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Innovation in Risk-Taking

The interviews and publications below are part of an award-winning collection of work. David was one of the first people to successfully link the governance of risk-taking to better corporate performance. His idea, Risk Capital as Commons, was honored with one of the inaugural M-Prizes for management innovation. He was selected for the PRMIA Higher Standard Award - that organization's highest honor. He was also among the first 100 people named to the Risk Who's Who International Honorary.  


The concepts reviewed below will change the way you think about governance, risk, and how your organization pursues its goals.  Scroll down to review the full library.

Video Interviews and Presentations

Governance and Performance

An interview with David R. Koenig by the Loyola University Center for Integrated Risk Management and Corporate Governance. 

Watch the Video

Essential Risk: The Vital Role of the Board

A webinar looking at why the governance of risk-taking is the primary difference between company success and company stagnancy, part of the Shaparency series.

Watch the Video

Nested Freedom and it's Implications for Organizations

Nested Freedom and it's Implications for Organizations

The surprising and complex intersection of risk, risk perceptions, and an organization’s ability to create value (let alone survive).
 

Watch the Video

Cultivating the Future

Nested Freedom and it's Implications for Organizations

Keynote address to the Risk Beyond 2022 Conference on how to look past the fog of today and reshape the future.
 

Watch the Video

Portfolio Shaping

A demonstration of Portfolio Shaping -  going well beyond typical ESG analysis whereby your equity portfolio performance is enhanced through better risk-taking.

Watch the Video

Improved ESG Investing

Learn how to make ESG Investing more successful by simultaneously addressing the requirements of investors, the fiduciary obligations of investment managers and boards, along with the needs of those in your business social network. 

Watch the Video

The Evolution of the Chief Risk Officer

The Evolution of the Chief Risk Officer

The Evolution of the Chief Risk Officer

A discussion of the history of "chief risks" going back about 50 years, as well as our  progression to the state of risk management and risk governance today.  Q&A with Todd Davies and me is also available at 1:21:20. 

Watch the Video

Podcasts and Interviews

Risk and Strategic Goals

 Risk-taking is an essential part of engaging in business. I join Alexander Lowry to dive into the key discussions to be had in the effective taking of risk in pursuit of our corporate goals and purpose.

Listen to the Podcast

On Boards: Understanding and Utilizing Risk Well

Joseph Ayoub and Raza Shaikh, hosts of the On Boards podcast, interview David R. Koenig and note, "If you listen to this episode, you will understand that managing risk, in a comprehensive, forward-looking manner is an essential best practice in running any business."

Listen to the Podcast

Rethinking Risk

Life as Leadership

I was pleased to be the second guest invited to the ACCA's Rethinking Risk podcast where Rachael Johnson, Head of Risk Management and Corporate Governance for the ACCA and I discussed boards and risk.

Listen to the Podcast

Life as Leadership

Life as Leadership

Joshua Friedeman, host of Life as Leadership, and I talk about risk, governance, the inter-dependencies of systems in our lives, governance of your personal capital, hierarchical vs. distributive governance, and more...all in about 30 minutes.

Listen to the Podcast

Trust Across America: Governance and Value

Trust Across America: Governance and Value

A discussion of this award-winning concept and the critically acclaimed book, Governance Reimagined, on the Trust Across America radio show. 

Listen to the Program

Governance Reimagined

Trust Across America: Governance and Value

An interview by John Mihaljevic, CEO of MOI Global, about what Governance Reimagined means and the value that comes from the book's approach. It's a 30-minute discussion that was part of their 2019 Meet the Author Summer Forum. 

Listen to the Discussion

Articles and Other Publications

Nested Freedom: The Surprising and Complex Intersection of Risk, Perceptions, and Value Creation

Nested Freedom: The Surprising and Complex Intersection of Risk, Perceptions, and Value Creation

Nested Freedom: The Surprising and Complex Intersection of Risk, Perceptions, and Value Creation

This paper is about helping boards of directors and senior executives make better decisions in highly turbulent times when multiple critical, formerly trustworthy elements in our world are all in motion.

