Risk Watch: Thought Leadership in Risk and Governance—May 2012

This tri-annual journal presents original articles by leading global thinkers and practitioners on risk management and corporate governance. Authors have a mandate to express opinions and ideas that test readers’ assumptions.

Document Highlights

• Kasey Reese and Claudia Roszell describe how TELUS developed its Three-Level Enterprise Risk and Control Assessment Process. TELUS initially implemented the process in 2002 and has since added several components. The process allows TELUS to track multi-year trends for various key risks and control environment perceptions across the organization.
• Brian Philbin, Valérie Bournival, and Kristen Petruska explain that if events are interconnected, then risks must be as well—and identifying the relations between risks is a key factor in the Canada Revenue Agency ‘s risk management process.
• John Lark and Grant Purdy look at the risk management process as described in the updated International Standard, and they say that two of the most important qualities of the International Standard are its brevity and its advice on integration as a means of ensuring that risk management is meaningful to managers and decision-makers.
• Chris MacDonald asks the question, Is it better to be good or to be seen as being good? Thinking that ethics and reputation are the same, he argues, is misguided, while thinking that they are entirely separate is equally foolish.