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on 22-Apr-10 03:15.
Companies Succeed During Downturn with ERM
Originally Published: January 01, 2009
Companies staying afloat in the current environment have a common theme. The executive suite takes a lead on analyzing factors that lead to identified risks. Then, they continue on a process of investigation and study to assess the proper response. This approach led to higher amounts of cash reserves than peers stashed away during an investing peak by Berkshire Hathaway. The car manufacturers fairing best now also displayed foresight with early adoption of lower-cost, higher gas mileage automobiles. These decisions required an integrated risk management approach that started with senior management and spanned across all the business sectors of the company. Information was shared and analyzed outside of its originating silo, and corporate officers assessed the impact of separate events on the entire organization. In the example from JPMorgan, the retail banking division shared data about increasing mortgage delinquencies with the investment division, which ultimately resulted in this division changing strategies on these investments.
ERM Links Strategy and Risks
on 22-Apr-10 03:14.
Cheniere energy achieves immediate and ongoing efficiencies with robust, integrated EH&S compliance solution
Courtesy of ESS EXPO.09 Oct. 16, 2009
In 1996, Cheniere Energy Inc. was primarily an exploration and production (E&P) company with fewer than 10 employees. Five years later, its leadership team changed directions, remaking the company as a Liquid Natural Gas (LNG) import terminal organization. Today, Cheniere has over 200 employees providing customers - such as Chevron and Total - with terminal services that include international ship docking, connection for offloading LNG cargo, storage of LNG in tanks and warming the LNG to inject into a pipeline which then transports natural gas into the United States pipeline grid.
As an E&P company, Cheniere required only a financial system and a document management system. Between 2005 and 2007, however, the company dramatically upgraded its IT infrastructure by building and/or implementing a dozen major applications for governance, compliance and risk (GRC) in what amounted to a brand new beginning for Cheniere.
ESS' Essential Suite was one of those mission-critical GRC systems. Cheniere selected Essential Suite as its enterprise-wide Environmental, Health & Safety (EH&S) management platform - eliminating the need to purchase specific hardware and expediting the system's launch by opting for a hosted deployment of 9 Essential modules
on 22-Apr-10 03:13.
Commentary: Governance, risk management and compliance
11 February 2009
Sai Sireesh Pachava, worldwide director for risk management and compliance industry solutions at Microsoft, takes stock of the risk and compliance situation after a year of challenges.
The financial services industry is continuously evolving at a rapid pace. Besides the challenges posed by emerging technologies, expanded business strategies, redefined business processes, new financial instruments and regulatory frameworks, 2008 has thrown up the additional trials of the global credit crisis and government interventions that have increased the scale, scope and interconnectivity of financial institutions. Correspondingly, enterprise risk management across multiple business units within increasingly complex organisations is under increasing scrutiny, and rightfully so given what is at stake to investors, creditors and clients, and more broadly, to the global economies and financial markets.
The past year has been humbling and disruptive for the financial sector - perhaps especially for the large investment banks, but also for the risk management profession as a whole. Many epitaphs will be written for legendary institutions that disappeared overnight, and the demise of these organisations will be spoken about for decades to come in terms of the crunching global impact and associated lessons.
on 22-Apr-10 03:12.
Best Practices for Structuring ERM Within the Organization
Originally Published: September 01, 2005
Upon conducting in-depth interviews with risk managers in the investment banking industry, the authors find significant differences of opinion on how risk management should be structured within the business. Three main areas of focus emerged:
The role of modern portfolio management tools in risk management
What the "independence" of enterprise risk management (ERM) really means
How much authority the risk management function should be given
Measurement Tools in Enterprise Risk Management
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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