Bonnie Hancock, Executive Director of the ERM Initiative at NC State University interviews Frank Fronzo, Vice President, Assistant Treasurer and Corporate Risk Officer at Estee Lauder about how his organization assigns risk owners. Frank starts by describing the way that his organization categorizes risks and the designation of a risk as a “critical corporate risk” which would require the assignment of a risk owner. He goes on to describe why it is important to name a primary risk owner and the importance of choosing an owner at the right level of the organization. He then describes the responsibilities of a risk owner including interactions with the company’s corporate risk committee and subcommittees and periodic reporting to the C-Suite and Board of Directors. Frank also offers his advice on facilitating an effective ERM process.
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