Enterprise Risk Management (ERM) has shot to prominence in recent years, and is now considered an essential element in the governance framework of any organisation.
The implementation of ERM programs is one of the hottest topics in boardrooms at the moment with more and more pressure being placed on executive teams to deliver ERM programs that add real value and deliver a clear return on investment.
Last year we published a series of blogs dealing with Pitfalls to Avoid When Implementing an Enterprise Risk Management Program which ignited much debate on social media sites and was subsequently republished by Corporate Risk & Insurance Magazine.
One of the key pitfalls we identified was a lack of understanding of the concept of Risk Maturity. As a fellow Australian Risk Practitioner Chantal Wiessnercommented at the time:
“I would add that some organisations think they can design and implement a policy and framework and build a risk mature culture in 12 months, or in some hilarious cases 3-6 months. Implementing effective risk management practices is as iterative as risk management itself”.
CompliSpace’s free Enterprise Risk Management Maturity Assessment Tool is designed to assist directors and senior executives identify where their organisation sits in the enterprise risk management journey.
Those organisations that complete the assessment will receive an individual assessment score out of 150 together with feedback as to the maturity of enterprise risk management within their organisation.
We hope you find this useful. Given the complexity of this area and vast divergence of views held by practitioners around the globe we are sure that not everyone will agree with the structure and content of this tool. That’s OK! If you have ideas as to how we can improve the tool, or if you know of a better tool, let us know by adding a comment to this blog or contacting us directly (details below).
If you are interested in Enterprise Risk Management you may also be interested in the following blogs which have been published by CompliSpace:
How CompliSpace can help
CompliSpace combines specialist risk management consulting services with practical, technology-enabled solutions. Our risk management programs, which are designed in accordance with the International Risk Management standard ISO 31000, are delivered online and in a format that allows clients to quickly and efficiently tailor the content to their own particular specifications.
If you are looking to streamline your existing governance, risk or compliance programs and make them more relevant to your organisation give us a call. We are passionate about helping organisations to implement sustainable governance, risk and compliance solutions.
P: +61 (2) 9299 6105 (Sydney) / +61 (8) 9288 1826 (Perth)