TECHNIQUES OF ENTERPRISE RISK MANAGEMENT
Key 4: Leverage Existing Resources
Organizations often discover that they can rely on their existing staffs, with the knowledge and capabilities relating to risks and risk management that can be effectively used to start the ERM process. For example, some organizations have used their Chief Audit Executive or their Chief Financial Officer as the catalyst to begin an ERM initiative. In other instances, organizations have appointed a management committee, sometimes headed by their Chief Finance Officer (CFO), to bring together a wide array of personnel from across the entity that collectively have sufficient knowledge of the organization’s core business model and related risks and risk management practices to get ERM moving.
In addition, most organizations start their ERM effort without any specific enabling technology or automated tools other than basic spreadsheets and word-processing capabilities.
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