James Bone

James Bone’s career has spanned 29 years of management, financial services and regulatory compliance risk experience with Frito-Lay, Inc., Abbot Labs, Merrill Lynch, and Fidelity Investments. James founded Global Compliance Associates, LLC and TheGRCBlueBook in 2009 to consult with global professional services firms, private equity investors, and risk and compliance professionals seeking insights in governance, risk and compliance (“GRC”) leading practices and best in class vendors.
James is a frequent speaker at industry conferences and contributing writer for Compliance Week and Corporate Compliance Insights and serves as faculty presenter and independent consultant for several global consulting firms specializing in governance, risk and compliance, IT compliance and the GRC vendor market. James created TheGRCBlueBook.com to provide risk and compliance professionals with transparency into the GRC vendor marketplace by creating a forum for writing reviews on GRC products and sharing success stories on the risk practices that are most effective.

James is currently attending Harvard Extension School for a Master of Arts in Management with an emphasis in accounting and finance. James received an honorary PhD in Letters from Drury University in Springfield, Missouri and is a member of the Breech Business School Hall of Fame as well as the Missouri Sports Hall of Fame. Having graduated from the Boston University Graduate School of Education, James received his M.Ed. in Management and Organizational Design in 1997 and a Bachelor of Arts in Business Administration from Drury University in 1980.


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Risk is in the eye of the beholder. At least that's how it seems, since one person's perception of risk can be vastly different from someone else's in a similar situation. The reality is, however, that risk has much more to do with probability than perception. And while probabilistic modeling isn't a science, it may help your organization improve its outcomes.

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It takes guts - and a new way of thinking - to change the status quo. But challenging the way things have been done can be a very good thing, particularly if outcomes have been less than ideal. While it's not a scientific discipline per se, the way companies practice risk management could be much improved with a scientific approach, allowing us...

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Risk Management’s Tower of Babel

Put a dozen leaders in a room, set them to the task of defining risk management and you'll quickly find that when it comes to risk, most of us are speaking different languages. If Risk Managers are to be effective -- in everyone's eyes -- we'd all better find some common ground in terms of what constitutes a risk, what the job...

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The Hardest Risk to Avoid

You can't plan for the risks that haven't even crossed your mind. What's often not explored after the fact, though, is why we didn't see issues coming -- shouldn't we have been on the lookout? Isn't that the duty of those of us in risk management? James Bone outlines a more encompassing approach to risk management, one that takes into account high-level...

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What the FIFA World Cup Teaches us about Risk Management

There have been more than a few lessons to learn from this year's World Cup. For the risk management professional, consider this: if your risk scoring system is as complex as FIFA's process for determining world rankings, you might be in trouble. More complicated systems don't necessarily garner more accurate results. In fact, often the opposite is true.

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The 3 Dimensions of Risk

Organizations that have a fairly firm grasp of risk management tend to do fairly well in what James Bone calls the first and second dimensions of risk. It's common, however, for firms to fall short in the third dimension. So what is this third dimension of risk, and how can risk professionals guide their firms into more robust risk management practices?

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Risk: A Game of Thrones

HBO’s Game of Thrones is a pretty accurate portrait of the corrupting nature of power. The higher up the corporate ladder one gets, the greater the danger of “agency risk,” or the propensity to pursue what’s best for number one, and not so much for the stakeholders or the organization as a whole. What can businesses do to mitigate the risk of...

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James Bone warns against a "mini Y2K" that might exist at many firms in the form of service recoveries, customer rebates for inaccurate calculations, or financial statement restatements. By implementing regular health checks on systems output controls, a significant number of these problems can be reduced or prevented.

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