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Poole College of Management
Enterprise Risk Management Initiative

ERM Fundamentals

Jul 25, 2017

Today’s Risk Management Challenges: It’s a Small World After All

   In late June, I spoke at a conference in Italy focused on risk management and organizational change.  Those in attendance included both business professionals and academics interested in understanding…

Feb 1, 2017

Enterprise Risk Intelligence and its Importance

Enterprise risk intelligence represents the knowledge required to appropriately and successfully apply an enterprise risk management (ERM) program. ERM programs have many known benefits; however, too few organizations successfully utilize risk programs. This article discusses the importance and benefits of ERM and follows with a study discussing why ERM today is immature, the barriers against implementing ERM, and solutions to deploy ERM.

Nov 29, 2016

Five Recurring Themes for Enhancing Risk Oversight

Article by Mark S. Beasley: Over the past month I have had the opportunity to meet and talk with a number of risk management executives who have engaged with us at our ERM Initiative Advisory Board meeting, our ERM Roundtable Summit, and our inaugural ERM in Higher Education workshop, and I have traveled to Europe to participate in ERM conferences there. In all these experiences I have observed a number of common themes related to opportunities to strengthen ERM processes. These opportunities seem to transcend organizational size, industry, and geographic location. Let me highlight five challenges that ERM leaders view as opportunities to strengthen the value of their organization's ERM efforts.

Nov 1, 2013

Collaborative Risk Management Fundamentals

Over the last decade, a number of organizations have embraced the concept of enterprise risk management (ERM) as a way to strengthen their oversight of the most significant risks to their business. Fortunately, many of realized a number of benefits from an enterprise-wide analysis of their most significant risks, while others unfortunately have experienced frustration in their ERM efforts. A recent thought paper by the Arthur J. Gallagher Think Tank for Higher Education Risk Management highlights common reasons for ERM failure and it identifies common factors associated with entities who are finding value in their ERM efforts. The paper emphasizes the value of strengthened collaboration across the management team as one of the keys to ERM success. The paper calls on organizations to distinguish between risk management as a one-time function performed singlehandedly, and the process of managing risk, which involves collaborative effort and embedded process throughout the organization.

Apr 1, 2011

Homeland Security Risk Management Fundamentals

The Department of Homeland Security (DHS) plays a critical role in leading a unified effort in the management of the diverse and complex set of risks facing the United States. To strengthen capabilities in fulfilling its mission, DHS has created a Risk Management Fundamentals to provide a structured approach for the distribution and use of risk information and analysis efforts across the Department. The publication lists key principles, discusses approaches, and explains the process of effective risk management intended for DHS organizations and personnel to adopt.

Jan 3, 2011

Increasing Complexity Creates Challenges for Risk Management

Managing complexity is quickly becoming one of the greatest challenges for large organizations today. A white paper published by KPMG presents findings related to a study of the causes and impact of complexity affecting large companies. The pace of change and global interconnections in business have resulted in increasing complexity, creating significant risk management challenges for companies. Increased risks to manage emerged as one of the greatest challenges created by complexity, according to the study.

Dec 21, 2010

Case Study Illustrations of Launching ERM

The AICPA's Business, Industry & Government Team commissioned faculty in the ERM Initiative to develop case study illustrations of how organizations have successfully launched ERM. Case Studies on ERM Implementations: Practical Illustrations for Launching Effective Enterprise Risk Oversight takes readers directly into the experience of a company as it is starting ERM and details each step of initiating and implementing enterprise-wide risk oversight. The central case study highlights several practical illustrations for jump-starting ERM. The guide also includes two shorter case studies to further enhance your understanding of ERM implementation.

Sep 1, 2010

Risk Management Practices that are Working for Public and Private Sectors

The Department of Homeland Security Office of Risk Management and Analysis conducted a survey to see what actions are being taken by both public and private sector organizations with respect to their enterprise risk management efforts. They found that there is a focus on integrating risk management and analysis across organizations, finding how risk management is aligned within the organizational structure, and which risk analysis techniques are seen as successful from the participants. Some of the major contrasts between the public and private sector participants are highlighted as well.

Jun 1, 2010

Nine Hallmarks of Successful ERM

As organizations seek to strengthen their risk oversight, they are interested in learning from others about effective practices that ensure risk oversight provides strategic value. The Aon Global Risk Consulting report explored how ERM is being used, the extent to which it has been implemented and its effect on organizational goals. It provides an overview of nine distinguishing characteristics of successful ERM approaches. This report expands on the detailed results from the survey, including the point that ERM has continued to evolve as an accepted and required process to create value.

May 1, 2009

Seven Question Guide to Assessing Your Enterprise Risk Management Practices

Risk professionals should consider seven questions in evaluating risk management tools, improving risk management practices, and assessing the state of ERM in an organization. Professionals should ask these seven questions: (1) if the risk management process really assesses risk; (2) if the risk assessment is context-driven; (3) if the risk management process address root causes of failure; (4) what business performance says about risk; (5) what the organization's risks say about its controls; (6) what the organization's controls say about its risks; and (7) if the professionals and their organizations are up for the task of risk management.