Most people agree that the world is changing. But is ERM adaptable enough to deal with the new business realities?
Gareth Byatt seeks to answer that question in a specially commissioned article for Enterprise Risk online. ERM is not a static process. Organisations must apply it intelligently to suit their won needs.
Byatt offers five key suggestions for ensuring ERM is agile enough to deal with today’s fast-changing world.
Five areas of focus
- Risk management requires a constant focus on objectives (the “why”)
- The work environment determines how people manage risk
- Be pragmatic in managing risk
- Measure risk by tracking the value it adds
- Always seek to continuously improve
“A strong focus of ERM, as part of a wider focus on continuous improvement, should harness knowledge about risks and how they have been and are being managed,” Byatt writes. “Done well, this knowledge repository will provide people with a valuable information source to continually improve ways to manage risks to objectives.”
Read the full feature here.
