IBM Global Business Services
IBM Institute for Business Value
Identify and address risk
events better and faster
IBM Institute for Business Value
IBM Global Business Services, through the IBM Institute for Business Value,
develops fact-based strategic insights for senior executives around critical public
and private sector issues. This executive brief is based on an in-depth study by
the Institute’s research team. It is part of an ongoing commitment by IBM Global
Business Services to provide analysis and viewpoints that help companies realize
business value. You may contact the authors or send an e-mail to email@example.com
for more information.
Orchestrating risk-adjusted performance management
Identify and address risk events better and faster
By Steve Rogers, Spencer Lin and Robert Torok
There’s no denying the prevalence of new opportunities and risks in today’s global
environment. Yet, most enterprises are failing to put risk into the context of overall
performance. By treating risk and performance management (sometimes referred
to as corporate, enterprise or business performance management) as separate
disciplines, they miss opportunities to limit surprises and/or capitalize on the upside
of risk. CFOs are well-positioned to encourage a more holistic and cross-silo view of
risk. Integrating risk into planning, budgeting, reporting and forecasting can lead to
better decisions through risk-adjusted plans and budgets.
In the IBM CFO Study 2008 of over 1,200 compliance risks. Of the risk event types, the
CFOs and senior Finance professionals, two most frequently mentioned were strategic risks
out of three (62 percent) enterprises with involving decisions about markets, customers,
revenues over US$5 billion encountered mate- products, M&A activity and other top-line
rial risk events in the last three years. Of those,
business decisions. Geopolitical and envi-
nearly half (42 percent) admitted to not being ronmental / health risks were the next most
well prepared for it. The situation at smaller prevalent.
enterprises was better, but not by much. Of
enterprises with revenues under US$5 billion, However, for publicly traded companies, it
46 percent experienced a major risk event and seems all risks come home to roost in the
39 percent were not well prepared. stock price. Therefore, virtually all risks ulti-
mately have a financial impact. Another study
Risk comes in many flavors besides finan- found roughly the same magnitude of non-
cial. The IBM CFO Study 2008 found that 87 financial risks (85 percent) led to companies’
percent of risk types were non-financial in market capitalization decline of 30 percent or
nature, that is, strategic, operational, geopo- greater relative to their peer group.2
litical, environmental / health and legal /
1 Orchestrating risk-adjusted performance management
Astoundingly, most organizations don’t plan Successful enterprises are starting to take a
for risk. Despite the preponderance of risks, broader view of risks and leveraging perfor-
only about half (52 percent) of all surveyed mance management tools to manage risk.
acknowledge having any sort of formalized The IBM CFO Study 2008 findings suggest
program to manage risk. Fewer categorize two types of CFO actions to help businesses
their organization as being effective at risk understand the trade-offs among revenue,
management (45 percent). Moreover, only 29 profit and risk:
percent of enterprises conduct risk-adjusted
Develop a more holistic view of risk. Facing
forecasting and planning.
a wide range of risks requires enterprises to
While most enterprises are not in the busi- broaden their risk apertures and focus on
ness to manage risks but instead to drive those risks with the greatest potential impact
performance, does effective risk management and occurrence.
correlate with better enterprise performance?
Integrate risk into planning, budgeting,
In a word, yes. The IBM CFO Study 2008 found
reporting, and forecasting. Factoring risk into
that increased effectiveness at supporting /
four main areas of performance management
managing / mitigating enterprise risk charac-
positions the enterprise to better limit surprises
terizes financial outperformers.3
and capitalize on upside opportunities.
CFOs are uniquely positioned to determine and
guide the overall enterprise risk profile – largely
due to the CFO’s influential role both at the
strategic and tactical levels, expertise in the
organization’s operations, support of data and
measurement programs, and ultimate account-
ability to shareholders (and regulators).
