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).
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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.
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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)
I recently attended the Enterprise Risk Management Roundtable Summit in North Carolina held by NC State University that included representatives from Harley Davidson and Caterpillar among the speakers. This summit helped me gain insight into the emerging importance of a comprehensive risk management program and different strategies the companies have implemented.
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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)