From The ERM Library
NC State’s ERM Initiative, in partnership with the Chartered Global Management Accountant (CGMA), has just released its report, Global State of Enterprise Risk Oversight 2nd Edition: Analysis of the Challenges and Opportunities for Improvement. Based on survey responses from over 1,300 business executives in organizations around the world, the report provides insights on the current state of enterprise-wide risk oversight, including identified similarities and differences in various regions of the world.
April 4, 2014
As organizations develop their strategic plans, their horizons are often only looking out over the next two-to-three years. While staying focused on the “here and now” is important, failure to look at broader trends of how the world may be shifting may cause some boards and executive teams to wake up some day in the future to discover their strategies are no longer viable. To help organizations consider how shifts may be on the horizon, PricewaterhouseCoopers (PwC) has recently published information about five megatrends that are already changing the business environment. A megatrend is a change on a global scale that is often verified with factual data. In the past few years PwC has noticed that its clients are identifying and changing their strategies because of these megatrends. This article explains each of the five megatrends identified and then highlights possible effects of each trend.
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February 2, 2006
Prodyot Samanta, Director of Enterprise Risk Management at New York-based Standard & Poor’s, spoke on February 24th to 130 business professionals at the first of three Spring 2006 ERM Roundtables. Samanta described how S&P is now evaluating the effectiveness of ERM practices as part of S&P’s overall rating assessments for financial institutions, insurance companies, utilities and other large corporations.
July 7, 2009
The position of Chief Risk Officer is becoming more prominent in many industries and will likely change the skills and behavior of current risk managers. Some believe that risk managers already possess the necessary skills, while others believe that they need to become more financially literate in order to take on such a strategic position. CROs will be given many strategic and risk-related responsibilities that current risk managers do not have. Optimally, the creation of a CRO position will give risk managers something to aspire to and create a more risk-based approach during strategic decision-making.
February 2, 2015
2015 Report on the Current State of Enterprise Risk Management: Update of Trends and Opportunities
October 10, 2012
Often times executives brush off any ERM initiative by stating they have smart people on the board or on management teams. David Hughes, Assistant VP of ERM and Business Continuity Planning at Hospital Corporation of America (HCA) explains how boards and senior executive may miss the identification of certain strategic risks because they are not “on the ground” interacting with customers and business operations. He emphasizes the importance of obtaining input about risk exposures from multiple levels of management to ensure the identification of the entity’s most significant strategic risks. He also speaks about how important it is for CEOs to embrace an ERM process and see the value in taking time to look at risk through a strategic lens.
May 5, 2009
While the concept of a risk appetite framework is sound and can provide many benefits to organizations, many of these frameworks failed during the current crisis due to design and application problems. Organizations can learn from several key failings in risk appetite frameworks that were highlighted by the crisis. Though this article looks at risk appetite from the perspective of banks, the suggestions are applicable to many types of organizations seeking to improve their risk appetite framework.
February 2, 2013
There is a growing need for organizations to understand how their strategies are shaping their corporate sustainability responsibilities. New business practices may be needed to enhance and promote environmental, social, and governance (ESG) initiatives. Certain strategic risks may arise if these efforts are not executed in an effective manner. A recent report issued by The Conference Board explains the need to enable sustainability reporting as an essential imperative for engaging investors, customers, and employees in eventually lowering certain risks. Furthermore, it outlines risk management strategies on how best to communicate, engage and integrate the matter of sustainability reporting.
December 12, 2010
Organizations are seeing the value of adopting a risk-based approach to execute strategies in order to survive in a post-recession world. This approach enables managers to focus on opportunities in strategic plans, as well as minimizing the potential impact of threats. A recent article in the Journal of Business Strategy outlines four steps to execute a strategy using a risk-based approach.
From SME Mark Beasley , Ph.D
From SME Bruce Branson
From SME Bonnie Hancock
October 01, 2014
MIT Forum for Supply Chain Innovation 2013
July 16, 2014
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Enterprise Risk Management Library:
- Enterprise Risk Management Basics
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- Risk Management Benchmarking
- Risk Management Trends