There are industries that entail managing insurance compliance among large numbers of vendors/contractors, which challenges even the most organized firm to manage the compliance properly. If done right, it’s a process which requires diligence and specialized knowledge:
In our previous posts on Enterprise Risk Management (ERM), we defined ERM and addressed how to set up the program and use it to assess and treat risks. We have come a long way! In this post, we evaluate the program.
ERM is not a static program. An effective approach to evaluating and enhancing the performance is a three-part one: measure, monitor and, most importantly, evolve.
Every organization is faced with risks and needs to practice some form of risk management in order to maintain the health of the entity. Many take a traditional approach, where risk is managed in silos, with each leader of a business unit (sales, operations, finance, HR, etc.) responsible for managing the risks that fall within his or her area of responsibility.