ERM continues to mature as a process, and organizations are finding many ways to implement practical ideas to continuously improve their risk management capabilities. Protiviti first began exploring the ERM process with the publication of the Guide to Enterprise Risk Management: Frequently Asked Questions, which includes responses to more than 160 questions regarding many topics pertaining to ERM. This publication set the backdrop against which Enterprise Risk Management in Practice was released.
In light of the above, Protiviti has compiled examples of how 11 different companies in the United States, Europe and Japan are improving their risk management capabilities. While the companies vary widely in terms of size, industry and location, they are all unified by common themes for their ERM approaches:
- External and internal change often is acknowledged as a catalyst for implementing ERM.
- Education and support are fundamental to an effective ERM process.
- Integration with key enterprise-level business processes helps prevent ERM from becoming a separate and distinct appendage.
- Alignment with company culture underlies a successful ERM program.
- Defining the value of ERM is a universal focus area.
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