Enterprise risk management is crucial for organizational success and stability. In episode 2 of the SRA Watchtower Risk Intel podcast, host Ed Vincent and industry expert Michael Glotz discussed key best practices in ERM. Glotz shared valuable insights on risk management strategies and highlighted the importance of how a strategic plan can help evolve the role of the CRO, and the need to assess risk maturity.
“Risk and Strategy are two sides of the same coin” - Michael Glotz
Start with the Strategic Plan:
Glotz emphasizes that CROs should thoroughly examine the organization's strategic plan to identify potential risks. By assessing each strategic imperative and implementing preventive measures, CROs can align risk management with the organization's objectives, fostering success.
- Shifting the CRO Mindset: Glotz advocates for a mindset shift among CROs. They should actively participate in strategic decision-making and move away from the traditional focus on internal audit or compliance. By becoming valued business partners, CROs can have a seat at the table to drive enterprise value and contribute to organizational growth.
- Focusing on Strategic Imperatives: Glotz highlights the significance of analyzing strategic imperatives and identifying associated risks. Many strategic goals set by banks are not achieved due to insufficient risk assessments. CROs play a critical role in improving strategic planning and increasing the likelihood of successful outcomes by addressing risks proactively.
- Assessing Risk Maturity: Glotz recommends assessing risk maturity within the organization. The Risk Management Association's Risk Maturity Framework offers a roadmap for evaluating risk management components. This self-assessment helps identify gaps, allowing organizations to enhance risk management practices and formulate future plans effectively.
Effective enterprise risk management requires organizations to adopt best practices that align risk mitigation with strategic imperatives. CROs should actively engage in strategic decision-making, moving beyond traditional audit and compliance roles. By assessing risk maturity and addressing gaps, organizations can enhance their risk management practices proactively.
These best practices empower organizations to make informed decisions, build resilience, and drive enterprise value. Integrating risk management into the organizational fabric enables businesses to navigate uncertainties and seize opportunities confidently. By taking a proactive approach to risk management, organizations can achieve their strategic goals while ensuring long-term sustainability.
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