Ensure that Strategic Plans Include Action Items to Address Identified Risks

 

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It is not enough for risk managers to build a risk register every year and keep it up-to-date. The stretch goal is to have an ERM process that systematically generates insights about the adequacy of risk mitigation plans that are--or should be--included in the latest iteration of an organization's strategic plan.

In this article, derived from APQC's best practice report, Enterprise Risk Management: Seven Imperatives for Process Excellence, the LEGO Group, a best-practice organization in the study, illustrates how the organization uses explicit management of strategic risks to help the company avoid value erosion as well as drive value creation.

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