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Topics in Enterprise Risk Management - Loyola's Quinlan School of Business

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An interview with Betty Simkins - Finance Department, Oklahoma State University

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Can you think of a recent news event where effective ERM strategies would have avoided a PR nightmare?

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Can you think of a recent news event where effective ERM strategies would have avoided a PR nightmare?

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The economic recession that was a result of financial institutions not following ethical and legal procedures.

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is a strategic business discipline that supports the achievement of an organization's objectives by addressing the full spectrum of its risks and managing the combined impact of those risks as an interrelated risk portfolio.

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Avoid it.

Reduce it.

Shift it.

Assume it.

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Financial – a consequence  that impacts financial condition or well-being

Strategic – a consequence  that may create a lasting impact or change on a fundamental objective or  mission

Operational – a  consequence that impacts day-to-day activities

Compliance – a  consequence that constitutes a violation of a law or regulation, or  institutional policy or requirement

Opportunity – the loss of  a benefit or advantage caused by not pursuing a course of action

Reputational – a  consequence that impacts image, standing or character

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Risk – the possibility of an action or event occurring and the
consequences of that act or event on the business, its people, and the
achievement of its goals and objectives

Steering Committee– a senior level committee comprised of a broad cross-section of individuals
familiar with the varied aspects of the company’s operations, who are responsi le for implementation of an ERM program

Risk Appetite– tolerance for risk

Mega –a consequence of enormous measure that threatens the very existence of an organization

Risk Frequency–likelihood that a specific risk will occur and reoccur

Risk Mitigation– actions that reduce the consequences of a risk

Risk Owner –an individual within an organization familiar with an identified risk and responsible for understanding and managing the risk

Risk Assessment–measurement of the combination of risk frequency and risk severity using an established algorithm

Risk-Reward Analysis– a process to identify and measure risks and benefits of an action or
decision in order to act in an informed manner

Risk Severity– extent of the damage to the business, its people, and its goals and objectives resulting from a risk occurring

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What are some pitfalls to avoid when it comes to ERM?

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What are some pitfalls to avoid when it comes to ERM?

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How do you evaluate “success” when it comes to ERM?

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How do you evaluate “success” when it comes to ERM?

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Enterprise risk management ( ERM or E.R.M.) in business includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. ERM provides a framework for risk management, which typically involves identifying particular events or circumstances relevant to the organization's objectives (risks and opportunities), assessing them in terms of likelihood and magnitude of impact, determining a response strategy, and monitoring progress.

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What topics should be included in an ERM Compliance Plan?

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What topics should be included in an ERM Compliance Plan?

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Create a graphic display showing the of the ERM cycle.

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Create a graphic display showing the of the ERM cycle.

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Crisis management is a response whereas Risk management is strategic.

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What are the steps to implementing ERM?

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What are the steps to implementing ERM?

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1. Define what value your organization will gain from ERM

2. Research and understand different standards and frameworks

3. Inventory what your organization is already doing

4. Seek support and help

5. Keep it simple

6. Start small

7. Go for the quick wins

8. Delegate “fixes” to risk owners

9. Report on progress

10. Develop your “soft skills”

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An ERP solution incorporates the practical systems used by organizations to manage the basic commercial functions of their business, such as: planning, inventory/materials management, purchasing, manufacturing, finance, accounting, human resources, marketing and sales, services etc.

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All risk that can create a risk for your management

or business.

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Risk Management & Insurance - Environmental Health and Safety - The University of Texas at Dallas

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Risk Management & Insurance - Environmental Health and Safety - The University of Texas at Dallas