Full Article

Achieving Purpose Through Innovation

Nested Freedom: The Surprising and Complex Intersection of Risk, Perceptions, and Value Creation

Nested Freedom: The Surprising and Complex Intersection of Risk, Perceptions, and Value Creation

This article appeared in Strategic Finance. Defining and achieving corporate purpose is a major challenge for today’s executive teams and their boards. Can companies create long-term sustainable value by managing risk and thereby realizing competitive  advantage? How can companies best overcome the obstacles? 

Full Article

Are Board Risk Committees Becoming a Fiduciary Expectation?

Nested Freedom: The Surprising and Complex Intersection of Risk, Perceptions, and Value Creation

Rapidly Evolving Risk Landscape is a Growing Governance Challenge, Say Directors

An  article from the Conference Board of Canada's Risk Watch on the increasing expectation from investors that boards establish formal risk committees.

Full Article

Rapidly Evolving Risk Landscape is a Growing Governance Challenge, Say Directors

The Relationship Between Boards of Directors and Their Risk Management Organizations

Rapidly Evolving Risk Landscape is a Growing Governance Challenge, Say Directors

As political and economic interactions become more complex, and as disruptive technologies and processes make innovation cycles massively shorter, boards of directors are paying more attention to risk. 

Full Article

The Governance of Risk

The Relationship Between Boards of Directors and Their Risk Management Organizations

The Relationship Between Boards of Directors and Their Risk Management Organizations

An introduction to the special issue of the Journal of Risk Management in Financial Institutions on Risk Governance.

Full article

The Relationship Between Boards of Directors and Their Risk Management Organizations

The Relationship Between Boards of Directors and Their Risk Management Organizations

The Relationship Between Boards of Directors and Their Risk Management Organizations

A survey and review of board risk governance practices (2008)

Full Report

Guiding Principles for Board Risk Committees

Guiding Principles for Board Risk Committees

Guiding Principles for Board Risk Committees

Board Risk Committee Best Practices - DCRO Members from 13 countries  collaborated to develop these best practices for board Risk Committees.  

Full report

Executives Speak Out on Corporate Governance

Guiding Principles for Board Risk Committees

Guiding Principles for Board Risk Committees

An article from Forbes where the author speaks with two highly influential former executives regarding the importance of corporate governance using the framework outlined in the book by David R. Koenig.

Full Article

Better than ESG

Using The Value Equation To Exchange Cash Flows And Risk For Better Outcomes

Driving Digital Governance Excellence: Governance Reimagined

Governance is a measure of trustworthiness and even further, governance is a measure of the respect that companies have for their owners and other providers of critical capital.  I’ve long stated that governance is much broader than the G that populates ESG ratings which have become so popular. In fact, ESG is more accurately described as a subset of what constitutes governance, not vice versa.  What did 2018 reveal about this mindset?  

Full Article

Driving Digital Governance Excellence: Governance Reimagined

Using The Value Equation To Exchange Cash Flows And Risk For Better Outcomes

Driving Digital Governance Excellence: Governance Reimagined

The digital era has ushered in a new set of risks and opportunities that require an innovative response. To navigate these challenges successfully, organizations must adopt a forward-looking manner in their governance practices, anticipating risks and preparing for them before they materialize.

Full article

Using The Value Equation To Exchange Cash Flows And Risk For Better Outcomes

Using The Value Equation To Exchange Cash Flows And Risk For Better Outcomes

Using The Value Equation To Exchange Cash Flows And Risk For Better Outcomes

Learn  how to apply the Value Equation in equity valuation, how equity cash  flows are similar to mortage-backed-security cash flows, and how risk  expectations can distort portfolio performance.