2 IBM Global Business Services
IBM Global Business Services
Orchestrating risk-adjusted performance management
Identify and address risk events better and faster
Approaching risks today The simple reality is that risk is a real part of
Robust risk management improves an the performance of an enterprise, regardless
enterprise’s ability to take calculated whether it is planned for, managed formally
and fully-informed risks by analyzing the or wholesale ignored. Presently, enterprises
enterprise-level implications of decisions. face a wider range of risks than they actively
Meanwhile, risk management has evolved to manage. Moreover, traditional performance
include taking deliberate actions to increase management falls short of explicitly identifying
the odds of good outcomes and reduce the and tracking risk.
likelihood of bad outcomes.
Enterprises face a wide range of risks
Managing risk, especially an extended risk Since upwards of 85 percent of risks are non-
portfolio that includes factors beyond Finance, financial, effective risk management means
compliance, and accounting procedures, may going beyond the obvious financial risks. In
at first seem to be beyond the CFO’s scope. the IBM 2008 CFO Study, enterprises that
However, the IBM CFO Study 2008 suggests self-reported being highly effective at risk
that enterprises are looking to the CFO for management are three times more likely to
leadership in this area. Sixty-one percent of have Finance fully contributing to management
respondents view the CFO as the owner of of reputational risk, supply chain disruptions,
enterprise risk management. That said, it is market risk and/or episodic / catastrophic risk.
clear that the risk discipline is a “team sport” They are also more likely to fully contribute to
and collaboration across the enterprise is managing market risk.
While a focus on a wider range of risks is a
In publicly traded companies, CFOs are the positive development, enterprises should resist
only C-suite members called upon quarterly the urge to look at all potential risks no matter
to provide an aggregate picture of the enter- how small. Without a filter, one could foresee
prise. As an increasing number of jurisdictions an endless list of potential risks. Instead, as
require certification of financial statements with with performance management, impact on the
the CFO’s signature, they are also personally enterprise’s value drivers can help scope the
vested in knowing where risk resides and if it materiality of potential risks. Naturally, the value
is being properly managed. Moreover, CFOs drivers will differ by industry just as potential
understand that reward is intrinsically tied to risks will vary (see Figure 1).
risk but are also generally led by a conserva-
3 Orchestrating risk-adjusted performance management
Enterprises face a FIGURE 1.
Example value drivers for the Oil and Gas and Pharmaceutical industries.
wide range of risks,
85 percent of which Upstream Oil and Gas industry Pharmaceutical industry
Next stage drivers Value drivers Next stage drivers
are non-financial in
nature – they need to Production growth rate Revenue growth New products license
Crude oil price Patent status
be able to filter out US$ exchange rate Demographic changes
risks that are relatively Regulatory issues
inconsequential or Production taxes
seemingly unlikely, as R&D credits
well as the ability to Exploration costs/barrel Working capital Cost of raw materials
avoid or mitigate the Production costs/barrel
potential compound Projected regulatory requirements
Replenishment rates Projected volumes
effect of individual risks. Reserves/production rates Growth duration
Barriers to entry for new entrants
Currency risk Regulation
Cost of capital Economies of scale
Source: IBM Global Business Services.
Risk begetting risk: The snowball effect Most organizations could – and likely would
Imagine the impact to a Canadian-based – consider the risk implications of any of
bottled water manufacturer if a series of non- these risks individually. For example, foreign
traditional and traditional risk events occurred, exchange risks would be managed through
to devastating compound effect (a sharp formal hedging programs and/or matching of
share price decline, see Figure 2). some expenses against revenue flows, while
Example of compounding effect of risks at a major food manufacturer.
Foreign currency strengthens… Since bulk of revenue is in U.S. dollars while reported results are in Canadian
dollars, the stronger foreign currency resulted in a lower revenue figure on the
income statement, while costs remained relatively flat
Canadian government restricts The restricted water exports damage the supply of raw materials and increase
water exports… the cost to the organization while sales opportunities are lost, which in turn
leads to pricing pressures and volume difficulties
Weak results cause goodwill Due to weaker results, goodwill (for accounting purposes) no longer has
write-off… economic value and is therefore written off
Debt covenants are violated… This, in turn, affects the debt-equity ratio and causes the violation of certain
Dividends are suspended… The violation of debt covenants requires a suspension of dividends
Source: IBM Institute for Business Value analysis.
