Aug 01, 2009
Download This paper discusses developing and understanding the enterprisewide risk profile of an organization. This total risk picture can be developed using not only the data customarily available from financial and claims systems but also from data related to employees, contractors, environmental events, physical assets, product quality, and corporate reputation. This paper focuses on the benefits of a holistic approach to enterprise risk management. This approach enhances the ultimate sustainability of the enterprise through implementing a methodology to evolve the organization from a compliance-oriented culture to a proactive, continuous improvement-oriented culture focused on risk reduction. We discuss the roadmap to implementing an enterprisewide risk management approach and the business impact.