Business Services Industry
Successful ERM tells a good story.(Emerging Risk Strategies)(enterprise risk management )(Column)
Business Insurance, March, 2007 by Hampton, John J.
Byline: John J. Hampton My Feb. 19 column in Business Insurance identified three problems with ERM. Two were: Problem 1. Various ERM definitions focus on processes that become complex. Solution: ERM simply is an effort to coordinate management of the risks facing an organization. Problem 2.
Most efforts to categorize risk do not align the risk areas with the organizational business model. Solution: Match the categories with areas such as production, marketing, finance, technology and administration; recognize the role of major business units; and include key initiatives as individual risk categories. The third problem and solution are the focus of this column. Problem: Not telling a good story Most stories are complex, building on traditional risk...
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