The COVID-19 pandemic is a realized issue with the emphasis on solving the immediate problems. However, an agency’s objectives and strategies my be influenced in the medium-to-long-term.
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What are some of the top challenges facing agencies in integrating the OMB A-123 ERM framework with strategic objectives and decision-making processes?
Cultural change is often difficult, regardless of the need or reasons. Success takes time, leadership and management commitment and buy-in…
[More]What methods can agencies use to identify risks that are not already realized problems?
The key to distinguishing unrealized risks from realized risks is to look at where they are in time and how they are described.
[More]How does the application of ERM differ in making risk mitigation decisions vs. routine decision making?
At its core ERM is the same as risk management activities conducted at lower levels within an organization.
[More]Private sector businesses often play a balancing act between company profit and insolvency risk. Is it necessary to perform similar analysis as part of a public sector ERM program, and how would that analysis differ?
In the government there is no profit metric or insolvency risk. However, there are costs associated with responding to uncertainties and benefits resulting from those efforts.
[More]The benefits of ERM are often difficult to quantify. Are there measures or common practices to convey the value of ERM in more quantifiable terms?
… the ability to quantify ERM value depends on whether the objectives can be quantified.
[More]I am a recent college graduate and am trying to gain more information on the world of risk management. What information would be helpful for a young adult with a finance degree and specialization in insurance/risk management. I have been reading up on ERM frameworks and am currently working in a claims role. There is extensive information out there and have no idea where to look.
Risk management is a collection of practices that can help you identify uncertainties, prioritize objectives and plans to identify which uncertainties to address, and determine the appropriate response or non-response.
[More]How can ERM help bring value and insight during the strategic planning process?
Establishing the context stage of the ERM process provides understanding of major internal and external considerations that can enable the success of the strategic plan or present significant obstacles to achieving strategic goals and objectives…
[More]How can Chief Risk Officers (CRO) and ERM practitioners support Cyber Risk professionals to integrate existing cyber risk management models into the overall framework?
… greater compatibility with ERM and the flexibility and encouragement to tailor both risk management efforts to the organization provide the basis for integrating cybersecurity within the broader ERM framework.
[More]What is the difference between a challenge and a risk?
There is a higher level of confidence in assigning a very high likelihood if the event has already occurred than for events with some level of probability of occurring in the future.
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