erm program

Being Included vs. Being Engaged – One Key to ERM Success

I have written previously about how ERM can be integrated into strategic planning (see here, here, and here) and project management. During a recent conversation with another risk professional regarding ERM’s role within an organization, we spoke about how it was included in various activities and meetings. While ERM was being “included,”  it soon became…
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ERM and Internal Audit: The Right Relationship

There is much discussion and debate about how Internal Audit and Enterprise Risk Management (ERM) should be connected. Some say ERM can be embedded within the internal audit group. I don’t fall in this group. Internal audit standards say that internal auditors should be objective and not unduly influenced. In other words, independent. I have…
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Experimentation and ERM: How ERM is like Manufacturing a Product

Many people believe that once you design an ERM program, that is it. No changes. No adaptability. It’s our way or the highway when it comes to risk management. But it shouldn’t be that way. Instead, we should treat ERM as an experiment. Risk management practioners use their knowledge and experiences to design a process…
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Avoiding the Dreaded “Bureaucracy” in your ERM Efforts

Bureaucracy – it’s such a dreaded word by all who encounter it. When it comes to an ERM initiative though, many perceive ERM and risk management in general as another layer of bureaucracy to heap onto their to-do pile. Fortunately, it doesn’t have to be this way!! Check out my quick video explaining how you…
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ERM Now Formally a Factor in Credit Ratings Issued by Top Agency

Credit ratings for banks, insurance companies and publicly-traded companies are issued by one of three agencies: Standard & Poor’s (S&P), Moody’s or Fitch. Together, these firms account for 95% of credit ratings issued in the world. Although each of these firms evaluates a company’s ability to handle risks to the enterprise in one way or…
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Handling Unrealistic Expectations of Enterprise Risk Management

You have been told to put together an enterprise risk management program.  Oh, and by the way, they want X, Y, and Z in 3 months.  After picking your jaw off the floor, your head starts spinning with the impossibility of meeting those expectations.  What do you do? You think that there is only one…
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Rescue Your ERM Program’s Reputation with Branding

Your organization has long had a risk management department or an insurance department.  Now that leadership is committed to having enterprise risk management embedded into the organization, you are struggling to get buy-in on how this idea is different from what you already have.  How do you overcome this to achieve success with ERM? People…
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An Enterprise Risk Management Program is NOT One-size Fits All

Designing an ERM program involves a lot of experimentation based on your company’s leadership, culture and operations The board and/or executives have decided to establish an enterprise risk management (ERM) program.  You have been given the responsibility of designing an ERM program for your organization and have established that they are in it for the…
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How Well Does Risk Management Adapt to Changes?

There have been so many articles published about regulation changes, economic crises in various countries, even major shifts in executives.  With all these constant changes, risk management must become flexible. How well are we, as risk management professionals, adapting to those changes? Back in 2011 and 2013, I saw articles from Harvard Business Review and…
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