Benefits of Implementing the ERM Framework
In the last blog we discussed the components of the Enterprise Risk Management (ERM) Framework, and today we will look at what the benefits of implementing the ERM Framework are.
Organizations that implement the process will have:
- A greater likelihood of achieving business objectives
- Consolidated reporting of different risks at the Board Level
- Improved understanding of the key risks facing the organization
- Greater management focus on risks, and ones that really matter
- More focus internally on doing the right things, the right way
- More informed risk taking and decision making
ERM activities are a prerequisite for sound governance and risk management. There are many players involved with risk in any organization, and without something like ERM in place as a guide it is unrealistic to expect them all to perform in a coherent way.
Michael Herrera
Michael Herrera is the Chief Executive Officer (CEO) of MHA. In his role, Michael provides global leadership to the entire set of industry practices and horizontal capabilities within MHA. Under his leadership, MHA has become a leading provider of Business Continuity and Disaster Recovery services to organizations on a global level. He is also the founder of BCMMETRICS, a leading cloud based tool designed to assess business continuity compliance and residual risk. Michael is a well-known and sought after speaker on Business Continuity issues at local and national contingency planner chapter meetings and conferences. Prior to founding MHA, he was a Regional VP for Bank of America, where he was responsible for Business Continuity across the southwest region.
