ERM was a big topic at this year’s RIMS Conference & Exhibition. As it increasingly becomes apparent that enterprise risk management is a vital component of business management as a whole, many attendees were taking the next step past simple understanding and actively looking for practical ways to actually implement the strategy for their businesses. And many sessions at RIMS 2011 were designed for that very purpose.
For instance, “Building an ERM Roadmap” and “ERM Technology Tool Review” included a variety of practical guidelines and sample tools. The discussions focused on how to develop, report and monitor an effective program that meets the business area and board’s needs.
Grace Crickette, chief risk officer at the University of California, offered a useful online resource, based on the university’s own ERM efforts, to help companies define and implement ERM programs in their organizations.
Like organizations within the private sector, the UC system operates in an inherently risky environment. By strategically managing risk, we can reduce the chance of loss, create greater financial stability, and protect our resources so we can continue our mission of supporting teaching, research and public service.
As part of this strategic approach to managing risk, the UC leverages an Enterprise Risk Management Information System, which provides users with a single portal through which they can access and analyze information related to their specific area.
For anyone looking to make progress with their own ERM program, this might be a good place to start.
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