What is Enterprise Risk Management (ERM)

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Enterprise Risk Management (ERM) is a comprehensive approach to assessing risk within a business, emphasizing its overarching impact on operations. ERM aims to thoroughly grasp, scrutinize, and address risks across all facets of an organization. By understanding and mitigating risks holistically, ERM enhances the resilience and adaptability of businesses to potential threats, fostering sustainable growth and stability.

Education

MANAGEMENT
ENTERPRISE RISK
WHAT IS
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#LearnToRise
?
Enterprise Risk Management (ERM) is a holistic and
structured approach that seamlessly integrates risk
management into an organization's overall strategic
planning and decision-making processes. It enables
organizations to effectively recognize, assess, priori-
tize, and address risks that can impact their ability to
accomplish their intended goals.

MANAGEMENT
ENTERPRISE RISK
COMPONENTS OF
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#LearnToRise
Establishes the organizational culture and
governance structure
Defines risk tolerance and commitment to
ERM
INTERNAL ENVIRONMENT:

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#LearnToRise
Defines the organization's strategic and operational
goals
Ensures risk management aligns with and supports
these objectives
OBJECTIVE SETTING:
Involves assessing internal and external factors
influencing risk
Identifies potential risks and opportunities,
encompassing operational, financial, strategic, and
compliance risks
RISK IDENTIFICATION:

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#LearnToRise
Quantifies and qualifies identified risks based on
impact and likelihood
Helps prioritize risks for further attention and
mitigation
Ranks risk based on their significance, allowing focus
on high-priority areas
Facilitates resource allocation for risk management
efforts
RISK ASSESSMENT:
RISK PRIORITIZATION:

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Develops strategies to mitigate, transfer, or accept
risks
Reduce the impact and likelihood of adverse
events
Implements controls and policies to manage risks
effectively
Includes checks and balances to prevent or detect
undesirable events
RISK MITIGATION:
CONTROL ACTIVITIES:

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Defines the roles and responsibilities of individuals
and committees in overseeing ERM
Ensures accountability and compliance with risk
management policies and procedures
Continuously assesses risk management processes
and outcomes
Regularly reports on risk exposure and mitigation
efforts
RISK GOVERNANCE:
MONITORING AND REPORTING:

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Ensures timely and relevant information flows
throughout the organization
Facilitates effective risk reporting and decision
making
INFORMATION & COMMUNICATION:

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Helps to identify and address security risks,
reducing the chance of incidents
Enhanced resilience to withstand and recover from
challenges and disruptions
Enhanced decision-making based on risk
insights
MANAGEMENT
ENTERPRISE RISK
COMPONENTS OF

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#LearnToRise
Ability to seize opportunities and adapt to change
effectively
Enhanced reputation through proactive risk
management
Safeguards the organization's sustainability and
success
Reduced financial impact of adverse events
Increased trust from investors, customers, and
regulators
Supports regulatory compliance and strengthens
governance

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Let’s get real. Today’s business landscape is ever evolving and fiercely competitive driven by game changers, value creators, innovators in trying to match changing consumers’ demographics and expectations. Subject risk expert and practitioner Andrew Koh, seeks to address the complex issue on how to manage the key challenges firms face in using their Enterprise Risk Management (“ERM”) framework to support firms in operating within these competitive and disruptive business climate, that remain crucial for business success, and takes readers further on some of the deeper issues and challenges they face in using enterprise risk management framework, the real situation facing ERM managers as they seek to communicate and to work together with stakeholders in achieving common ERM objectives by using common methodologies and enterprise values; the corresponding possible explanations behind them; as well as highlighting the top 3 challenges that boards and senior management teams must and need to overcome to ensure the successful implementation and running of their ERM programs. In each of these slides, Andrew will share his thoughts and opinions, drawing from his almost quarter of a century in risk and governance experience working across banking, finance, cards and payment sectors. Looking from the lens of a thought leader, risk and governance expert, readers are provided with simple, practical and refreshing ideas on how to approach and manage these key ERM challenges in firms operating in ever increasingly complex environments across different industries, geographical boundaries and regulatory requirements. The real issues and challenges Readers will precisely understand why the objective in effectively using an ERM approach is critical for business success. ERM is no longer an option but a must do for firms to manage risks so as to remain highly competitive. Companies who embraced ERM early and steadfastly strive to improve and align to their business strategies, stand to reap the benefits and gained competitive advantages in achieving their corporate objectives. Regardless, all firms will continue to face real challenges managing enterprise risk management programs so as to be effective and to avoid incurring losses from unidentified or unquantified potential risks. I hope readers who read and followed these slides have gained a better insight on how to approach and manage key challenges in driving enterprise risk management programs within their own firms. This is especially important in today’s ever changing and competitive business landscape, coupled by market disruptive innovations.

