I am a “Penguin” runner. The word “penguin” has come to mean those who run for the benefits and joys of movement, rather than for recognition or financial reward. We Penguins may be slow, we may be overweight—we even may waddle at times—but we finish the race. We accept the challenge of reaching our own potential, mile by mile.
But since we may not be natural athletes, the training process can be painful, tedious, and exhausting. Tackling a race takes a lot of motivation. Just getting up at 5:15 a.m. for a run takes a strong drive, and it is usually not more than 10 minutes into a run before I ask myself, “Why the heck am I doing this?” To answer, it helps to have clear motives.
Developing an enterprise risk management (ERM) program is like running a long-distance race. Analyzing risks, setting controls, ensuring thorough communication and steadily monitoring progress takes a lot of time and effort. At the finish line, the company hopes to win confirmation that its risks are being appropriately monitored and managed. Leading the company's ERM team, there may be “natural athletes” like auditors, actuaries, and financial staff who breeze easily through discussions of the most complicated ERM concepts such as statistics, capital models and “stress tests.”
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