Posted: November 5th, 2021 12:12pm +00:00 | By Phil Walden

ERM Implementation – Tips 1 & 2

Management buy-in to aid decision making

Gaining senior management buy-in to the risk management programme is crucial. If management is onboard and understands the importance of risk management and how it can affect the overall business performance, then they will help instil new processes and practices to ensure everyone has a risk focus. Talking about risk at a strategic level is a great way to do this.

Having the correct procedures in place that can be monitored and audited allows for greater peace of mind and means that senior management will be less likely to be in the firing line if something does go wrong.

Training

Creating a network of risk coordinators or champions will help filter the risk message throughout the organisation. Risk management may not have been conducted or even been considered by many people within your organisation before. It is important that training is provided to guide people through the process of identifying, monitoring, mitigating risks and using the information gained to make informed business decisions.

Another important facet of this network is the ability for the organisation to retain invaluable knowledge should someone leave. Too often, great work in rising ERM up the agenda is lost when a vital member of staff is lost – good knowledge transfer and hand over is key.

News you might like
JCAD pleased to announce team promotions and growth

As the end of the year approaches, JCAD is looking forward to 2022 with lots of exciting developments to not…

Read more
ERM Implementation – Tips 8 & 9

Money Talks As the old saying goes, money talks. If you can demonstrate that the omission of conducting risk management…

Read more
ERM Implementation – Tips 5, 6 & 7

Organisation wide risk responsibility All managers who are responsible for a business goal should be responsible for the risk management…

Read more

JCAD will subscribe you to our newsletter . Please see our updated privacy policy for more information regarding the use of your data. You can unsubscribe whenever you like through the preferences option on the newsletter.