The risk management approaches used by many organizations haven't effectively mitigated crucial risks. BP made safety a top priority, only to be involved in one of the worst man-made disasters in history. And many financial firms had risk management activities in place and were still hit with disaster in the 2007/2008 financial crisis.
Harvard Business School professors Robert S. Kaplan and Anette Mikes say the problem lies with typical risk management approaches. They offer a systematic way to improve the effectiveness of risk management. Listen to their framework here.