In the government there is no profit metric or insolvency risk. However, there are costs associated with responding to uncertainties and benefits resulting from those efforts.
[More]Ask the Experts
The benefits of ERM are often difficult to quantify. Are there measures or common practices to convey the value of ERM in more quantifiable terms?
… the ability to quantify ERM value depends on whether the objectives can be quantified.
[More]I am a recent college graduate and am trying to gain more information on the world of risk management. What information would be helpful for a young adult with a finance degree and specialization in insurance/risk management. I have been reading up on ERM frameworks and am currently working in a claims role. There is extensive information out there and have no idea where to look.
Risk management is a collection of practices that can help you identify uncertainties, prioritize objectives and plans to identify which uncertainties to address, and determine the appropriate response or non-response.
[More]How can ERM help bring value and insight during the strategic planning process?
Establishing the context stage of the ERM process provides understanding of major internal and external considerations that can enable the success of the strategic plan or present significant obstacles to achieving strategic goals and objectives…
[More]How can Chief Risk Officers (CRO) and ERM practitioners support Cyber Risk professionals to integrate existing cyber risk management models into the overall framework?
… greater compatibility with ERM and the flexibility and encouragement to tailor both risk management efforts to the organization provide the basis for integrating cybersecurity within the broader ERM framework.
[More]What is the difference between a challenge and a risk?
There is a higher level of confidence in assigning a very high likelihood if the event has already occurred than for events with some level of probability of occurring in the future.
[More]What are some proven methods to generate more active involvement of stakeholders in ERM efforts?
As in any human activity, people get involved and stay involved with ERM efforts and practices when they can see personal benefit from the involvement.
[More]What are some common strategies to identify and assess emerging risks or risks with a longer horizon?
Emerging risks, by definition, represent uncertainties caused by evolving current or near-term events and conditions. Because they are near-term, we can easily recognize changes in current events and conditions that have the potential to impact objectives and plans.
[More]What are some methods/strategies for promoting a healthy risk culture across the agency?
A useful model to think about with respect to promoting culture is the Attitude-Behavior-Culture (A-B-C) model where culture derives from repeated behaviors, behavior is influenced by attitude, and attitude is influenced by culture.
[More]What are some techniques to leverage ERM information for the Strategic Objective Review (SOR) process?
Recognizing a root cause and identifying outcomes or impacts of the key risk events that can inhibit or enable realizing the strategic goals and objectives of the agency provide greater insights into what actions, resources, and our authorities may be needed.
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