Risk Management Show The Power of a Business-Integrated Risk Management Approach with Michael Schank
In this episode of the Risk Management Show podcast we welcome Michael Schank, a seasoned management consultant with over 25 years of experience in financial services. Michael discusses the limitations of traditional Enterprise Risk Management (ERM) programs and introduces the Process Inventory Framework, a methodology he developed to improve risk management, compliance, and strategic decision-making.
Key Topics:
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Michael’s Career Path:
- His journey in risk management and founding Process Inventory Advisors LLC.
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Why Traditional ERM Programs Fail:
- Blind spots, data quality issues, and confusion in operating models.
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The Process Inventory Framework:
- How it enhances risk management by integrating a detailed process inventory.
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Improving Data Quality in Risk Management:
- Addressing root causes and leveraging process taxonomy in GRC systems.
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Reducing Chaos and Increasing Accountability:
- Streamlining operations and improving risk management efficiency.
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Application Across Risk Types:
- Benefits for Operational Risk, Compliance Risk, Operational Resiliency, and Third-Party Risk Management.
If you want to be our guest or suggest a guest, send your email to info@globalriskconsult.com with the subject line "Podcast Guest Inquiry".
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