Best Practices in Enabling ERM

The presentation titled “Best Practices in Enabling Enterprise Risk Management” by Jeff Hasmann, Director of Risk Management Practice, dated October 2004, discusses the following key points:

• Drivers of ERM Interest: Regulatory requirements such as the Sarbanes-Oxley Act and the Basel II Accord have heightened the focus on risk management.
• ERM Infrastructure: Effective ERM requires aligning strategy, people, and processes, with technology serving as an enabler.
• Barriers to ERM: Challenges include organizational silos, inadequate data management strategies, and internal politics.
• ERM Evolution: Organizations typically progress through stages from siloed risk management to a holistic approach, ultimately achieving innovation and competitive advantage.
• ERM Components: Key elements include risk strategy and governance, risk processes, tools and technology, and people and organization.
• Case Studies: The presentation references various case studies to illustrate these concepts.

Original Article Source: “Best Practices in Enabling Enterprise Risk Management,” Jeff Hasmann, SAS, Oct. 1, 2004.