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RiskCommentary.caWhat are the key questions of senior executive in considering the adoption or remediation of enterprise risk management? Answers to these questions form an overview to guide the successful roll-out of ERM.
Key questions entertained by the C-suite with regard to ERM likely include these three:
a. What exactly is ERM?
Due to uneven development in the field, definitions are many. I offer a carefully crafted definition.
b. Is there a verifiable value proposition?
- get clarity on strategic identity and aims;
- support execution of goals and objectives;
- analyze and solve business problems.
c. How can it be integrated, quickly and efficiently, with existing planning and management?
- establish sound planning, and
- use the principles of successful program implementation.
An elaboration on these answers is given over the course of the podcast series.
Main points:
1. Enterprise Risk Management is rational planning.
2. Business Continuity and Emergency Planning.
3. A multiplicity of definitions.
4. The planning regime.
5. Survey results.
6. High Quality Risk Assessment.
7. Principles of program success.
8. Titles and job descriptions.
9. Conceptual hurdles.
10. Scenario analysis and Future Scenarios Planning.
11. Prove the value of Enterprise Risk Management.
KEY QUOTE
”Enterprise Risk Management holds the promise of capturing the entire spectrum of risk across the organization. This book answers the need for a generic ERM methodology, proven by experience in the field, in both public and private sectors.” (Robertson 2016 back cover)