Top 5 ERM Insights Posts You Need to Read Today

It’s hard to believe it’s been close to 9 months since I launched the ERM Insights by Carol blog. I hope you’ve been enjoying the content as much as I’ve enjoyed putting it out there.

If this is your first time visiting the blog, welcome!

I also want to say thank you to all of my regular visitors who continue to come and post comments either here or over on LinkedIn.

Since I have a fair number of posts on the blog now, I thought it would be a good time to provide a quick list of articles that have received the most traffic. The posts listed below represent, in large part, the fundamental building blocks of enterprise risk management and are ideal for those looking basic, straightforward information about this dynamic field.

  1. 8 Ways Enterprise Risk Management is Different (…and Better) than Traditional Risk Management

The question of how ERM is different is probably the most popular one I get, especially from those with no prior risk management experience. Explore what makes ERM unique from concepts of traditional risk management like insurance, loss prevention and more. Also learn why adopting an enterprise-wide approach to risk is increasingly becoming a requirement to handling the realities of our ever-changing world.

  1. 4 Risk Response Strategies You Will Have to Consider After Assessing Risks

Once you and risk owners have identified and assessed risks, the next logical step is to decide what to do. The primary way of determining the response to a particular risk is to compare it to your risk appetite and tolerance statements. For example, if there is absolutely zero tolerance for a particular risk, then the right approach will be to “avoid” it. Learn more about the most common ways to respond to risks, plus some examples.

  1. Launch your Program by First Establishing Governance Structure, Principles and Processes

Are you kind of new to ERM and struggling to figure out where to start? Then this article is for you!! There’s an old saying you’ve probably heard before – “a thousand mile journey begins with the first step.” Learn more about the critical first step of establishing an ERM framework for your company followed by your risk appetite, processes and more. Also, learn why having a formal governance document, risk appetite, methods and processes is so vital for an effective ERM program.

  1. Techniques Used by One of the World’s Largest Automakers for Identifying Future Risks

Short of a crystal ball, methods used by General Motors help the automaker get a fresh perspective on risks that may affect the company in the future. Besides identifying risks, these 7 methods help the company create a more robust risk awareness and conversation within and between its various business units. One interesting facet I noticed about GM’s risk ID methodology is how they will gather individuals from different business units to get a fresh perspective. Breaking down these siloes between IT, HR and customer service is a clear example of how ERM is different than traditional risk management.

  1. What Qualities Does an Effective ERM Professional Have?

If your organization is searching for an ERM professional or you have recently been assigned this role, there are certain qualities you will want to look for or develop. It’s important to note that an ERM’s job isn’t to manage risks, but rather tie the various siloes together to provide management with a cohesive view of how risks interrelate within the company. The biggest take away is that while technical elements like reporting, identification and assessment are important, executives and the ERM shouldn’t lose sight of the most important quality of an effective ERM professional – the human element.

Although these 5 posts are the most popular in terms of views, there are others that will be useful to individuals seeking straightforward information about enterprise risk management.

Some honorable mentions include:

Thank you again for visiting ERM Insights by Carol. I encourage you subscribe to the blog (top-right) to be notified when I post a new article on the site. Also, to see comments on other articles I like, feel free to connect with on LinkedIn.

And stay tuned – I’m planning additional pieces in the weeks and months ahead that explore the fundamentals of ERM and other insights regarding risks and the business enterprise.

Also, if there is a specific topic you would like me to explore, please don’t hesitate to contact me via email or LinkedIn with suggestions.

Cover image courtesy of John Athayde by Wikimedia Commons

 

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