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Poole College of Management
Enterprise Risk Management Initiative

ERM Fundamentals

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.

Apr 24, 2009

Role of Culture and Judgment in ERM

Discover how KBR integrated ERM into its governance, focusing on culture and communication. David Fox shares valuable lessons learned from KBR’s journey to enhance risk awareness and strategic decision-making.

Apr 15, 2009

Importance of Risk Management Mindset

Many companies that were unprepared for the current economic situation have become hesitant to make decisions regarding the future. For companies to regain confidence in making these decisions there needs to be a realization that risk management models are only as good as the decisions that are made based on the models. As a result, the risk management mindset is just as important as the model. Companies can focus on their risk management mindset by re-defining risk to include a more integrated view of risk and constructing a new "risk architecture" that incorporates information external to the company and looks at interdependencies to help make better decisions and more successfully manage their risks.

Sep 1, 2008

Managing Risks for Comparative Advantage: Five Steps to Better Risk Management

This articles highlights a five-step process to help companies make changes to better their approach to risk management in response to the developments occurring in the corporate approach to risk management: 1. Identify and understand your major risks; 2. Decide which risks are natural; 3. Determine your capacity and appetite for risk; 4. Embed risk in all decisions and processes; and 5. Align governance and organization around risk.

May 1, 2008

Standard & Poor’s Applies ERM Analysis to Ratings

S&P to include ERM evaluations in credit ratings for all companies in 2008. Focus areas include risk culture, strategic risk management, and senior management’s approach to risk and reward.

Sep 1, 2007

ERM in Higher Education

This document provides guidance for the embrace of Enterprise Risk Management (ERM) in Higher Education. While this is not a step-by-step guide on how to implement ERM at any specific institution, it does provide a good overview of the ERM process, where to begin, and best resources available for structuring and implementing an ERM framework. The document also summarizes examples of ERM at several institutions of higher learning.

Jun 5, 2007

Risk Manager Trepidation

Russ Banham advises risk managers to look beyond traditional models, emphasizing human and reputational risks. Learn how enterprise risk management can address these threats. Read the full report here.

May 1, 2007

Tools and Techniques for Enterprise Risk Management Execution

The Institute of Management Accountants has issued a new document that summarizes tools and techniques used by businesses that have effectively implemented an ERM program. After identifying risks, businesses should focus on risk drivers and utilizing the vast number of tools currently available for managing risks. Also, the importance of an enterprise-wide approach should be considered when organizations become trapped into managing risks reactively or by use of the silo method. This document contains numerous practical tools and templates that can be adapted for a variety of organizational settings.

Apr 1, 2007

Integrating SOX and ERM- Truths and Myths

For most organizations, the efforts being made to meet compliance regulations are not tied to current ERM processes. Procedures should be put in place to integrate compliance functionality into existing risk management plans.

Nov 1, 2006

RIMS ERM Maturity Model

The Risk and Insurance Management Society (RIMS) has recently introduced its Risk Maturity Model (RMM) to help organizations better utilize Enterprise Risk Management. The RIMS Risk Maturity Model can be used by chief risk officers and other risk practitioners as a resource to aide in planning, implementing, and benchmarking Enterprise Risk Management practices within their organizations.