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FCW : June 30, 2015
16 June 30, 2015 FCW.COM HOW IT WORKS This article is adapted from the IBM Center for the Business of Govern- ment’s recent report, “Improving Government Decision Making through Enterprise Risk Management.” Often, the risk that hits an organiza- tion hard might not be the one that the organization was anticipating. As they have become more experienced in the application of basic risk man- agement, the shortcomings of the tra- ditional approach to managing risks in functional and programmatic silos have become more obvious. This has led to slow but ongoing progress toward implementing the principles of enter- prise risk management. One of the earliest formal definitions of ERM was introduced by the Casualty Actuarial Society. In a 2001 report by its Advisory Committee on Enterprise Risk Management, CAS defined ERM as follows: “ERM is the process by which organizations in all industries assess, control, exploit, finance, and monitor risks from all sources for the purpose of increasing the organiza- tion’s short- and long-term value to its stakeholders.” More recently, the Association for Federal Enterprise Risk Management (AFERM) defined ERM as “a discipline that addresses the full spectrum of an organization’s risks, including chal- lenges and opportunities, and inte- grates them into an enterprisewide, strategically aligned portfolio view. ERM contributes to improved decision- making and supports the achievement of an organization’s mission, goals and objectives.” Those definitions are instructive, in part because they point out that ERM is more than simply “good” risk man- agement as traditionally practiced in silos. AFERM’s definition references “the full spectrum of an organization’s It’s more than simply rolling up the traditional risk management efforts — and it’s increasingly critical for agencies BY DOUGLAS W. WEBSTER AND THOMAS H. STANTON What exactly is enterprise risk management? 1 2 3 0630fcw_012-025.indd 16 6/10/15 9:39 AM
June 15, 2015
July 15, 2015