Integrating Risk Management
John Kelly 270004J7VQ firstname.lastname@example.org | | 0 Comments | 187 Visits
I recently had the pleasure of presenting with Richard Brilliant, Carnival’s vice president and chief audit executive of Audit Services in a Compliance Week webinar titled: “Leveraging the Power of Integrated Risk Management”. Richard began his presentation by asking a very telling question: “Who specifically is best suited to manage risk in your organization”? The answer of course was “Everyone”. After all, enterprise risk management is about managing risks across multiple risk and compliance disciplines as well as across multiple business units. In other words, ERM requires everyone’s participation to be truly effective and risk awareness must be instilled at all levels of the organization. In the case of Carnival, this meant integrating risk, compliance and audit activities across business lines to support ERM and audit views of risk that were different but synergetic.
The other (less talked about) benefit of an integrated risk management program is reduced cost. With improved efficiencies for controls, control tests and auditing along with reduced internal overhead and maintenance for reporting products and support systems, ERM solutions deliver rapid returns on investment.