Give an example of a company that successful implemented a enterprise risk management process. How was...

Give an example of a company that successful implemented a enterprise risk management process.

How was it implemented?

Expert Solution

Few of the companies, with successful ERM process - Alliant Energy, Denstply International, First Energy Corp, Harrab's Entertainment, Holcim, Newell Rubbermaid

I would refer to the link for details:

https://www.ucop.edu/enterprise-risk-management/_files/protiviti_prctce.pdf

Implementation strategy:

Phase I: ERM Framework Design and Development (6 months)

Step 1: Project Scoping, Planning, and Organization (Month 1)

Step 2: ERM Education and Current-State Assessment (Months 2 and 3)

Step 3: Future State Assessment (Month 4) The future-state assessment will focus on developing a clear vision for the target state of ERM, including an initial ERM program-implementation roadmap

Step 4: Initial ERM Framework Design and Development (Months 5 and 6) Based on the initial ERM implementation roadmap, develop and implement the foundational components of the ERM program.

Phase II: Pilot ERM Implementation, Risk Training and Culture (Months 7 to 12) The key deliverables in Phase II include: (1) pilot ERM implementation, (2) revised ERM roadmap, (3) additional ERM training, and (4) risk culture assessment.

Phase III: System-wide ERM Implementation (Months 13 to 24) Based on the results of the pilot implementations and revised ERM roadmap, focus should shift to support the system-wide ERM implementation

I would refer to the book - Implementing ERM by James Lam for more details

ekkarill92 answered 1 year ago

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