As we close out 2016, I first want to say thank you to the readers of my ERM Insights website. While it’s only in the beginning stages, I’ve been heartened by the response I’ve seen so far.
My plan is to dramatically expand ERMInsightsbyCarol.com in the year ahead to help companies of all industries and sizes understand the value enterprise risk management can deliver and how to go about developing a long-term, sustainable program that’s an integral part of the enterprise. I hope to also feature a few interviews from industry experts and deliver ERM insights in a variety of formats besides text-based articles.
To close out the year, I want to take a few moments to mention a couple of additional pieces published in other venues. Continue reading for articles containing actionable insights that you can read on other sites around the web.
4 Ways to know ERM has Succeeded…
Back in late October, I attended the 2016 ERM conference hosted by the Risk and Insurance Management Society (RIMS) in Atlanta, Georgia.
The opening remarks by RIMS President Julie Pemberton gave some great insights into how ERM professionals can know if their efforts are succeeding – what are signs you can look for to determine if your ERM program is being effective for the organization? Julie’s remarks focused on 4 signs to look for:
- Support from leadership
- Role of strategic partner
- Impact on organizational culture
- Ideas turned into value
Check out the article 4 Ways to know ERM has Succeeded on my LinkedIn profile for more…
As a side note, it was a real pleasure to attend the RIMS ERM conference. It was invigorating to meet and speak with so many different ERM professionals in person and listen to the wonderful lineup of speakers. I look forward to attending future RIMS events in 2017!!
Exclusive interview with Risk Management Guru…
Earlier this month, I had the pleasure of being interviewed by Antonio Caldas of Risk Management Guru (RMG).
After briefly discussing my background, the interview dives into a few specifics on how adopting ERM can benefit an organization. In short, when compared to a traditional risk management framework, ERM links risks to strategic goals and integrates risk information into decision-making. Research in fact has shown that having a mature ERM program results in a 25% increase in overall value for the enterprise.
From here, Antonio and I discuss industries where ERM can be valuable – my initial response is that any industry can benefit, but the top 3 besides financial services and insurance include technology firms, manufacturing, and logistics/transportation.
In the second half of the interview, we discuss risk culture and how it influences the long-term success of an ERM program. I went on to elaborate on how to ensure an ERM program doesn’t get brushed aside in the long term. These 4 pieces or factors include:
- Have executive support and involvement
- Follow through
- Stay relevant
- Have the right people in the right role.
In the final parts of the interview, Antonio and I discuss some of the biggest challenges to establishing and managing an ERM program, which in my experience, includes 1) getting everyone together at the same time and 2) determining how much information we need to gather during the risk identification and assessment phases of the process.
Lastly, we chat about where I see ERM going in the next 10 years. For starters, it is my hope that discussions about ERM will focus more on practical information rather than theory. I also anticipate seeing dramatic development in ERM software over the next decade. Just like other fields, ERM will have technology disruption as more companies enter the market. As an ERM professional, I can tell you that ERM cannot function effectively using Excel spreadsheets and Word documents alone.
The interview is quite extensive, but Antonio’s questions are very in-depth and provide some great information on why ERM is important and some steps companies can take to ensure its long-term success. Click here for the full interview…
I want to extend a special thank you to Antonio for featuring me on the RMG site.
I want to wish all readers a Happy New Year and best wishes for a prosperous 2017!
Again, thanks to you and everyone who has been a part of this up-and-coming resource. Please don’t hesitate to leave a comment below or on my LinkedIn profile with any topic suggestions or questions.
See you in 2017!!