In our previous blog posts, we introduced Enterprise Risk Management (ERM) as a strategic discipline that affords a “portfolio view” of risk; outlined how to establish roles and context for ERM implementation; and how to establish a risk-aware culture and develop an ERM framework
Topics: Enterprise Risk Management (ERM), Enterprise Risk Management, Enterprise Risk Management, ERM, Risk management, Risk Management Blog
In our previous blog posts, we introduced Enterprise Risk Management (ERM) as a strategic discipline that affords a "portfolio" view of risk and we outlined how to establish roles and a context for ERM implementation.
Topics: Enterprise Risk Management (ERM), Enterprise Risk Management, Enterprise Risk Management, ERM, ERM Framework, Risk Appetite, Risk Management Blog, Risk Register, Risk Tolerance
In our previous post, Taking a Closer Look at Enterprise Risk Management, we introduced Enterprise Risk Management (ERM) as a strategic discipline that affords a “portfolio” view of all threats and opportunities throughout an organization. We contrasted ERM with the traditional “silo” approach to risk management, where various parts of an entity manage their risks with no overarching risk management strategy.
Topics: Enterprise Risk Management (ERM), Enterprise Risk Management, ERM, Portfolio View of Risk, Risk Management Committee, Risk Management Blog, Subject Matter Expert Group
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.
Topics: Enterprise Risk Management (ERM), Enterprise Risk Management, Enterprise Risk Management, ERM, ERM Framework, Risk Management Blog
Enterprise Risk Management (ERM) concepts can help retailers create a competitive advantage out of the business of managing risk. ERM’s “portfolio view” collects all risk and mitigation activity into a single Risk Register. This enables management to coordinate mitigation efforts across functions, rather than leaving risk to be managed in a patchwork fashion among various pockets in the organization. These are the critical areas for retail organizations where embracing an ERM approach adds value and opportunities that would likely otherwise be “missed:”
Topics: Cyber Breach, Cyber Risk, Data Breach, Enterprise Risk Management (ERM), Enterprise Risk Management, Enterprise Risk Management, ERM, Reputational Risk, Retail Risk Management, Risk management, Risk Management Assessment, Risk Management Blog, Risk Register, Social Media Risk
Nine out of the 10 largest bankruptcies in the first half of 2016 were energy companies, according to investment insights publication The Turnaround Letter. Eight of those were oil and gas companies, specifically. Such widespread failures throw not just assets but whole segments of operations up for grabs. As the buyers assimilate these operations, it is no surprise that the acquisitions change the risk profiles of the new owners.
Topics: Due Diligence, Energy Company Mergers & Acquisitions, Energy Risk, Energy Risk Management, Enterprise Risk Management (ERM), Enterprise Risk Management, Enterprise Risk Management, ERM, Mergers & Acquisitions, Oil and Gas Risk Management, Oil & Gas Risk Management, Risk Appetite, Risk Management Blog, Risk Register
Monitoring insurance compliance in contracts is an important, albeit challenging, risk mitigation strategy. Read Al Sica’s recent article on the subject posted on Construction Executive Magazine website.
Topics: Compliance, Enterprise Risk Management, Total Cost of Risk (TCoR), COI Compliance
Crisis Management has been, historically, a function of the IT or Risk Management department for many companies and as social media continues to gain traction, savvy risk managers have incorporated social media into their crisis communication plans.
Topics: 401(k), BYOD, Cyber Risk, Enterprise Risk Management, Human Capital, Risk Management Blog, Social Media Risk, Strategic Risk Management, The ALS Group, Total Cost of Risk (TCoR)
With the multitude of information available, it is no surprise that the process of implementing an ERM Program seems daunting. As highlighted in our prior blog, Strategic Risks: More Important Now Than Ever, one of the very first steps in this process is to form an Executive Risk Committee (ERC).
Topics: Enterprise Risk Management (ERM), Enterprise Risk Management, ERM, Risk Committee, Risk Management Assessment, Risk Management Blog, Strategic Risk Management, TCoR, The ALS Group, Total Cost of Risk, Total Cost of Risk (TCoR)
Strategic Risks are risks that affect or are created by an organization's business strategy and strategic objectives. For companies that are committed to thoughtfully managing risk, strategic risk is not a new concept. However, with social media and the speed in which everything happens these days, strategic risks are becoming a high priority for senior leaders. In a recent study released by Deloitte, 81% of companies surveyed now explicitly manage strategic risks, rather than simply focusing on more traditional risk areas, such as operational, compliance and financial risks.
Topics: Enterprise Risk Management (ERM), Enterprise Risk Management, ERM, Risk Committee, Risk Management Blog, Risk Review, Strategic Risk Management, TCoR, Total Cost of Risk (TCoR)