INN attended the RIMS 2009 conference in Orlando this week where presenters confirmed what many experts have said about enterprise risk management (ERM)implementation of an ERM process should start with a framework. In a panel discussion yesterday, ERM vendors discussed the need to have a good risk strategy to drive positive business results.
Carl Groth, director, capital markets at Deloitte suggested that ERM failuresto embrace appropriate ERM behaviors, develop and reward internal risk management competencies and use ERM to inform managements decision making for risk takingcontributed to the current financial crisis. He listed some of the ERM frameworks from a few organizations, including Casualty Actuarial Society, Committee of Sponsoring Organizations of the Treadway Commission (also known as COSO) and RIMS.
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