Enterprise Risk Management News and Solutions
Enterprise risk management (ERM) minimizes the effects of risk on your company’s capital and earnings. It emphasizes planning, organizing, monitoring and leading enterprise-wide to manage the risk of unpredictable catastrophes like 9/11 as well as day-to-day risks. ERM is becoming an increasingly essential part of smart IT strategy in light of emerging corporate governance from the Committee of Sponsoring Organizations (COSO) and Sarbanes-Oxley legislation. It starts with brainstorming both internal and external risks, then prioritizing by probability of the risk becoming reality and the impact it will have on your business. Finally, form your strategy: Can you avoid or mitigate the source? Can you transfer the risk? Or will you conclude the risk is worth it and continue on?
Since risk management expert James Lam pioneered risk advisory services, IT executives have begun to realize the importance of building a strong risk management framework.
FierceCIO covers the ERM issues on your mind:
- In the face of risk, how agile is my company?
- How will the company react to noncompliance? Computer viruses or worms? Data theft or cyberterrorism? Natural disasters like hurricanes?
- How uncertainty presents opportunity in our business goals
- How an enterprise approach to risk management, as opposed to silos, improves decision making
- Ignoring risk assessment could cost jobs
What is your organization’s risk management strategy? Stay updated on how credit, market, and operational risk all tie into the larger picture of enterprise risk management. FierceCIO briefs CIOs on must-know news, trends, insights, and best practices in executive IT management.