4 IBM Global Business Services
the risk of water export restrictions would be or performing further analysis to measure the
managed by identifying multiple sources of likelihood and consequence of each risk, the
water, especially U.S.-based sources. resiliency or recovery capability of the organiza-
tion to specific risks, or the interaction of related
Very few enterprises consider the compound and/or seemingly unrelated events. Rather,
effect of two major economic risks (for the targets within performance management
example, currency and export restrictions) and models usually reflect the net / aggregate effect,
the possible effect on results and ultimately, that is, the expected loss of all known risks that
stock price. For example, to address the risks may arise, but not the possible impacts of the
together, this company could have established unexpected.4
financing structures that would account for
simultaneous changes in both currency and In the IBM 2008 CFO Study, enterprises that
physical goods supply, or by arranging a U.S. self-reported being effective in risk manage-
source of supply. ment were nearly four times more likely to be
effective at measuring / monitoring business
Understanding how each risk might interact performance (42 percent versus 11 percent
with others allows decisions that can remedy for moderate to ineffective). The same organi-
(or prevent) the possible effects of an active zations leverage performance management
and complex risk portfolio. tools to manage risk (see Figure 3). Across
Extending performance management the board, it is clear that these organizations
Traditionally however, performance manage- engage in more formal risk management activi-
ment does not explicitly track risk, whether ties than less effective organizations, including
only through a qualitative description of risks the use of monitoring, reporting, historical
Leveraging performance management tools to manage risk.
Historical comparison of key risk and 51%
performance indicators 35%
Specific risk thresholds (formal trigger 39%
points for risk mitigation activities) 28%
Risk-adjusted forecast and plan 37%
Predictive analytics/modeling for 35%
measuring and monitoring risk 21%
Economic capital and allocation 26%
Access/process controls fully embedded 22%
in risk systems 12%
Very effective to effective at supporting/managing/mitigating enterprise risk
Moderate to ineffective
N = 1,229
Note: Executives were asked: Which of the following risk management activities does your company conduct enterprisewide? (Select all that apply).
Source: IBM Global Business Services, The Global CFO Study 2008.
5 Orchestrating risk-adjusted performance management
The CFO’s unique comparisons, evaluation tools, predictive ment. Performance management’s fact-driven
analytics, risk-adjusted forecasts and process processes to measuring performance, gaining
perspective can enable
controls. insight on operations, and forming the basis
enterprises to mesh
for critical, forward-looking decisions are good
the complementary While few currently consider risk as part of complements to risk management.
disciplines of economic evaluations, study participants
expect nearly half (49 percent) will employ it in Both performance and risk management seek
the next three years. Similarly, the use of risk- to create the proactive capability to guide an
and performance adjusted forecasting and planning is expected organization, influencing decision making to
management – aside from to grow from 23 percent to 38 percent within steer the organization toward effective perfor-
frequently sharing data the same time frame. This suggests that risk will mance and the achievement of key metrics. In
sources, both disciplines increasingly be a part of the assessment and this way, performance and risk management
decision-making process. are two sides of the same coin, both with
aim to proactively guide
the same objective, but one dealing with the
“The business units own the actual known universe, tracking past events, and the
effective performance other dealing with uncertainty.
risks. Finance helps them manage
and achievement of key
the risks.” The discipline required for performance
management is well suited to risk manage-
– CFO, Major bank based in Europe5
ment (see Figure 4). On the operational side,
Placing risk in the context of performance and risk management share
many core functional components, such as the
role of data collection, analysis tools and dash-
Since risks are not likely to disappear of their
boards. In most enterprises, performance and
own accord, enterprises should begin to move
risk management even share data sources.
toward risk-adjusted performance manage-
Aligning risk and performance management characteristics.
