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

1. Risk management requires a constant focus on objectives (the “why”)
2. The work environment determines how people manage risk
3. Be pragmatic in managing risk
4. Measure risk by tracking the value it adds
5. 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.