?World Risk Day?- Did You Celebrate with Some Risky Business ...

In the past, we discussed the benefits Enterprise Risk Management (ERM) can have in establishing a risk committee and enhancing your company?s Total Cost of Risk (TCoR). A recent article published by Michael Moody in Rough Notes magazine describes how the ?World Risk Day? (celebrated June 26^th) brings focus to ERM and makes companies use risks more efficiently to drive their profits.

As we have touched on numerous times, it can be difficult for Enterprise Risk Management to gain traction within an organization.? The benefits, however, could improve a company?s overall profits, morale, and business strategy. During World Risk Day numerous webinars were held by many of the industry?s leading ERM professionals. One of the key messages of these webinars was that risk should not be looked at one-dimensionally. Therefore, ERM should be used as a tool that can change the perception of Risk and allow organization?s employees/senior management to take on smarter, more strategic risks. This also means that when evaluating the benefits of ERM, a company cannot look at it solely as a compliance function caused by Dodd-Frank and SOX. The perfect example, as outlined in Moody?s article, is Richard Branson, the founder and owner of Virgin, who allowed his company to take on risk that ultimately increased the company?s profitability by focusing ERM on more than just compliance. Doing this has allowed Virgin to take on the totality of Risk with full force and to aggressively grow their various Enterprises.

The ALS Group fully supports World Risk Day; we already have our clocks set for next year?s second annual holiday ? do you? We continuously incorporate innovative ERM strategies into evaluating our clients? bottom line and using risk strategically. If you would like to discuss ERM implementation, Compliance, or looking to develop a three dimensional approach to risk for your organization, please do not hesitate to contact our Managing Principal, Albert Sica at 732.395.4250 or asica@thealsgroup.com.

Source: http://thealsgroup.com/world-risk-day-did-you-celebrate-with-some-risky-business?utm_source=rss&utm_medium=rss&utm_campaign=world-risk-day-did-you-celebrate-with-some-risky-business

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