Download Strengthening ERM: A Key to Success in a Volatile Environment to start taking a strategy-centric position toward enterprise risk management in today’s risk environment. Watch the on-demand webinar recording to hear AuditBoard’s Anand Bhakta go deeper into concrete steps to develop more mature risk programs, including how to engage the C-Suite and Board, break through risk management silos, and empower employees with effective resources.
Enterprise risk management (ERM) is an activity whose overall objective is to enhance organizational performance. ERM achieves this by providing the Board and senior management with insights into the key risks that could prevent the organization from achieving its strategies and objectives, enabling them to effectively manage those risks.
In today’s rapidly shifting global risk climate, organizations face increased pressure to strengthen risk management practices. 83% of institutions in Deloitte’s latest Global Risk Management Survey, 11th edition, have an ERM program in place, up from 73% in the prior year’s survey. Now more than ever, mature ERM practices can form the foundation for effective risk response strategies during unprecedented events, such as the Coronavirus (COVID-19) pandemic.
What can organizations do to fix deeply imbalanced risk management practices and develop more mature risk programs?
“[ERM] is not a separate activity with its own objectives, but an integral part of the organization’s strategy setting and performance processes.” — COSO, Creating and Protecting Value, January, 2020.
Adopting a strategy-centric position toward ERM — as opposed to overly focusing on risk prevention — empowers leaders to take the right risks and realize significant strategic advantages, while strengthening organizational resiliency and agility during times of crisis.
The key to building mature risk management plans requires embedding risk into business strategy, breaking through risk management silos, and empowering employees to manage risk with effective tools and resources. This involves:
- Engaging the C-Suite and Board in ERM Discussions
- Unifying Risk Management Across Siloed Business Groups
- Investing in Technology and Training
Strengthening ERM: A Key to Success in a Volatile Environment explores how to embed healthy risk practices into your risk management plan. Regardless of your organization’s current risk maturity level, this whitepaper provides resources and tools for developing the maturity of your ERM program, empowering your business to cultivate a stronger risk culture and achieve its strategic objectives.