Risk management Performance management Expected benefits
Maturity Emerging approaches Established and growing Integrating disciplines brings formal,
seek more formal and formalized discipline with programmatic qualities to risk management
comprehensive structure specific, dedicated resources, while improving the comprehensiveness of
within the enterprise’s procedures and technology performance management
Use of Seeking a greater data and A data and metrics-focused Incorporating risk into performance
data and metrics-focused approach to approach management’s fact-driven approach improves
metrics non-traditional and/or non- the robustness of both disciplines
Timing Often a post-mortem External and internal historical Data collection and analyses of both
and impact process, where risk events and cross-enterprise analyses disciplines can enhance the accuracy of
are understood and managed are aimed at forecasting forecasts and predictive analytics
after they occur future events
Output Creating intelligent, informed Driving intelligent, informed Providing a greater foundation for intelligent,
decision criteria business decisions informed decisions
Source: IBM Institute for Business Value.
6 IBM Global Business Services
“Improving risk management threats to the enterprise’s value drivers, such
as drivers of revenues, margin advantage(s)
within finance is important, but and returns on invested capital, and how they
integrating it with operational per- might impinge on improved sources of growth,
formance is critical.” operational improvements and desired busi-
ness model changes. After taking account of
– CFO, Healthcare payer based in North
current controls and management actions, the
enterprise can then gauge if the exposure is at
CFOs are in an ideal position to help place an acceptable level; if not, it can explore addi-
risk in the context of performance. How does tional actions.
a CFO get started? The first step requires
Enterprises also must take care to properly
developing a more holistic view of the enter-
define their risks. For example, a hurricane
prise’s risk profile, identifying material risks,
is not a business risk for a railroad company.
both financial and non-financial, that may have
Instead, the risk is a service disruption brought
been previously overlooked.
on by the hurricane. Therefore, emphasis on
The second step requires integrating risks into identifying real business risks can bring about
the performance management processes of contingency planning that works through the
planning, budgeting, reporting and forecasting. root causes (treating some of them agnos-
By driving risk management in a formal and tically) to better define risk management
purposeful way, enterprises are more likely to actions. The goal is to keep a line of sight from
identify potential risks faster, respond to them actions to root causes to the real business
quicker and prepare for them better. risks.
Develop a more holistic view of risk Assess internal and external risks across
Facing a wide range of risks, enterprises must silos
broaden their risk apertures to focus on risks Additionally, enterprises tend to focus on
with the greatest potential impact and occur- external risks – such as capital availability,
rence. To operate with a more holistic view of competitors, shifting customer needs,
risk, enterprises will need to: economic downturns, legal or regulatory
actions, shareholder relationships, disruptive
• Identify and properly define the most
technologies and political unrest – but it may
be helpful to examine risks both outside-in and
• Assess internal and external risks across inside-out. Internal risks, broadly speaking, are
silos. strategic and operational, such as process,
management information, human capital,
Identify and define the most important
integrity and technology, as well as financial.
Within the context of its industry environment, Moreover, it helps to consider alternative views
each enterprise must concentrate on the major of looking at risk, such as a value driver-based
risks with the greatest impact and likelihood approach. For example, a company recently
of occurrence. Central focus should be on
7 Orchestrating risk-adjusted performance management
decided to look at its supply chain processes CFOs can exploit their knowledge of plan-
in terms of the revenue at risk versus solely in ning, budgeting, reporting and forecasting to
terms of cost basis. The company’s analysis help set the risk management strategy. Key
revealed a dependency on a sole second- risk indicators (KRIs) can be presented along-
tier supplier that made an inexpensive part side key performance indicators (KPIs) to
needed in nearly 80 percent of its products. monitor their material impact on value drivers.
To eliminate that risk, the company engaged Therefore, factoring risk into the four main
product designers to remove that particular areas of performance management presents
component from the final products. an opportunity (see Figure 5).
