NC State University's ERM Initiative is pleased to release a new thought paper, Management Level Risk Committees: an Effective ERM Tool, that highlights six case study illustrations based on real life examples of how organizations have used internal risk management committees to expand the reach and improve the effectiveness of their ERM programs.
Companies employ risk committees at the management level for a variety of reasons. One common reason is to bring together a multidisciplinary team to take an enterprise view of the risks facing the company. Risk committees may also be responsible for assessing and/or monitoring risks and risk responses, and providing input into the ERM process itself. This case study, which was developed by four NC State graduate students completing coursework in ERM, examines the way risk committees are used in each of the six companies represented. The report also includes a separate appendix for each organization summarizing the key steps in its ERM process, as well as the structure of the risk committee and the role it plays in the overall ERM process.
It is our hope that senior executives and risk management professionals will find this document useful in either helping to establish a risk committee for the first time, or to benchmark their practices regarding risk committees with those represented in the study. We hope you find this report beneficial to increasing the value provided by your organization’s ERM efforts.