Step 7: Develop the Next Phase of Action Plans & Ongoing Communications
The implementation of ERM is an evolutionary process that takes time to develop. In the spirit of continual improvement, once the initial ERM action plan has been completed, the working group or risk leader should conduct a critical assessment of the accomplishments to date and develop a series of action plans for the next stage of implementation.
Following the incremental approach, the leader should identify next steps in the ERM roll-out that will foster additional enhancements and afford tangible benefits as a result. The completion of the initial ERM action plan is also an opportunity for the risk leader and the ERM working group to convey the status and benefits achieved to the BOD and senior management. The risk leader should also consider what types of ongoing education offerings and communications should be deployed across the organization to continue to strengthen the organization’s risk culture and ERM capabilities.