The Art of Enterprise Risk Management (ERM)
Companies need to adopt enterprise risk management (ERM) frameworks that reflect their wide spectrum of goals and challenges.
What would you think of a financial adviser who recommended a stock to you before asking about your personal investment goals? Or a banker who pitched a deal to you before even asking about your company’s future plans? Every company’s risk profile is directly related to its specific ambitions. Yet, curiously, many companies often make the mistake of pursuing a standardized enterprise risk management framework, incorrectly assuming that one size fits all. This ERM methodology is typically driven by a company’s industry or geography and the respective benchmarking or framework information available.
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