Under Control: Governance Across the Enterprise

4.2. Elements of Successful ERM

Later in this chapter, we'll look at the phases of the risk management process and how they interact with each other. But first, let's consider some basic principles that all effective risk management models should embrace and follow. These characteristics cut across the stages of Enterprise Risk Management (ERM) and involve not only business processes but also people and organizational considerations:

• Assign a clear risk management process owner.

• Utilize a common risk management framework.

• Use industry best practices.

• Integrate risk management with business processes.

• Develop a culture of openness.

• Make it clear that risk management is "everyone's job."

4.2.1. Assign a Clear Risk Management Process Owner

Management ...