Successful execution depends on collabora- Enhancing strategic and operational
tion across the enterprise dimensions (for planning
example, countries, business units and func- While performance and risk management
tions) to avoid silos of risks and to better operate in a continuous cycle, the logical
understand their risk interactions. The same starting point is planning. As our earlier Figure
cross-enterprise collaboration is needed for 3 suggests, effective risk management organi-
successful performance. Risk management zations are more likely to employ risk-adjusted
is about orchestration from the Board level planning. These same organizations are three
to middle management. The CFO is uniquely times more likely to report having more accu-
placed to lead that dialogue. rate business plans (31 percent versus 10
percent) and to capitalize on enhanced risk /
Integrate risk into planning, budgeting, reward opportunities (33 percent versus 11
reporting and forecasting percent).
Governance and a management system are
important to managing risk. At any point in Enterprises looking to incorporate risk into
time, three activities should be going on: planning should consider the following
• Assessing a set of risks actions:
• Implementing risk management plans from • Prioritize risks based on greatest impact and
prior risk assessments likelihood of occurrence.
• Monitoring the effectiveness of risk manage- • Create a line of sight working backward from
ment plans already implemented. the identified risks and their root causes.
• Correlate risks within and across silos.
While it is important to verify that planned
actions are implemented, it is also important • Adjust for the compounding effects of
to gauge their effectiveness in reducing the seemingly independent risk events.
likelihood and/or impact of a given risk. Since • Plan for different scenarios.
changing external factors may influence risk, it
is important not to be lulled into complacency
that, once addressed, a risk need not be
8 IBM Global Business Services
To integrate risk into FIGURE 5.
Integrating risk into performance management processes of planning, budgeting, reporting and forecasting.
reporting and forecasting Enhance strategic and Optimize risk budgeting
will require the
operational planning (Benefits and costs)
monitoring of key risk
indicators (KRIs) along Planning Budgeting
with the measurement
of key performance Effective risk Increase
indicators (KPIs). management Risk adjusted management Risk adjusted shareholder
in performance value
Improve forecasting Allow monitoring, reporting
accuracy and corrective action
Source: IBM Institute for Business Value.
Organizations need to ask “what if” a variety the specific scenario developed. For example,
of possible events or conditions arise.7 The a toy company might create a scenario
organization must then play out its initial risk whereby a product is found to have dangerous
response and assess whether that action has parts for young children; the response to this
unintended or other negative consequences, scenario – say, advertising the dangers and
and whether those consequences are severe promoting a product recall – might be equally
enough to cause a re-assessment of the applicable in the case of defective products,
initial risk response. For example, a common products with dangerous chemicals or prod-
response to decline in demand for goods or ucts promoting inappropriate / dangerous
services is to reduce direct labor costs; but behavior.
that action might – as was the case for a major
utility – result in the loss of substantial corpo- The output of risk-adjusted planning is a set of
rate knowledge and experience, to the extent strategic and/or operational actions with risks
of endangering future operations. Now that explicitly identified, and reflecting the expected
consequence, or risk, must be “subtracted” and possible economic impacts. This output
from the expected cost savings, and so on. has implications for risk-adjusted budgeting
– detailed budgets must reflect the impact
The identification of risk scenarios enables the of possible risk events, associated mitigation
organization to develop risk response plans actions and the follow-on “ripple” effects.
applicable to many possible events, not just
9 Orchestrating risk-adjusted performance management
Optimizing budgeting (addressing risk and A risk-adjusted budget is one that responds to
benefits) changing circumstances, providing the finan-
The budgeting process takes each of the cial capability to react to events in a planned,
outcomes or actions from the planning proactive manner. Risk event response and
process and aligns revenues and expenses consequence are thus not budget variances
against them. To create risk-adjusted budgets, to be explained for two years running (for
the range of possible revenues and costs of example, they should not be used to explain
each action should be incorporated into the why this period is initially worse than the
budget at the appropriate organizational level. prior one and later, why the next period is
better than the one prior), but rather built into
Enterprises should consider the following expected results at a corporate level.
factors when looking to risk-adjust the
budgeting process: Enhancing monitoring, reporting and
• Adapt budgets: For potential high-impact corrective action
risk events, enterprises need to identify Risk-adjusted reporting becomes the sensor
probability, consequence and resiliency, and and alarm for risk events. The better that
adjust budgets as knowledge changes over reporting can help sense risk and alert appro-
time, factoring in potential risk mitigation priate managers within the organization, the
costs. faster the organization can respond to and
manage the risk event to reduce its negative
• Balance central versus local responsibility: effects.
