Tips For Starting Your ERM Program

1. Start with the strategic plan – focus ERM efforts on where the company is going, not where it has already been

2. Create a simple framework and process that is easily understood – too many companies try to make ERM more complicated than it needs to be

3. Demonstrate importance of the program with a C-level champion – whether it is a new Chief Risk Officer, the CFO or even the CEO, a key leader must lead the charge

4. Tie risk management objectives and metrics to existing performance metrics – business goals require incentives and risk management objectives are no different

5. Invest in cost-effective enabling technologies – a wide range of risk management technology solutions exist today and choosing the wrong solution can result in cost overruns and poor results