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DISUSSION-1 RE: Chapter 15: Embedding ERM into Strategic Planning at the City of Edmonton COLLAPSE Top of Form The two strategic processes The two strategic processes which are tightly connected to ERM in the current scenario of Edmonton City ERM implementation are: Results based budgeting and Performance measurement. Results based budgeting (RBB): ERM helps organizations to allocate the resources based on the requirement for completing the tasks and to produce the desired output. The RBB assists to determine the funding allocation requirements which are mandatory to fulfill the strategic objectives of organization. This budget formulation is performed based on predefined objectives such as priority, resource availability and expected results etc. here the expected results represents the desired outputs which organization expects to meet its strategic goals. In simple words the Results-based budgeting is about emphasizing performance and accountability. Performance measurement: The continuous performance measurement helps organizations to drive the progress in risk mitigation and it provides insights where additional attention is required. The Key performance indicators (KPIs) can be used to measure the effectiveness of risk management activities. The Performance measurement in ERM sends the list of desired outcomes to RBB and receives list of prioritized programs and costs to ensure ERM works at its full potential (Fraser, J., Simkins, B. J., & Narvaez, K., 2015). Two criteria’s must be balanced in a successful ERM model The two criteria are model power and user-friendliness. The powerful model can provide large amount of information and lets the organization to compare the results and risks, effectiveness’ of current program and impact of future initiatives. The user friendliness program helps to easily add information, add new features and easy to understand by the user with simple steps. The user friendliness also includes if needed some unnecessary steps could also be removed without losing model robustness (Fraser, J., Simkins, B. J., & Narvaez, K., 2015). Thank you References Fraser, J., Simkins, B. J., & Narvaez, K. (2015). Implementing enterprise risk management: Case studies and best practices. Hoboken: Wiley. Bottom of Form DISCUSSION-2 1. What the other strategic processes are closely tied to ERM? The strategic processes may have success strategy which is linked to the command of risk and organization understanding. The selection of strategy is an exercise of high-stakes. Approx. 80% of the underperformer may against the industry who have lost their wat over the prior 10 years because of blunder who are strategic and the business and strategy magazine. It may blame on failure on operations errors and the external event or compliance fault. 2. What are three kinds of risks are identified within the city of Edmonton? There may be three risks which may involve avoidance or risk termination, tolerance or acceptance of ...

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What is Enterprise Risk Management (ERM)

1. #LearnToRise MANAGEMENT ENTERPRISE RISK

2. MANAGEMENT ENTERPRISE RISK WHAT IS www.infosectrain.com #LearnToRise ? Enterprise Risk Management (ERM) is a holistic and structured approach that seamlessly integrates risk management into an organization's overall strategic planning and decision-making processes. It enables organizations to effectively recognize, assess, prioritize, and address risks that can impact their ability to accomplish their intended goals.

3. MANAGEMENT ENTERPRISE RISK COMPONENTS OF www.infosectrain.com #LearnToRise Establishes the organizational culture and governance structure Defines risk tolerance and commitment to ERM INTERNAL ENVIRONMENT:

4. www.infosectrain.com #LearnToRise Defines the organization's strategic and operational goals Ensures risk management aligns with and supports these objectives OBJECTIVE SETTING: Involves assessing internal and external factors influencing risk Identifies potential risks and opportunities, encompassing operational, financial, strategic, and compliance risks RISK IDENTIFICATION:

5. www.infosectrain.com #LearnToRise Quantifies and qualifies identified risks based on impact and likelihood Helps prioritize risks for further attention and mitigation Ranks risk based on their significance, allowing focus on high-priority areas Facilitates resource allocation for risk management efforts RISK ASSESSMENT: RISK PRIORITIZATION:

6. www.infosectrain.com #LearnToRise Develops strategies to mitigate, transfer, or accept risks Reduce the impact and likelihood of adverse events Implements controls and policies to manage risks effectively Includes checks and balances to prevent or detect undesirable events RISK MITIGATION: CONTROL ACTIVITIES:

7. www.infosectrain.com #LearnToRise Defines the roles and responsibilities of individuals and committees in overseeing ERM Ensures accountability and compliance with risk management policies and procedures Continuously assesses risk management processes and outcomes Regularly reports on risk exposure and mitigation efforts RISK GOVERNANCE: MONITORING AND REPORTING:

8. www.infosectrain.com #LearnToRise Ensures timely and relevant information flows throughout the organization Facilitates effective risk reporting and decision making INFORMATION & COMMUNICATION:

9. www.infosectrain.com #LearnToRise Helps to identify and address security risks, reducing the chance of incidents Enhanced resilience to withstand and recover from challenges and disruptions Enhanced decision-making based on risk insights MANAGEMENT ENTERPRISE RISK COMPONENTS OF

10. www.infosectrain.com #LearnToRise Ability to seize opportunities and adapt to change effectively Enhanced reputation through proactive risk management Safeguards the organization's sustainability and success Reduced financial impact of adverse events Increased trust from investors, customers, and regulators Supports regulatory compliance and strengthens governance

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What is Enterprise Risk Management (ERM)

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