Through budgeting, there is a balance
between central and local / unit level Currently, only 50 percent of enterprises’
responsibility when incorporating risks. management reporting systems (such as
Typically, the decision to mitigate and the heat maps, dashboards, scorecards and the
extent thereof are central decisions, while like) routinely include risk factors. Only 26
risk identification and the execution of miti- percent of organizations have formal perfor-
gation plans is local. mance monitoring that incorporates risk
• Incorporate risk in business cases: Business indicators. Enterprises seeking to risk-adjust
cases routinely present the financial results their reporting activities should consider the
of a plan, rarely acknowledging risks that following actions:
might impair the success of the initiative. • Incorporate risk into KPIs to identify
Just as operating and capital budgets problems / near misses, make quick correc-
should reflect the impact of risks, so tive decisions and base forward-looking
should business cases. A useful example actions.
was presented in a 2006 Management • Develop, implement and incorporate new
Accounting Guideline, published jointly by KPIs for risk – KRIs – into the “performance
the AICPA and CMA Canada.8 and risk dashboard.”
10 IBM Global Business Services
• Perform KRI trend analyses to enable iden- • Develop risk-adjusted forecasts for the true
tification of process deficiencies or other drivers of your business such as revenues,
trends before they reach critical levels. volumes, profits.
• Monitor KRIs, in turn, to help gauge the The output of risk-adjusted forecasts should
effectiveness of mitigation strategies to be fewer surprises. Forecast output becomes
reduce the likelihood and/or impact of a a key input into planning and can help to
given risk. revise the overall risk mitigation strategy.
“In the future, CFOs will be acting Pinpointing capabilities
as initial detectors of risk within It’s true that many enterprises feel uncertain
about how to approach risk management in
the organization. They will be today’s fast-paced globalizing marketplace.
positive agents, creating solutions Even though the risks are accompanied by
and proposing different scenarios. new windows of opportunity, you’ll want to take
stock of the current state before determining
The role will become increasingly which capabilities deserve highest priority in
important to risk management.” your situation. Answering the following ques-
– CFO, Global industrial company based in tions can help you begin this self-assessment.
Developing a more holistic view of risk
Improving forecast accuracy • What risks most threaten the drivers of your
Adjusting forecasts for risk may be the most business?
useful, but most difficult, aspect of an effective • How will your enterprise determine if
risk management program. This may explain exposure is at an acceptable level? What
why, on average, only 29 percent of enterprises actions are required to bring exposure to
do risk-adjusted forecasting. Yet, 45 percent of acceptable levels?
self-reported highly effective risk management
• How can your enterprise link contingency
organizations employ it. Moreover, analysis
planning and risk management actions to
suggests the use of predictive analytics for
the root causes of its major risk(s)?
risk management is highly correlated with
outperformers. • What are the impacts to your enterprise of
internal and external threats across business
Enterprises seeking to adjust forecasts for units, functions and geographies?
risks should consider the following actions:
• How will your enterprise develop a clear
• Create rolling risk forecasts for those risks understanding of the enterprise risk profile
whose probability, consequence, and/or and a stance on major risks?
resiliency change over time.
• Has your enterprise begun to look at risks
• Shift the foundation of risk and operating from a “revenue or profit at risk” perspective?
forecasts from “gut feel” or heuristics to the
iterative use of predictive analytics to refine
11 Orchestrating risk-adjusted performance management
Integrating risk into planning, budgeting, CFOs are uniquely qualified to help orches-
reporting and forecasting trate risk-adjusted performance management.
