Implementing an Effective Enterprise Risk Management Strategy
Read how our strategic enterprise risk management (ERM) framework is helping an organization gain critical insights into key risk drivers that could affect its operational and mission success.
During an internal evaluation to determine gaps in managing organizational risks, a client identified that it did not have a structured process for performing strategic enterprise risk management (ERM) across its assets and operations. The organization also recognized that it did not have the required expertise and experience in house to develop and implement such a process. While personnel were aware of numerous potential drivers of risk to the organization that could circumvent operational and mission success, a systematic process was needed to help collate, assess and manage these risk drivers.
ABS Group was selected to help the organization develop a three-year pilot program to demonstrate implementation of an effective ERM strategy. Now in its third year, the program has progressed from the initial establishment of ERM through a series of small pilot projects demonstrating implementation to maturing the program to include guiding software implementation with additional targeted projects that provide immediate benefits toward achieving the organization's missions.
- Develop an ERM maturity map and plan with actions to address key risk drivers
- Build expertise within the organization and engage management
- Identify top risk drivers and understand how to collate these data
- Implement ERM support software
- Track enterprise risk reduction
Develop an ERM framework, maturity model and risk management technology solution for implementing an effective ERM program to improve enterprise management
Launch risk assessments to prioritize strategic risks; enhance existing internal controls assessment methodology to improve data collection for ERM system
Develop detailed playbook that provides an enterprise level understanding of risks to help organization initiate action plans and track progress toward achieving its various missions