Risk events are occurrences – catastrophic incidents caused by nature, terrorism, financial fraud or other problems – that can dramatically impact your enterprise’s ability to achieve its objectives.
While some companies have been moving toward implementing more formalized ERM programs – establishing a Chief Risk Officer position, investing in systems, analytics and data management, and hiring necessary talent to perform analysis, predict and quantify risk events – the vast majority are far behind where they need to be.
The challenge for most enterprises is how to implement an ERM program, instill a culture prepared to deal with risk events and learn from inevitable mistakes. Doing it right is difficult; many “clouding factors” can sabotage an ERM program at every step. But doing it well may ultimately determine whether your organization can successfully avoid and/or mitigate risks.
A new view of ERM is required to enable organizations to clear the clouds, see risk in a new light, have better long-term vision and, ultimately, be ready to act when lightning strikes.
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