• How has your enterprise prioritized risks A highly effective way to embed risk
based on greatest impact and likelihood of management into the enterprise is to use
occurrence? Have you performed a root the same techniques and disciplines used
cause analysis of the most important risks? to measure performance. The first step
• How does your enterprise correlate risks requires developing a more holistic view of
within and across silos? What are the the enterprise’s risk profile and the second
potential compounding effects of risks? consists of integrating risks into the perfor-
mance management processes of planning,
• What potential risk scenarios has your enter-
budgeting, reporting and forecasting.
• How has your enterprise adapted budgets to Enterprises seeking to place risk in context
reflect potential risks? Which of your enter- with performance have a lot to gain. Those
prise’s risk responsibilities should reside at that do so quickly and successfully should
corporate level versus business unit level? find themselves better able to navigate today’s
challenges and recover quickly from the inevi-
• How do your enterprise’s business cases
table events they will face.
adjust internal rate of return for risk?
• What benefits might you see from incor- To learn more about this IBM Institute for
porating key risk indicators into your Business Value study, please contact us at
enterprise’s management reporting? firstname.lastname@example.org. For a full catalog of our
• If your enterprise tracks risk, how has it
improved your resiliency? ibm.com/iibv
• How does your enterprise currently link risks
to its operating forecasts?
The CFO as maestro
The risks enterprises face have the possibility
to destroy or create value, and the successful
mitigation of risk often defines who survives
and who leads in the marketplace. We see
a few recurring themes: risk is often defined
too narrowly, managed too informally and too
much is left to chance.
12 IBM Global Business Services
Authors Robert Torok is an Executive Consultant
Stephen Rogers leads the Financial with IBM Global Business Services, leading
Management practice for the IBM Institute for the development of solutions and methods,
Business Value. He spearheads the team’s and delivering Enterprise Risk Management
strategy-oriented research, exploring pressing (ERM) services for our clients. Mr. Torok has
issues facing today’s Chief Financial Officers. over 20 years of professional services experi-
In his role, Mr. Rogers was the key architect ence, serving clients in multiple industries, the
and author of the 2005 and 2008 IBM CFO last six years focused on compliance and
Studies. He has over nine years of experi- risk management. Mr. Torok is a Chartered
ence in financial management and corporate Accountant (Canada), holds an MBA from the
strategy, advising many of today’s leading Schulich School of Business at York University,
organizations. He has authored multiple and is a frequent speaker on the topic of ERM.
studies and is a frequent speaker at confer- He can be reached at email@example.com.
ences across the globe. Mr. Rogers holds an com.
MBA and Masters of International Affairs from
Columbia University. Steve can be reached at
Ellen Dulberger, Vice President, Enterprise
Risk Management and Compliance, IBM
Spencer Lin is an Associate Partner in Corporation
Financial Management in IBM Global Business Todd Tueller, Global Business Risk
Services. He currently serves as the Financial Management Leader, IBM Global Business
Management Global Strategy & Business Services
Development Lead. Mr. Lin has a combina-
Margaret Pommert, Business Performance
tion of Strategy and Financial Management
Management Consultant, IBM Global Business
consulting over the past 14 years and has
focused his efforts in Finance Strategy /
Transformation. He has co-authored thought About IBM Global Business Services
leadership in Financial Management, Strategy With business experts in more than 160
and Change, and Travel and Transportation. Mr. countries, IBM Global Business Services
Lin was a co-author of the 2005 and 2008 IBM provides clients with deep business process
CFO Studies. He has extensive experience in and industry expertise across 17 industries,
performance improvement, scenario planning, using innovation to identify, create and deliver
strategy formulation and process change. Mr. value faster. We draw on the full breadth of IBM
Lin holds an MBA from J.L. Kellogg School of capabilities, standing behind our advice to
Management at Northwestern University. He help clients implement solutions designed to
can be reached at firstname.lastname@example.org. deliver business outcomes with far-reaching
impact and sustainable results.
13 Orchestrating risk-adjusted performance management