Enterprise Risk Management A successful ERM journey needs a trusted guide Several factors contribute to the demand for ERM, such as increased speed of change, growing market volatility and complexity, higher expectations from investors, greater pressure from regulators, etc. In this context, the need to navigate uncertainties, the increased scrutiny from the board, and are causing organizations to question whether they have the right focus on ERM. Are they looking to comply and conform, or are they looking to become a more risk-informed organization?Many organizations are demanding value beyond “enterprise risk listing” activities and the inertia that can impact an ERM program that loses momentum. They want and need ERM programs that help them anticipate, adapt, and respond to changes, focusing efforts and resources on risks and opportunities that can impact their strategy and performance. Forward-thinking organizations are using ERM to integrate strategy, business planning, and key decision-making processes to drive better business performance. Survey February 13, 2025 2025 Report on Top Risks Read Protiviti's Top Risks Report 2025 covering executives' views on emerging risks related to AI, cyber threats, talent management, and economic shifts. Learn More Getting More Value from Enterprise Risk Management (ERM) Our Risk-Informed Approach Changes the ERM ConversationOur proprietary risk-informed methodology aims to provide management and the board with relevant risk and opportunity information to support decision-making during strategy setting and performance management. This allows companies to accelerate the alignment process with the new COSO ERM principles and related best practices. To this end, our risk informed approach supports the development and evolution of an ERM program that is:STRATEGIC: Considers the impact of risk on strategy and performanceBALANCED: Measures both risks and opportunitiesINTEGRATED: Is integrated with strategy setting, planning, and business executionCUSTOMIZED: Reflects organizational business needs, expectations, and cultural attributesFrom our experience, we recognize that each ERM program and its goals are unique and influenced by organizational culture, strategy, and business goals. Therefore, we describe ERM as a journey because it is evolving and not a straight road to success.Given that there is no “one-size-fits-all solution,” one of the key benefits of our risk-informed approach to ERM is that organizations can tailor it to fit their maturity, risk culture, and risk management needs and expectations.It is important to understand the current state of the ERM journey and desired goals in order to envision the next steps. 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Her client experience includes large and regional banks as well as domestic and internationally active insurers. Meghan has assisted financial service ... Learn More Emma Marcandalli Emma Marcandalli is Managing Director in our Milan office. Emma has 20+ years of experience in providing governance, risk, compliance and internal control consulting services to clients in different industries, where she developed a strong expertize in process analysis, ... Learn More Frequently Asked Questions What is Enterprise Risk Management (ERM)? + Enterprise Risk Management (ERM) is a strategic approach for organizations to identify, assess, manage, and monitor risks that may affect their objectives. It integrates risk management into governance and decision-making processes, helping organizations recognize threats, evaluate their impact, and develop mitigation strategies. Continuous monitoring and reporting enhance decision-making, resilience, compliance, and stakeholder confidence, enabling organizations to navigate uncertainties and seize opportunities while protecting their assets and reputation. How does ERM differ from traditional risk management? + Enterprise Risk Management (ERM) takes a holistic and integrated approach, contrasting with traditional risk management's focus on specific, siloed risks. ERM covers the entire organization, addressing strategic, operational, financial, and compliance risks. It aligns with strategic objectives, defines a clear risk appetite, and proactively manages risks continuously. ERM also builds a risk-aware culture through stakeholder engagement and integrates risk considerations into all decision-making, boosting organizational resilience and strategic alignment. Why is ERM important for organizations today? + Enterprise Risk Management (ERM) is vital for organizations today as it provides a structured approach to identifying, assessing, and managing risks across the entire enterprise. By proactively addressing potential threats and opportunities, ERM enhances strategic planning and decision-making. It also improves organizational resilience, ensuring that companies can effectively respond to uncertainties and sustain long-term success. In a complex and volatile business environment, ERM helps maintain competitive advantage and achieve business objectives. What are the key components of an effective ERM framework? + An effective Enterprise Risk Management (ERM) framework includes key components such as risk identification to recognize potential risks, risk assessment to evaluate and prioritize them, and risk response to develop strategies for managing or mitigating risks. Continuous monitoring and reporting ensure the effectiveness of these strategies, while integrating risk management into decision-making processes embeds risk considerations in strategic planning and daily operations. This comprehensive approach enhances organizational resilience and supports business objectives. How does Protiviti ensure continuous improvement in ERM processes? + Protiviti enhances Enterprise Risk Management (ERM) processes through a structured framework that includes regular evaluations and updates. They promote collaboration for diverse insights and use data analytics for performance monitoring. Regular training programs keep employees updated on risk management practices. By fostering a culture of continuous learning, Protiviti aligns its ERM processes with industry standards.
