In 1990, Risk Management for a company was “Insurance”. The Risk Manager was a middle manager who dealt only with the insurance needs of the company. In the 2000s, Risk Management for a company is “Enterprise Risk Management”. The responsible party is the Chief Risk Officer, a position in many large companies that is C-level with the Chief Executive Officer, the Chief Operating Officer, and the Chief Financial Officer.
Suppose that you are members of a project team for a Global Enterprise Risk Management Consultancy. You have been engaged by Slow-to-Adapt Corporation to prepare an initial report to the Board of Directors and Senior Management [CEO, COO, and CFO] on Enterprise Risk Management. Slow-to-Adapt Corporation has a Risk Manager who handles insurance needs for the company. However, the CEO heard at his Golf Club that he needs to be “into” Enterprise Risk Management. He has no idea what this is, what it involves, or why he needs it. The COO heard at his Golf Club that the “hot” new trend is for Emerging Risks-whatever they are.
Your project team will write a report and consult for the Board of Directors and Senior Management. They will decide whether to engage and implement an Enterprise Risk Management system for Slow-to-Adapt Corporation.
Your report should set out: What Resources Does Enterprise Risk Management Require?
