Build a Reliable and Repeatable ERM Process

 

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APQC survey results show that the vast majority of organizations that review action items generated to mitigate identified risks find their enterprise risk management (ERM) processes effective. One best practice in ERM requires that the ERM leader build a reliable and repeatable process for helping risk owners fulfill their responsibilities and report to the board and top executives on a regular basis about:

  • changes in identified risks,
  • signs on the horizon that remote risks are growing or accelerating, or
  • signs that previously unknown risks have begun to take shape. 

In this article, derived from APQC's best practice report, Enterprise Risk Management: Seven Imperatives for Process Excellence, Rockwell Collins, Exxaro, the LEGO Group, and Paychex--all best-practice organizations in the study--reveal how their organizations use well-defined ERM program architectures, review cycles, assessment methodologies, and reporting mechanisms.

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