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Strategy and Risk Management by Ron Rael

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Introduction to Enterprise Risk Management

“Is there something wrong with me because I am scared to take a risk?” Lila K.

It is not just the large, complex or regulated organisation that needs proper risk management-every organisation needs it.

Unforeseen events take place every day and in many unexpected ways: the global economic meltdown; Hurricane Katrina; the tsunami in Southeast Asia; Japan’s catastrophic earthquake; the September 11 attacks; or the uprising against the political leaders of Egypt, Tunisia and Libya. Each of those events was unexpected, but having a proper risk management plan in place will help any organisation survive such catastrophic occurrences.

Enterprise risk management (ERM) extends to your everyday business decisions because employees take actions and make decisions daily that could have a detrimental effect on your profits and business’s longevity and future. Employees make dozens of decisions daily, and any one of them could come back to bite you, even when the decision does not seem to have hidden or unknown ramifications.

That is why your organisation must have a protocol in place for identifying and mitigating all major business risk long before it is needed.

This easy-to-understand and innovative book will help your organisation jump-start the process of establishing an enterprise wide risk management programme. The best news is that a programme is not expensive. Your major investment consists of expanding your firm’s planning and communication ...

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