ERM: Anticipating Questions from the Board

Sponsored By Crowe Horwath

Topics:

Compliance & Governance > Board Memberships , Sarbanes-Oxley

Finance & Risk Management

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Abstract:

A simple question from a board member, such as ýWhat are we doing about ERM?ý can be intimidating. Enterprise risk management means different things to different people. Since it is an organizationwide process, its successful development is complex and takes time. The best way to develop an appropriate answer is to start by understanding the context of the board memberýs question and why itýs being asked now. What is the directorýs perception of ERM? How might it differ from your own view? Consider at a high level what the value of ERM might be in your organization and how you could reach consensus to obtain optimal value from the sustained effort required. ERM is a multiyear journey, and drawing up a strategic road map is a more appropriate response to the question than hurriedly compiling a comprehensive and detailed inventory of risks.

DETAILS

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Released: March 10, 2009

Length: 8 pages

Format: PDF (247 kb)

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