that we reflect on what we have learned.

We must take this new found knowledge and use it to mitigate the ever changing threats to our family, friends, institutions, organizations and business units.  To become even more Resilient.

We are reminded of the great book by Stan Davis and Jim Botkin titled The Monster Under the Bed. They talk about how Knowledge is information put to productive use.

And they talk about getting from Knowledge to Wisdom:

Wisdom: The ability to judge soundly and deal sagaciously with facts, especially as they relate to life and conduct; knowledge, with the capacity to make due use of it; perception of the best ends and the best means; discernment and judgment...

Operational Risk Management is about true knowledge management and so much more. It is about Learning, with the goal of gaining and retaining Wisdom.

It is about using advanced methods and technologies to detect threats far in advance, so that the proper risk mitigation strategies can be put in place.

Operational Risk Management remains an evolving discipline in our corporate institutions only because we have not yet decided on the exact taxonomy and definitions, for each facet of its breadth and rapidly changing depth.

Once we accomplish greater discipline, it will become more pervasive across most aspects of our business foundations.

From the Board Room to your Third-party risk management (TPRM), we will see Operational Risk Management (ORM) having a real impact on our collective “Wisdom".

Seasons Greetings and in 2022, we must all look for ways to gain more wisdom and to further develop the methods and systems for keeping our most precious assets safe and secure…