ERM a guide to implementation

This Guide, which is addressed mainly to Board Directors and Senior Executives, sets out the principal points which should be considered when seeking to implement ERM (enterprise risk management) anywhere in the world, in either the public or private sector. It shows that the concept of ERM goes to the very heart of an organisation and that, if implemented in the way we recommend, taking a methodical approach to the management of uncertainty, it will affect the whole corporate strategy and act as a catalyst for radical thinking which actively seeks out both threats and opportunities. The Guide indicates how an action plan can be developed to move towards holistic ERM and away from traditional silo approaches to risk management. The implementation process could take time to achieve fully, as it may require fundamental cultural changes affecting behaviour right through the organisation. However, the business will ultimately become much more robust and flexible, whilst optimising the balance between risk and reward. This will give a greater likelihood of continued success, despite the increasing pace of change all around, and great uncertainties and ambiguities about the future