CHAPTER 32 Constructive Dialogue and ERM Lessons from the Financial Cr (1).pdf
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The document discusses the importance of constructive dialogue in effective risk management, particularly in the context of the financial crisis. It explores the challenges that organizations face in implementing effective risk management practices and questions why the financial sector was slow to adopt enterprise risk management. Key points include identifying forces that undermine risk management and the role of communication in understanding major risks.
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CHAPTER 32 Constructive Dialogue and ERM Lessons from the Financial Cr (1).pdf
- 1. CHAPTER 32 Constructive Dialogue and ERM Lessons from the Financial Crisis THOMAS H. STANTON Fellow, Center for Advanced Governmental Studies at Johns Hopkins University 2. Is effective risk management possible without constructive dialogue? 3. What are the forces that tend to undermine effective risk management in an organization? 4. Given its obvious value in helping an organization to understand the major risks that could prevent it from accomplishing its mission and objectives, why was the financial sector, including a risk-sensitive organization such as Goldman Sachs, so slow in adopting ERM?