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CONCLUSION

We want to emphasize that risk management is not about risk aversion. If, or rather when, you want or need to take bigger chances than your competitors – and get away with it (succeed) – you need to be better prepared. The fastest race cars in the world have the best brakes and the best steering to enable them to be driven faster, not slower. Risk management should enable organizations to take the risks necessary to grow and create value. To quote racing legend Mario Andretti: "If everything's under control, you're going too slow." The approach and philosophy described in this case are reflected in the mission of the strategic risk management team at the LEGO Group to "drive conscious choices."

ABOUT THE CONTRIBUTORS

Mark L. Frigo, PhD, CMA, CPA, is director of the Center for Strategy, Execution and Valuation and the Strategic Risk Management Lab in the Kellstadt Graduate School of Business at DePaul University in Chicago. He is Ledger & Quill Alumni Foundation Distinguished Professor of Strategy and Leadership in the Driehaus College of Business at DePaul. The author of seven books and more than 100 articles, his work is published in leading journals, including the Harvard Business Review. Dr. Frigo is coauthor (with Joel Litman) of the book Driven: Business Strategy, Human Actions, and the Creation of Wealth, coauthor (with Richard J. Anderson) of the book Strategic Risk Management: A Primer for Directors and Management Teams, and author of a forthcoming book, Driven Strategy, from Stanford University Press. His research and thought leadership on strategic risk management and ERM have been published by Harvard Business Press, the Conference Board, Committee of Sponsoring Organizations of the Treadway Commission (COSO), American Accounting Association, Financial Executives International, American Institute of Certified Public Accountants, Institute of Interal Auditors, Institute of Chartered Accountants in England and Wales, Chartered Institute of Management Accountants, Institute of Management Accountants, Risk and Insurance Management Society, and other leading organizations, and he has presented keynote presentations and executive workshops on strategic risk management throughout North America, Europe, and the Asia-Pacific region. He is a member of the RIMS Strategic Risk Management Development Council. Dr. Frigo is an adviser to executive teams and boards of directors in the area of strategic risk management.

Hans Læssøe, MSc, is the LEGO Group head of and senior director on strategic risk management, a function he established in 2006 and 2007. He has more than 30 years of LEGO Group experience from a number of areas, which provides him with strong business insight and a network to drive the task of proactive strategic risk management. He is a founding member of a Danish ERM network, an executive member of the European Council of Risk Management, and a specialist member of the Institute of Risk Management (IRM). He is a member of the RIMS Strategic Risk Management Development Council. The LEGO Group and Læssøe have won multiple European awards for their unique risk management approach. Læssøe is the author or coauthor of articles in international magazines, and speaks at international risk management conferences.

 
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