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Volume 32, Issue 3

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Tuesday, 26 April 2011 19:32

Aesop’s Take on Enterprise Risk Management


The One-eyed DoeA doe that had but one eye used to graze near a lake, so that she might keep her blind eye toward the water, the other eye toward the land that no hunters could approach unnoticed. But one day a hunter in a boat saw the doe from some distance, approached her quietly, and shot an arrow into her heart. In her dying agony, she cried out, “Alas, sad fate, that I should die from a wound to the side I thought was safe, while yet safe where I most expected danger!”It isn’t likely this is where the term “getting blindsided” originated, but it does nicely illustrate the concept. Organizations and their managements are blindsided daily by events large and small. Risk management may prevent such catastrophes.While this fable is a dire portrayal of a “downside” risk event, risk actually is a neutral concept. Risk is defined as