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ERM done right: the Risk Intelligent Enterprise

(Excerpt)

The management of risks is inherent to the survival of mankind. When early man built a fire at night to ward off predatory animals while he slept, he was managing risk. All of us manage risk on a daily basis, often without being aware we are doing it.

Risk management is not new but ERM, an approach to managing risk, is a relatively new concept. Risk Intelligent Enterprises manage risk for two reasons; to protect what they have and to grow the value of what they have. The premise of ERM is that it attempts to present an overall and integrated view of the risks to which an enterprise is exposed. Ideally, with this information, the enterprise is then able to make better informed decisions about how we can protect what it has and how it can, in an intelligent manner, add value to what it has. In other words, the organisation can be smarter about the risks need to take. It can be “Risk Intelligent". 

ERM is an enabler of risk intelligence; its true value may lay in its ability to enable the systematic identification of possible causes of failure - failure to protect existing assets (unrewarded risk) and failure to achieve value creation (reward risk).

The extent to which an organisation uses risk information from its ERM framework to influence decision-making in both areas (unrewarded and rewarded risk) is a direct reflection of the maturity of its ERM program and of its risk intelligence.

Of course, the path to this lofty designation is long and sometimes arduous. Every organisation that charts its progress will find itself in a different location on the map, depending on the unique business challenges it faces and the competencies and capabilities it possesses. But every organisation that attains the  status of a "Risk Intelligent Enterprise" will find that they share similar characteristics, including the following:

• Risk management practices that encompass the entire business, creating connections between the so-called “silos" that often arise within large, mature, and or diverse corporations;

• Management strategies to address the full spectrum of risks, including industry-specific, compliance, competitive, environmental, security, private, business continuity, strategic, reporting, and operational risks;

• Risk management approaches that do not solely consider single events, but also take into account risk scenarios and the interaction of multiple risks;

• Risk management practices that are infused into the corporate culture, so that strategy and decision-making evolved out of a risk informed process, instead of having risk considerations imposed after the fact (if at all); and

• Risk management philosophy that focuses on not solely on risk avoidance, but also on risk-taking as a means to value creation.

Source: Deloitte Risk Intelligence Services

Risk Management Framework

Risk Appetite

Horizon Scanning

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