Enterprise Risk Management: Seven Imperatives for Process Excellence (Best Practices Report)

- April 2014

Abstract: Business executives and board members need to have a clear and informed view of risks that have the potential to upend strategy. Smart organizations understand the urgent need for sound risk management on a global scale, and board members realize the need to be involved in risk identification, assessment, and monitoring.To avoid being caught off guard if a major risk were to materialize, organizations need to understand what must be done to establish, develop, and refine enterprise risk management (ERM) processes.

This report describes effective ERM program leadership and process excellence and focuses on transforming an organization's approach from a compliance-driven mindset to one that supports strategy execution--an approach that plays offense as well as defense. Case studies from Rockwell Collins Inc., the LEGO Group, Exxaro Resources Ltd., and Paychex Inc. are included.

Keywords: Finance and accounting; Enterprise risk management; Business risk; Best practices; Case studies; Leadership; Enterprise strategy; Risk mitigation

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