Full Article

Reshaping the Distribution of Outcomes, Not Just Modeling Them

Reshaping the Distribution of Outcomes, Not Just Modeling Them

Using The Value Equation To Exchange Cash Flows And Risk For Better Outcomes

Ultimately, the work of risk managers is about preserving and enhancing the ability for organizations to create value. 

Full article

Alien Risks: Living Among Systems that Your Mind Cannot See

Reshaping the Distribution of Outcomes, Not Just Modeling Them

Alien Risks: Living Among Systems that Your Mind Cannot See

Are there critical risks that our brains are unable to see? Is there a solution?

Full Article

Finding the Commons to Govern

Moneyball Corporate Governance

Moneyball Corporate Governance

Rather than reviewing reports on successes and failures - what read and react boards do - the next step for a board needs to be identification of the commons among the elements that drive success.  

Full article

Moneyball Corporate Governance

Moneyball Corporate Governance

Moneyball Corporate Governance

An article on the paralells between the well-known Moneyball  story and proper risk governance structures - creating value by  altering the possible outcomes for your organization or investment  portfolio. 

Full Article

The Governance of Value(s)

Moneyball Corporate Governance

The Most Interesting Debate in Corporate Governance is Happening in Real Time

An article in the special issue of the Journal of Risk Management  in Financial Institutions on Risk Governance.

Full Article

The Most Interesting Debate in Corporate Governance is Happening in Real Time

The Most Interesting Debate in Corporate Governance is Happening in Real Time

The Most Interesting Debate in Corporate Governance is Happening in Real Time

The most interesting debate in corporate governance is not happening in  the boardroom or between activist owners and boards. Rather, it’s  happening all across a field of public (aka “permissionless”)  blockchains.

Full Article

Trustless or Trusted — The Inevitable Direction of Blockchain Governance

The Most Interesting Debate in Corporate Governance is Happening in Real Time

Trustless or Trusted — The Inevitable Direction of Blockchain Governance

Skepticism over centralized authority, especially following the near-collapse of  the global financial system in 2008 led to the development of  “trustless” networks. One example is the blockchain behind Bitcoin.

Full Article

The Future of Risk Management

The Most Interesting Debate in Corporate Governance is Happening in Real Time

Trustless or Trusted — The Inevitable Direction of Blockchain Governance

With David X Martin, we discuss how boards and organizations can foster a positive embrace of risk-taking through integrating risk like other costs, resiliency planning, forward-facing techniques, and better board engagement.

Full Article

Divide and Conquer

Cyber Risk Governance a Key Responsibility for Boards of Directors

Cyber Risk Governance a Key Responsibility for Boards of Directors

An article about the conflicts a Chief Risk Officer faces when engaging in both oversight and advocacy.

Full article

Cyber Risk Governance a Key Responsibility for Boards of Directors

Cyber Risk Governance a Key Responsibility for Boards of Directors

Cyber Risk Governance a Key Responsibility for Boards of Directors

Amid growing demand for accountability and assurance that data, trade  secrets, and infrastructure are secure from cyber- attacks, boards of  directors often find themselves without clear guidance on their  responsibilities as governors.

Full article

Guiding Principles for Cyber Risk Governance

Cyber Risk Governance a Key Responsibility for Boards of Directors

Guiding Principles for Cyber Risk Governance

Cyber Risk Governance Principles for Boards of Directors - Guidance from  an esteemed international committee to provide boards of directors with  direction on governing this existential risk and for external parties  to evaluate boards' practices. 

Full Report

Qualified Risk Director Guidelines

Chief Risk Officers Get C-Suite Boost Due to Coronavirus

Guiding Principles for Cyber Risk Governance

Identifying Qualified Risk Directors to serve on Boards - Guidance from a  select committee of board directors and chief risk officers on how to  better govern risk through the identification and recruitment of board  members with special risk governance expertise. 

