Posted: November 5th, 2021 12:12pm +00:00 | By Phil Walden

ERM Implementation – Tips 1 & 2

Management buy-in to aid decision making

Gaining senior management buy-in to the risk management programme is crucial. If management is onboard and understands the importance of risk management and how it can affect the overall business performance, then they will help instil new processes and practices to ensure everyone has a risk focus. Talking about risk at a strategic level is a great way to do this.

Having the correct procedures in place that can be monitored and audited allows for greater peace of mind and means that senior management will be less likely to be in the firing line if something does go wrong.

Training

Creating a network of risk coordinators or champions will help filter the risk message throughout the organisation. Risk management may not have been conducted or even been considered by many people within your organisation before. It is important that training is provided to guide people through the process of identifying, monitoring, mitigating risks and using the information gained to make informed business decisions.

Another important facet of this network is the ability for the organisation to retain invaluable knowledge should someone leave. Too often, great work in rising ERM up the agenda is lost when a vital member of staff is lost ‘“ good knowledge transfer and hand over is key.

News you might like
JCAD Attending Alarm 2022

JCAD are delighted to be returning to the Alarm conference in Manchester. The event runs from the 3rd to the…

Read more
What do we mean by ESG?

JCAD are lucky enough to work with a wonderful bunch of clients. Sometimes individual users move on to other things…

Read more
JCAD Client Satisfaction Survey Results 2022

We had over 100 unique respondents representing about 50% of our client base which was terrific, and we greatly appreciate…

Read more

JCAD will subscribe you to our newsletter . Please see our updated privacy policy for more information regarding the use of your data. You can unsubscribe whenever you like through the preferences option on the newsletter.