The ERM Initiative in the Poole College of Management at North Carolina State University and AICPA just released their 9th Annual “2018 The State of Risk Oversight: An Overview of Enterprise Risk Management Practices.”
I have always looked forward to their annual report on the state of ERM, and find that it mirrors many if not most of the challenges our clients have and/are facing. This year’s report still confirms those challenges. When you look at the “Summary of Key Observations” from page 2 of the Report, these are, and continue to be consistent challenges across our clients. The primary distinction seems to be the maturity level of our client’s ERM Programs.
When Quantivate works with our clients to develop a customized ERM Roadmap, not only do we address all these challenges, we help the client create a custom Roadmap designed to assist them with overcoming them. Providing best practices aligned with their level of expertise, and resources, helps to assure their success and allows them to mature their ERM Program at a pace that is commensurate with their risk and future ERM Program aspirations.
Like many of our clients, I’m sure you can relate to most, or all the challenges being faced by the organizations in this report as they seek to build and mature their own ERM Programs. Whether it’s enhancing your ability to effectively manage your risks to your Strategy, creating repeatable operational risk processes or everything in between, having a solid plan to address them is always a best practice for success.