#278 - Paul J. Sobel (Managing Risk in Uncertain Times: Leveraging COSO’s New ERM Framework)

Million Dollar Stories with Mike Fallat

Mike interviews Paul J. Sobel.
Welcome to our podcast, where we dive deep into the essential strategies and frameworks for navigating risk in today's unpredictable world with "Managing Risk in Uncertain Times: Leveraging COSO’s New ERM Framework" by Paul J. Sobel. In this insightful book, Sobel, a renowned expert in risk management, guides readers through the complexities of enterprise risk management (ERM) using the latest COSO framework. This episode promises to equip you with the knowledge and tools necessary to effectively manage risk in your organization.

"Managing Risk in Uncertain Times" addresses the pressing need for robust risk management practices in an era marked by rapid change and unforeseen challenges. With globalization, technological advancements, and shifting regulatory landscapes, organizations are facing unprecedented levels of uncertainty. Paul J. Sobel, with his extensive experience and expertise, offers a comprehensive guide to leveraging the updated COSO ERM framework to navigate these turbulent waters successfully.

The COSO framework, developed by the Committee of Sponsoring Organizations of the Treadway Commission, provides a structured and systematic approach to ERM. Sobel’s book delves into the core principles of the framework, emphasizing its importance in fostering a risk-aware culture and enhancing decision-making processes. Listeners will gain a deep understanding of how to integrate ERM into their organizational strategy, ensuring that risk management becomes an integral part of their operations.

One of the key strengths of Sobel’s work is his ability to break down complex concepts into practical, actionable steps. He provides real-world examples and case studies that illustrate how organizations have successfully implemented the COSO ERM framework to mitigate risks and seize opportunities. By sharing these success stories, Sobel demonstrates that effective risk management is not only about avoiding pitfalls but also about leveraging risks for strategic advantage.

In "Managing Risk in Uncertain Times," Sobel highlights the importance of leadership and governance in fostering a risk-aware culture. He explains how executives and boards can set the tone at the top, ensuring that risk management is prioritized across all levels of the organization. Listeners will learn about the critical role of communication, collaboration, and continuous improvement in building a resilient risk management framework.

The book also addresses emerging risks and challenges that organizations must contend with in today’s dynamic environment. From cyber threats and regulatory compliance to supply chain disruptions and environmental risks, Sobel provides insights into identifying, assessing, and managing these risks effectively. His forward-thinking approach encourages organizations to be proactive rather than reactive, positioning them to thrive in uncertainty.

As we explore the key themes and takeaways from "Managing Risk in Uncertain Times," listeners will gain valuable insights into the practical application of the COSO ERM framework. Sobel’s expertise and clear guidance will empower you to develop a holistic and integrated approach to risk management, enabling your organization to navigate uncertainties with confidence and resilience.

Join us as we delve into Paul J. Sobel’s "Managing Risk in Uncertain Times" and discover how to leverage the COSO ERM framework to build a resilient and forward-looking organization. Get ready to transform your approach to risk management and thrive amidst uncertainty.

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