In our environment of continuing economic uncertainty, attention to risk at the Enterprise Level is important. On May 23, The Risk Institute at The Ohio State University, Fisher School of Business presented, as part of its 2017 Executive Education series, the topic, “Enterprise Risk Management (ERM) for Nonfinancial Institutions”.
This session presented options for businesses just getting started with ERM, businesses trying to improve their current process or those managing economic and business disruptions. The political and economic spheres have ushered in disruptions across the business environment landscape. There is no better time than now to develop and enhance your firm’s enterprise risk management process. Our session brought to the forefront leading academic work within the ERM space, tools that are being developed to facilitate a smoother process, along with real-world examples of programs currently in place. Our speakers provided applicable examples highlighting the ERM Journey from their industry perspective and how senior leadership approached the challenge.
The session raised conversation with regard to Enterprise Risk Management processes and risk mitigants that businesses can take. Participants involved themselves in a “Think Tank” exercise facilitated by founding member, EY. That facilitated exercise created the opportunity to review a tool that is in place to extend the ERM risk mapping challenges from spreadsheets to a much more user-friendly and interactive process for businesses.
Session leaders, Professor Bernadette Minton, Chair, Fisher College of Business Department of Finance, The Ohio State University; Tammy Izzo, EY Central Region Government and Public Services Leader; Nick Kaufman, Director of Risk Management, Battelle Memorial Institute, Columbus, Ohio and; Ray Roshek, Director of Risk Management and Employee Benefits, Lancaster Colony Corporation collaborated to provide insight into:
- ERM and the Current Environment
- Targeted Risk Management for the Current Political Climate
- Leveraging Risks and Values
- Investing in ERM: Motivating your Company
The session emphasized how our member companies are going about proactively using risk management tools and methodology to balance the risks related to Enterprise Risk Management in order to meet business goals and enhance business performance.
The session provided thought provoking ideas and advanced The Risk Institute’s unique role in uniting industry thought leaders, academics and highly respected practitioners in an ongoing dialog to advance the understanding and evolution of risk management. The Risk Institute’s conversation about risk management is open and collaborative with its relevance across all industries and its potential for competitiveness and growth.