Many companies have established ERM programs that have been battle-tested. Recent major events have revealed contrasting examples where some companies were caught by surprise while others were flexible enough to change positions to thrive through risk events. Many of these risk events were too pervasive and too large for a single entity to manage them alone. The authors argue that risks that span beyond the capacity of an enterprise are systemic and therefore require a collaboration of partner companies who work together to effectively mitigate those risks. Businesses must continuously seek out information related to changing conditions, assess the risks impact, and adapt their change management programs accordingly. For companies to survive through crises, risk managers should extend their ERM systems to incorporate emerging (systemic) risk into risk management processes. Partnering with others outside the organization can strengthen the organizations ability to recognize broader, emerging systemic risks.