effective enterprise risk management (ERM)

Enterprise Risk Management

Our solutions help you to ensure strong operational, as well as enterprise risk management and programs with the alignment of culture and business strategy

Troops from the Japan's Ground Self-Defense Force 1st Airborne Brigade dive from a C-1 transport plane during an annual new year military exercise in Narashino, east of Tokyo January 11, 2009.
REUTERS/Toru Hanai

Turn risk management into a competitive advantage

Organizations often struggle to understand what constitutes a good enterprise risk culture and how they can create one. Activities such as economic capital modelling, risk control self-assessments, etc., should be undertaken when designing and planning an ERM.

With Thomson Reuters Risk Management, a configurable solution on our Connected Risk platform, Turn risk management into a competitive advantage.

 

Creating actionable intelligence

It’s becoming clear that a good enterprise risk appetite framework, grounded in the particular issues businesses are facing, is a good place to start. However, making that risk appetite come to life is a much bigger challenge. Organizations need to have the right people, resources, and solutions in place to ensure that their enterprise risk appetite program does not get derailed by the process of delivering risk analysis.

Implementation of appropriate enterprise risk management should be focused on delivering the right actionable intelligence to key stakeholders, such as business lines, senior management, and the Board. It is with this information that a true risk culture can be created. 

At Thomson Reuters, companies are able to clearly articulate how they identify the principal risks, and how to ensure these are being managed within their risk appetite.

 

Promoting an enterprise risk culture

Organizations seeking to create or improve their risk culture should consider the following questions:

  • How do stakeholders understand risks in the context of our enterprise?
  • Is risk appetite communicated effectively in our organization?
  • Do our business units understand their risk profiles? Do they act on that knowledge?
  • Does our Board feel that it is getting the right risk information?
  • How could improved enterprise risk management generate improved margins for our business?
  • What kind of input does the risk management function have into the formulation of business strategy?

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