Key to ISO 31000 Success – Theme 7: Provide Ongoing Enterprise Risk Management Updates and Continuing Education for Directors and Senior Management

Key to ISO 31000 Success – Theme 7: Provide Ongoing Enterprise Risk Management Updates and Continuing Education for Directors and Senior Management Enterprise Risk Management practices, processes and information continue to evolve. Thus, it is important for directors and senior executives to ensure that they are receiving appropriate updates, new releases and continuing education on Enterprise Risk Management, including information about regulatory requirements and best practices.

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Key to ISO 31000 Success – Theme 6: Embed Enterprise Risk Management into the Business Fabric of the Organization

Key to ISO 31000 Success – Theme 6: Embed Enterprise Risk Management into the Business Fabric of the Organization Enterprise Risk Management is a management process, ultimately owned by the board of directors and involves people at every level of the organization. The comprehensive nature of the Enterprise Risk Management process and its pervasiveness across the organization and its people provides the basis for its effectiveness.

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Key to ISO 31000 Success – Theme 5: Build on Existing Risk Management Activities

Key to ISO 31000 Success – Theme 5: Build on Existing Risk Management Activities Any organization with current operations has some form of risk management activities or risk related activities already in place. These might include activities such as risk assessments performed by the internal audit, insurance or compliance functions, fraud prevention or detection measures, or certain credit or treasury activities.

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Key to ISO 31000 Success – Theme 4: Leverage Existing Resources

Key to ISO 31000 Success – Theme 4: Leverage Existing Resources Another possible barrier to initiating an Enterprise Risk Management process may be the view that significant resources including investments or outside expertise are needed to undertake an Enterprise Risk Management project. For example, some directors or senior executives might think that they would need to hire an experienced Chief Risk Officer or make significant investments in new technologies or automated tools.

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Key to ISO 31000 Success – Theme 3: Focus Initially on a Small Number of Top Risks

Key to ISO 31000 Success – Theme 3: Focus Initially on a Small Number of Top Risks For an organization just starting out with Enterprise Risk Management, it might make sense to first identify a small number of critical risks that can be managed, and then evolve from this starting point. For some organizations, such an approach might mean keeping the initial Enterprise Risk Management focus on only those strategic risks that are deemed critical to the organization achieving its strategic business objectives.

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Key to ISO 31000 Success – Theme 2: Build Enterprise Risk Management Using Incremental Steps

Key to ISO 31000 Success – Theme 2: Build Enterprise Risk Management Using Incremental Steps One perceived barrier to launching Enterprise Risk Management is the perception that Enterprise Risk Management is overly complex and requires a major and costly effort to implement. Related to this perception is the belief that an organization must implement all of the components of Enterprise Risk Management in one single effort for it to work and bring any tangible value to the organization. Experience suggests otherwise.

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Key to ISO 31000 Success – Theme 1: Support from the Top is a Necessity

Key to ISO 31000 Success – Theme 1: Support from the Top is a Necessity To successfully manage risk, an Enterprise Risk Management initiative must be enterprise wide and viewed as an important and strategic effort. Support from the company board is needed to get the right focus, resources and attention for Enterprise Risk Management.

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