Train Board on Common Risk Vocabulary and Concepts

 

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APQC research reveals that best-practice organizations have an ERM leader that trains board members, managers, and other key stakeholders to use a common vocabulary and set of concepts that facilitate sound risk identification and management.

In this article, derived from APQC's best practice report, Enterprise Risk Management: Seven Imperatives for Process Excellence, Exxaro Resources Ltd., the LEGO Group, and Paychex Inc.--all best-practice organizations in the study--reveal how they impose a clear set of definitions and concepts to help executives and the ERM team to work in a consistent and coherent fashion.

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