What does an effective ERM program look like? In part 1 of our exploration of the top 10 risk management fundamentals, we reviewed ERM basics such as program setup and documentation, ERM roles and responsibilities, and more. Next, we'll take a look at five more program elements that help establish a comprehensive approach to assessing and managing risk. "When an organization has effective ERM, their ability to make better business decisions is greatly enhanced,"…
The Risk Management Society (RIMS) defines enterprise risk management, or ERM, as “a strategic business discipline that supports the achievement of an organization’s objectives by addressing the full spectrum of its risks and managing the combined impact of those risks as an interrelated risk portfolio.” If a strategic, comprehensive, integrated approach to assessing and managing risk is the ultimate goal — then what specific elements make up a successful ERM program? Let’s take a…
Check out Quantivate’s most recent resources — You’ll find industry insights and learning resources for your governance, risk, and compliance (GRC) program. This month's featured topics include choosing a vendor management system, improving your business continuity plan, and leveraging compliance technology.
In today’s marketplace, organizations increasingly depend on vendors and other third parties for essential business functions, making maintaining an effective vendor management program both more important and more complex. Auditors and regulators are also taking a closer look at vendor management programs, compelling businesses to do more due diligence in identifying their critical suppliers and gain a better understanding of the risks associated with those relationships. Aside from strategic third-party risk and compliance considerations,…
When was the last time your organization exercised and updated your BC/DR plan? Do you know what should be in a comprehensive plan and which elements might be missing from yours? Whether your team is developing a plan for the first time, needs to update, or could simply use a review of best practices, this overview provides a helpful breakdown of common business continuity plan components.