Many are the companies that have embarked on the ERM-journey and lost faith. In a recent study only 10% of 1450 interviewed companies claim that ERM provides considerable value. What’s wrong?
Too many companies have started ERM-processes, not for their own sake, but because of outside pressures. Once the process is in place the executive team and the board loses interest and instead of becoming a opportunity related, strategic and value driven process it has in many cases become a “box-ticking” exercise. ERM requires engagement and enthusiasm. The ERM Champion (or CRO) must glow with the job. ERM requires radical changes of attitude and decision-making. It’s like when Total Quality Management or SixSigma was introduced – a change of mind-set of how things are done in every corner of the organisation.
Drawing on our experience from other organisations, our benchmarking experience with major Nordic corporations, the RIMS Maturity Framework, together with the ERM assessment practice guides issued by the Institute of Internal Auditors (IIA), we can review your current risk management framework and processes and provide recommendations for further increasing risk management efficiency.
We can support you with almost any aspect of risk management. Learn more.
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