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Volume 28, Issue 3

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Wednesday, 13 August 2014 16:02

The Role of Executive Management in ERM

Ultimate responsibility for ERM starts at the top. However, everyone who matters within an organization should participate in the ERM process.

While several executives have significant responsibilities for ERM, including the Chief Risk Officer, Chief Financial Officer, Chief Legal Officer and Chief Audit Executive, the ERM process works best when all key managers of the organization contribute. The COSO ERM framework states that managers of the organization “support the entity’s risk management philosophy, promote compliance with its risk appetite and manage risks within their [respective] spheres of responsibility consistent with risk tolerances.” Therefore, identifying leaders throughout the organization and gaining their support is critical to successful implementation of ERM.

A goal of ERM is to incorporate risk considerations into the organization’s agenda and decision-making processes. This means that ultimately, every manager is responsible, which can only happen when performance goals, including the related risk tolerances, are clearly articulated, and the appropriate individuals are held accountable for results.

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http://www.corporatecomplianceinsights.com/the-role-of-executive-management-in-erm