Resource Library

GSMI offers a comprehensive library of blogs, Articles and White Papers, discussing today's hottest and leading management methodologies and strategies.  Use the navigation to scroll through and find the information that pertains to you and your performance management needs.

GSMI is always looking for the most up to date case studies and effective information to provide executive leaders today.  If you have an interesting article to publish fill the form out below and contact us.

 

By GSMIweb on 22-Apr-10 03:11.

Balancing Enterprise Risk Management and Enterprise Performance Management Originally Published: June 01, 2009 Poorly planned and executed risk management capabilities contributed to the recent economic collapse, and they are likewise impeding the recovery as companies have shifted from taking too many risks to taking too few. Effective risk management requires finding the balance between prevention and value generation. This balance can be achieved by integrating enterprise risk management with enterprise performance management so that the risk and performance parts of an organization work together towards a common goal. How and Why Risk Management Processes Failed There are several factors that contributed to the recent widespread failure of risk management systems. One factor was the complexity and speed of the 2008 market collapse, which outpaced companies' abilities to keep up from a risk management standpoint. Another contributing factor was the fragmented, incomplete information most companies received, limiting the ability to adequately identify and mitigate risks in a timely manner. Non-integrated ERM capabilities also contributed as only 8% of organizations in a recent Accenture survey reported having centralized, fully integrated risk management capabilities used across the enterprise. This lack of integration leads to redundancy and increased costs in a time when budgets are tightening.
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By GSMIweb on 22-Apr-10 03:09.

Audit Committee Oversight of Enterprise Risk Management Originally Published: April 01, 2008 Key stakeholders are pressuring boards of directors to better handle near-term risks and to identify strategic risks that might affect future operating performance. More companies are implementing enterprise risk management (ERM) to identify strategic and operating risks, in addition to financial risks, and define the organization's overall risk appetite. Rising Expectations for the Audit Committee Boards are seeking more risk intelligence to help them evaluate the trade-offs between risk and return when weighing strategic alternatives. The audit committee is responsible for oversight of the internal and external auditors as well as financial reporting. In part because the assessment of internal controls over financial reporting is risk-based, the audit committee is increasingly being charged with overseeing management's risk policies and discussing the enterprise's key risk exposures with management. Audit committees charged with risk oversight are placing demands on management for more information about key risk exposures and risk management processes.
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By GSMIweb on 22-Apr-10 03:08.

The State of Enterprise Risk Management at Colleges and Universities Originally Published: July 01, 2009 The Association of Governing Boards of Universities and Colleges and United Educators conducted a survey in June 2008 regarding attitudes, practices, and policies about ERM at American colleges and universities. There were over 600 respondents from a mix of private and public schools of different sizes, with presidents and chancellors, CFOs, governing board members, chief academic officers, and risk managers comprising most of the respondents. Survey responses indicate that higher education is lagging behind private industry in considering risk at the strategic level.
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By GSMIweb on 22-Apr-10 03:08.

ENTERPRISE RISK MANAGEMENT: A DAILY EXERCISE By Dave Lindorff While the financial meltdown was a sock in the eye for risk management as it had been practiced, the crisis has also underscored the need for organizations to put in place a well-integrated and solid process according to a soon-to-be-released report from Marsh Inc.'s enterprise risk management (ERM) practice and GovernanceMetrics International, the corporate governance research and ratings group. The report highlights the case of Tyco International, a $20-billion diversified industrial company, which seven years ago was a risk manager's nightmare. Its CEO indicted and later convicted of defrauding shareholders of $400 million and its books cooked beyond recognition, Tyco was often mentioned in the same breath as Enron and WorldCom. Today, broken up, restructured and under completely new management, Tyco has put risk management front and center in its strategic planning and operations. "Today risk management is a component of how this company operates on a day-to-day basis," says John Jenkins, Tyco's corporate secretary. "So, for example, with strategic planning, it's not a matter of the risk manager sitting on the side and suddenly chiming in; it's just a component of the whole process." That, Christie Kaufman, vice president of Marsh Risk Consultancy and one of the three authors of the Marsh/GMI study tells Treasury & Risk in an exclusive, is the way risk management ought to work.
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By GSMIweb on 22-Apr-10 03:07.

Book Review: Making ERM Pay Off Originally Published: December 31, 2001 Overview Risk is defined as, "any event or action that will adversely affect an organization's ability to achieve its business objectives and execute its strategies successfully." A business that is unable to manage risks will eventually disappear. Historically, businesses have managed risks under what is called a "silo method." Under this method risks such as insurance risk, technology risk, financial risk, and environmental risk would all be managed independently in separate departments. This book introduces an emerging risk management technique known as enterprise risk management (ERM). ERM is an integrated approach to managing risks that involves personnel from every level in an organization. It is also a continuous process that broadly focuses on all business risks and opportunities. The demand for ERM has been driven largely by the increased use of technology and the Internet. This "New Economy" has created and complicated many different types of risk. The effects of these new risks can be seen in several recent instances where businesses suffered considerable financial losses, decreased shareholder value, damaged reputations, and bankruptcy. ERM provides a process that helps prevent these undesirable events. Its goal is to create, protect, and enhance shareholder value by managing the uncertainties that could either negatively or positively influence achievement of the organization's objectives. This book presents in-depth case a
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