Full Report

Chief Risk Officers Get C-Suite Boost Due to Coronavirus

Chief Risk Officers Get C-Suite Boost Due to Coronavirus

Chief Risk Officers Get C-Suite Boost Due to Coronavirus

An article in Bloomberg Law about the chief risk officer is likely becoming a hot commodity in the wake of the Coronavirus pandemic. (Quoted)

Read the Article

Aligning Compensation Systems with Risk Management Objectives

Aligning Compensation Systems with Risk Management Objectives

Aligning Compensation Systems with Risk Management Objectives

An exploration of the impact that poorly framed incentive structures can have on the value of organizations. 

Full Chapter

Governing the Link Between Pay, Performance, and Risk

Aligning Compensation Systems with Risk Management Objectives

Aligning Compensation Systems with Risk Management Objectives

As awareness of the link between incentives and employee behavior  becomes more apparent, boards of directors have a responsibility to  ensure that the proper risk-taking culture is being stimulated and not  counteracted by the design of executive and employee incentive  compensation plans that unintentionally encourage negative behaviors. 

Full Article

The Human Reaction to Risk and Opportunity

Aligning Compensation Systems with Risk Management Objectives

Guiding Principles for Board Compensation Committees

An exploration of the impact that human perceptions and reactions to risk have on value.

Full Chapter

Guiding Principles for Board Compensation Committees

Guiding Principles for Board Compensation Committees

Guiding Principles for Board Compensation Committees

Compensation Committee Best Practices - Guidance from an international  group of board directors, chief risk officers, and other C-level  executives on how to best govern the link between pay, performance, and  risk via board Compensation (Remuneration) Committees 

Full Report

Risk Management in Financial Service Companies

Guiding Principles for Board Compensation Committees

Risk Management in Financial Service Companies

A summary of a panel discussion featuring David R. Koenig, Jean Hinrichs, Charles Goldenberg, and Bob Mark. The panel was moderated by Gaurav Kapoor of Metric Stream.

Read the Summary

Risk Management is Freedom

Business Line Advocacy - The Evolution of Risk Management

An Introduction to Enterprise Risk Management

Many people in risk management are defensive about risk, or they fear it. I seek to give organizations a better understanding of risk so they can handle it confidently and better achieve their goals.

Full Article

An Introduction to Enterprise Risk Management

Business Line Advocacy - The Evolution of Risk Management

An Introduction to Enterprise Risk Management

An  article on the importance of changing enterprise risk management from a  focus on the downside to inclusion of the pursuit  of gain. 

Full article

Business Line Advocacy - The Evolution of Risk Management

Business Line Advocacy - The Evolution of Risk Management

Business Line Advocacy - The Evolution of Risk Management

An article on the evolution of risk managers towards aiding in the creation of value. 

Full article

The Blind Spots of Risk Management

Accounting for the Cost of Risk Management

Business Line Advocacy - The Evolution of Risk Management

An article in the special issue of the Journal of Risk Management in  Financial Institutions about potential failures in the governance of  risk.

Full Article

Risk Management as Value Added

Accounting for the Cost of Risk Management

Accounting for the Cost of Risk Management

An article on the way in which effective risk management can add value to organization.

Full Article

Accounting for the Cost of Risk Management

Accounting for the Cost of Risk Management

Accounting for the Cost of Risk Management

An editorial on the potential cost of risk management on innovation.

Full Article

Congress is Broken – Does the Solution Come from Random Numbers?

Congress is Broken – Does the Solution Come from Random Numbers?

Congress is Broken – Does the Solution Come from Random Numbers?

An article discussing the power of random numbers in ridding the U.S. election system of gerrymandering. 

Full Article

Liberty and our Nested Freedom

Congress is Broken – Does the Solution Come from Random Numbers?

Congress is Broken – Does the Solution Come from Random Numbers?

An article discussing the boundaries of our personal freedom as determined by our complex social interactions and the necessity of re-thinking the meaning of liberty to ensure our ability to be free. (Listen to the Audio Article)

Full Article

Ask the DCRO Institute - How Do I Do That?

View Some of David's Endorsements

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