I was recently reflecting on the changes I made in my exercise program. Interestingly, the more I thought about it the more I realized how similar my own fitness journey has been to the typical ERM journey.
Let me take you back a bit. Many years ago, I bought a gym membership with the best intentions of going several times a week. Over the years I got into a good routine and was generally there three times per week. My workout consisted of a stationary bike, some resistance machines, and a few other exercises. I was proud that I was getting there but wasn’t seeing a lot of change.
My wife has always been more active in the gym and found a personal trainer she really liked. After a year or so she encouraged me to try her trainer. The difference was significant. Personal trainer has dramatically changed my perspective. I now see him twice a week. He started off by asking what I set as my goals. Was I looking to improve my strength, cardio, agility? His point was that training for strength can look a lot different than training for cardio. A good cardio workout may have some tangential strength improvements but it’s not the key outcome to expect.
So why is this relevant to the topic at hand of ERM. Simply put, ERM is like my gym program. Anyone who’s interacted with me has likely heard me say that while we all tout the benefits of ERM, we need to actually plan to get those. Just as I have to make decisions at the gym to get what I want from my efforts, so do I from risk management. For instance, focusing on minimizing surprises and losses may not give a lot of insight into risks that flow from a strategy-setting effort. This approach may provide a few tangential insights into strategy but it’s not a complete view. I need to make decisions with the core understanding of what I get.
The other point that comes to mind relates to my own frustration with many of the maturity assessments conducted today. Frequency is not a measure of capability. Was going to the gym twice a week and putting in an unfocused effort really better than going twice and working out with someone focused on technique and the best blend of exercises? I can tell you that twice a week has led to much better outcomes.
I hope you will take away from my thoughts three important points. First, expending effort with no clear understanding of the outcomes may make us feel good for a while but soon we will start to ask if there isn’t a better way to do things. Two, careful focus on specific techniques gives much better outcomes. And three, doing the same thing more often doesn’t suggest we’re getting more from it. We’re just spending more time doing it.
I welcome your thoughts