Benjamin Franklin began and ended each day with a question: "What good shall I do this day?" in the morning, and "What good have I done this day?" in the evening.
In fact, many great thinkers embraced the idea of constantly questioning things.
As Albert Einstein reportedly said, "Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning and learning."
Of course, getting into the habit of self-reflection is easier said than done, as we often prefer to avoid asking ourselves the tough questions. As philosopher and psychologist John Dewey explained in his 1910 book, "How We Think," reflective thinking involves overcoming our predisposition to accept things at face value and the willingness to endure mental unrest.
But enduring this discomfort is well worth the effort, as it can result in the confidence boost necessary to perform better in our work and daily lives.
To help kick start your habit of self-reflection, here are nine daily questions you can start asking today:
'If today were the last day of my life, would I want to do what I am about to do today?'
In 2005, about a year after he received his pancreatic cancer diagnosis, Apple's then-CEO Steve Jobs told Stanford's graduating class that, for 33 years, he would look in the mirror every morning and ask himself, "If today were the last day of my life, would I want to do what I am about to do today?"
If the answer was "No" for too many days in a row, he says he know he needed to change something.
"Remembering that I'll be dead soon is the most important tool I've ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure — these things just fall away in the face of death, leaving only what is truly important," Jobs explained. "Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart."
FRM Case Study introduction & and writing notifications
Company Background and Risk Goals:
Zions Bancorporation is a financial services company that operates six bank charters across the
western United States. With the diverse, broad services that it offers, comes a complicated risk profile.
One of the main questions of management was what type of technology system would fit the company’s
needs and facilitate meeting Sarbanes-Oxley Section 404 requirements. Zions came up with three goals
for its risk framework:
- Allow Zions to effectively manage risk and cut losses
- Increase shareholder value and customer service
- Meet regulatory requirements
The overarching goal was also to fit this all into one system with a common framework in order to suit
management’s plans.
System Requirements
Zions enlisted the input of a multitude of internal groups to help develop the requirements
the new risk system would need in order to be successful. Since Zions deals with banks,
it also worked closely with the Federal Reserve Bank and the U.S. Office of the Comptroller.
One of the key groups was the Internal Audit department, who provided feedback on many
areas such as functionality, methodology, and user guidelines. After gathering all necessary
feedback, the following requirements were established:
- Automated ERM system
- Use of a variety of risk tools
- User-friendly screen designs
- Broad reporting applications for all departments
- Automatic alerts
- Web-based, scalable system
- Data feeds from multiple systems
This list provided a building block for Zions’ risk management system. The company enlisted
the help of an outside software vendor for development, Providius Software Solutions, Inc.
Risk Avenues
Zions management studied the COSO Internal Control-Integrated Framework when deciding
on how to approach risk management, and it based its own framework on that model.
There are four steps to the Zions risk management process:
1. Determine objectives and risks
2. Identify controls and assess their strength
3. Develop actions necessary to eliminate gaps in control
4. Establish accountability and sustainability
The business-line users determine the objectives and identify the risks associated with those
objectives. The risk management system calculates the inherent risk score for analysis.
This step helps with the evaluation of the company’s risk levels. The same business-line users
then populate the system with controls and ratings. These controls are either preventive
or detective. The risk management system then calculates control and residual risks scores
to identify risk exposures.
Management can then use these analyses to demonstrate that the internal controls are effective
and should meet the Section 404 requirements. Internal audit still needs to review the controls
and provide feedback internally. If any control exposures exist, managers put developed actions
into place to close those holes. In order to create greater management involvement, Zions uses
its risk system for online certifications and for management approvals on controls and actions.
The Zions systems can provide custom reports and graphics to allow the users to quickly identify
potential issues.
https://erm.ncsu.edu/library/article/technology-support-erm
Notifications
Be sure to take your time to read the attached file in order to prepare
your final report- FRM Case Study
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