Risk Should Force Heightened Management Awareness, but does it?

Hello folks,

I am stating the obvious when I say that compliance and assurance are entirely different endeavors from Risk Management:

Strategic risk assessments, as part of an effective ERM framework,  are critical to preempting risks and preventing unfortunate events from occurring in the first place. Organizations can proactively mitigate potential risks/threats by focusing on strategic risk and ensuring they achieve their corporate objectives.

To that end, let me introduce a relatively new risk taxonomy to some of us: iatrogenesis. 

Iatrogenesis, a term that may be new to some of us but not to those in the Health sector, typically refers to the state of ill health or adverse outcomes resulting from medical interventions or their absence. However, in the context of risk management, there is a concept known as technological iatrogenesis. This term encompasses the errors that can arise from integrating technological innovations into complex systems.

Can you think of an example?

The potential pitfalls of technological innovations and risk management solutions to address ‘wicked problems’ and emerging risks are significant. They must be part of the discussions at board meetings, emphasizing the urgency and importance of these topics. Specifically, and as an example, root cause analysis must be discussed as an opportunity for risk managers to prevent problems and avert errors from becoming sentinel events. This is a critical aspect that cannot be overlooked.

Have I lost anyone here? No worries… Let’s discuss this further at the Caribbean Risk Management Conference.