# James Lam

James Lam (born 1961) is a leading expert in the field of risk management, recognized as a corporate director, management consultant, best-selling author, and keynote speaker. As the founder and President of James Lam & Associates, a prominent risk management consulting firm established in early 2002, he has made significant contributions to the field. Currently, Lam serves as an Independent Director and Chair of the Risk Committee on the board of BlackRock iShares Funds, playing an important role in shaping governance practices. He also acts as a Board Director of The FAIR Institute, further solidifying his influence in enhancing risk management strategies across various fields and industries.
Lam provides strategic advice to C-level executives and boards on a range of enterprise risk engagements, including strategic, market, credit, operational, and cybersecurity threats. He has performed and achieved extensive and significant work with boards on governance structure, risk appetite policies, and board reporting. This expertise is particularly pertinent in light of recent events, such as the collapse of Silicon Valley Bank, which underscored the critical need for effective risk oversight in financial institutions. Recent discussions in the industry, including insights from a Harvard Business Review article, highlight that banks must enhance their risk management frameworks to navigate complex financial landscapes effectively. James Lam & Associates stands out, having been recognized by Forrester Research as one of a few consulting firms with “extensive capabilities” in risk management across all major industries, highlighting Lam's influential role in advancing best practices in risk management.

## Early life and education

Born in Guangdong, China, in 1961, James Lam moved to the United States with his family in 1971, settling in Brooklyn. He excelled academically, graduating summa cum laude with a BBA from Baruch College in 1983. Lam furthered his education by receiving an MBA with honors from UCLA in 1989.

## Career
### Risk management

After receiving his BBA from Baruch College in 1983, Lam began his career as a research analyst at Paine Webber, and quickly advanced into the world of consulting, with positions as a consultant at Kaplan Smith and senior consultant at First Manhattan Consulting Group. His expertise in risk management provided him with the opportunity to serve as vice president at Glendale Federal Bank.
Notably, from 1993 to 1995, Lam served as chief risk officer at GE Capital Markets Services, where he played a pivotal role in establishing a new capital markets business, and overall, highlighting the importance of risk management in corporate strategy.
Lam also served as chief risk officer for Fidelity Investments from 1995 to 1998, further solidifying his status in the industry. His approaches and strategies at Fidelity have been profiled in best-practice case studies published in prominent publications, such as Risk magazine, The Economist, Price Waterhouse Review and Risk and Insurance, reflecting his impact in the field.
Following his work at GE and Fidelity, Lam joined Oliver Wyman as a partner in 1999. During his tenure, he founded ERisk, a New York City-based cloud and consulting company specializing in enterprise risk management and capital management. As founder and president, and later as vice chairman of the board, ERisk became a key player in the industry, leading to its spin-off as an independent company in 2001 and acquisition by SunGard in 2005.
Lam's journey reflects a commitment to advancing risk management practices and strategies and signifies the importance of effectively shaping corporate governance within the finance sector.

### Other professional and academic activities

Currently, Lam serves on the faculty at Carnegie Mellon University, where he is involved with the CRO Executive Certification Program. His expertise has also led him to lecture at Harvard Business School as the subject of a HBS case study. Additionally, he has taught graduate courses in risk management and advanced derivatives at esteemed institutions, such as Babson College and Hult International Business School, helping to shape the next generation of risk professionals.
Since 1987, James Lam has captivated audiences worldwide, delivering over 200 keynotes and speeches that have provided him the opportunity to share his expertise in risk management.
His knowledge and leadership are further underscored by his invitation and appointment to the Committee of Sponsoring Organizations of the Treadway Commission (COSO), where he contributed to the 2017 update of the COSO ERM Framework, a significant resource for the intertwining between risk management and strategic performance.
In addition to his role at COSO, Lam is certified by the Software Engineering Institute of Carnegie Mellon in Cybersecurity Oversight, demonstrating his commitment to staying at the forefront of emerging challenges worldwide. He also serves as a Board Leadership Fellow at the National Association of Corporate Directors (NACD), where he participates on the faculty for their board training and certification programs, further aiding in shaping the next generation of corporate governance leaders.

## Publications

Lam has over 100 articles and book chapters to his credit, encompassing a wide range of financial and risk management topics. His insights have been featured in leading publications, including The Wall Street Journal, Harvard Business Review, American Banker, Financial Times, CFO Magazine, and Journal of Risk and Financial Management. [Citation] Lam's first book, Enterprise Risk Management: From Incentives to Controls, published in 2003 (second edition, 2014) by Wiley, achieved significant praise by ranking #1 best-selling title among 25,000 risk management books on Amazon. This specific work has been translated into multiple languages, such as Chinese, Indonesian, Japanese, and Korean. His latest book, Implementing Enterprise Risk Management: From Methods to Applications, was published by Wiley in 2017, continuing to contribute to his reputation as a leader in the industry.

## Industry recognition and awards

Lam is renowned for coining the term “Chief Risk Officer”, and becoming the first individual to hold this influential title. He has been an early advocate of enterprise risk management as a consultant and practitioner in the field, who has made significant strides throughout his journey.
In recognition of his contributions, Lam was honored as the first person to be named Financial Risk Manager of the Year Award by the Global Association of Risk Professionals in 1997, highlighting his leadership in risk management.
He furthered his status and reputation as an expert when he was appointed senior research fellow at Peking University in 2004.
Lam's expertise continued to be widely recognized. In a 2005 Euromoney survey, he was nominated by clients and peers as one of the world's leading risk consultants. His established role and influence in the sector earned him a spot on Treasury & Risk Management Magazine's list of the “100 Most Influential People in Finance” in 2005, 2006, and 2008.
In 2006, he was honored as the honorary president of the Asia Association of Risk and Crisis Management, signifying his commitment to advancing risk management practices globally. [Directors To Watch] To further add, Lam was a founding member of the Blue Ribbon Panel of PRIMA, and co-chaired the Education and Standards Committee, supporting the development of industry standards and strategies. His leadership and influence in these initiatives have been instrumental in driving improvements and consistency in risk management across various sectors, both in the U.S. and internationally. As an Asian-American director, Lam believes that true broad effectiveness stems from collaboration, where diverse directors bring varied perspectives, engage in constructive debate, and work together to find the best path forward for the organization.
Lam served as co-chairman and founding member of the prestigious Risk Who’s Who, a network of top risk professionals, which allowed for the fostering of collaboration and sharing of knowledge among industry leaders. In recent years, specifically 2017 and 2018, the National Association of Corporate Directors (NACD) recognized Lam as one of the top 50 most influential corporate directors, emphasizing his ongoing role and influence in the field.

## Personal life

Today, Lam resides in Wellesley, MA with his wife Pam and their three sons - Brandon, Austin, and Garrett. By balancing a successful career with family life, he reflects his values regarding the importance of both professional and personal growth.