The Key To Enterprise Risk Management: 10 Take-Aways

Enterprise Risk Management (ERM) is top of mind at most organizations as risks become increasingly complex. As such, ERM often takes the spotlight at educational conferences for risk and insurance professionals, including the recent North Carolina State University ERM Roundtable Summit.

Check out these Ten Take-Aways from the Spring 2017 NC State ERM Roundtable Summit, as drafted by Bonnie Hancock, Executive Director of North Carolina State University’s ERM Initiative. See Hancock’s abbreviated list below, or read the more in depth version on NC State’s Poole College of Management website:

  1. Organizations should look for ways to strengthen the integration between strategy and ERM.
  2. ERM professionals need to stress the connection between risks and their organization’s objectives.
  3. Position ERM as a resource to make people throughout the organization “look good.”
  4. The ERM team needs to create a stakeholder network that can serve as an extension to your ERM office.
  5. Manage expectations and pace the rate at which you advance your ERM process.
  6. Re-position your management level risk committee to be more strategic.
  7. Map out the multitude of assurance activities within your organization.
  8. Focus on the ”known unknowns” and “unknown unknowns.”
  9. Develop “play books” for your top risks.
  10. Use table top exercises to ensure your organization is as prepared as possible.

Enterprise Risk Management brings together all the significant risks of an organization in a way that enables the organization to most effectively manage those risks. Integrated Risk Management technology can help organizations achieve this by giving users the ability to easily measure, rank and manage all risk-related elements from a single source of truth. As a result, users can more quickly and accurately report the status of the organization’s end goals than if they were using spreadsheets.

Are you still using spreadsheets to manage risk across the enterprise? If so, read more about ERM and the Problem with Spreadsheets.

 

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