Best Practices in Enabling ERM
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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.
