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apqcRisky Business II: Enterprise Risk Management As A Core Management Process

American Productivity & Quality Center (APQC), April 2009, Pages: 118

Description: The organizations selected for deep, detailed study through structured data collection and site visits (referred to throughout the report as "best-practice organizations" or "study partners") demonstrate innovative performance in one or more of the following study focus areas:

1. optimizing the ERM organizational structure;
2. identifying, implementing, and maintaining supporting ERM methodologies;
3. using ERM for effective decision making; and
4. using ERM for performance improvement.

The goal of this study was to examine organizations that excel in one or more aspects of the study scope and to aggregate the best practices from all the organizations studied. To achieve this goal, the APQC study team identified potential best-practice partners that demonstrated excellence and a history of success in the four scope areas. Project sponsors then selected the final list of partners from among the candidates.

With thought leadership from IBM Global Business Services, this report examines leading-edge ERM programs, describing how organizational leaders implemented ERM across business units and embedded ERM in core management processes to improve decision making. The included best practices and case studies offer valuable insights on developing strategic risk management processes and fostering a risk-conscientious culture.

Key Findings:

- Best-practice organizations establish clear structures for ERM involving executive-level support.

- Senior leaders understand the impact of risk information.

- A holistic approach to risk management enables improved understanding of critical risks.

- Best-practice organizations use a variety of methodologies to identify, assess, aggregate, and report risks.

- Currently, the technology of choice for ERM among the partner organizations is Microsoft Office.

- A focus on risk management creates a culture of informed risk takers.

- Risk information must be effectively communicated across the enterprise in order to influence decision making.

- Effective risk management is evaluated as an organizational key performance indicator.

- Best-practice organizations use risk management as an individual performance indicator.

- Evaluation of ERM effectiveness is in the early stages of maturity.

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