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By GSMIweb on 22-Apr-10 03:23.
Enterprise Governance, Risk and Compliance Platforms Originally Published: July 01, 2009 With increasing expectations for more effective enterprise-wide risk management, the demand for software platforms related to enterprise governance, risk and compliance (GRC) is on the rise. In this article, Forrester Research, Inc. provides summaries of its analysis of their evaluation of fourteen enterprise GRC platform vendors to determine the strengths and weaknesses of each one. GRC products have been transforming to meet the growing demands from business professionals. While the original GRC products aimed to address the needs of a specific segment within a company, the demand today is for more flexible platforms that support several risk and compliance domains. The common technologies that these enterprise-wide platforms require include data mapping, workflow management, content management and reporting to track and evaluate GRC status. In addition to the platform technologies, vendors offer varying applications to meet the distinctive functions business are searching to find. Companies that have implemented GRC platforms generally have experienced results that include greater efficiency, reduced risk and improved strategy.
Emory University's ERM Implementation Originally Published: December 01, 2008 The process of implementing ERM at Emory University began with its introduction by the chair of Emory's audit and compliance committee, who was familiar with the merits of ERM from his work as a bank executive. Emory had recently hired a new executive team consisting of the university's president, provost and executive vice president for finance and administration, which was developing a comprehensive strategic plan and launching a capital campaign. The support of senior leadership helped the ERM program gain traction and made managers accountable for their progress. The Emergence of ERM at Emory Recent corporate governance failures and public criticism of adverse events at other universities prompted the leadership at Emory University to undertake an ERM initiative. After the tragedy at Virginia Tech, there was increased pressure to share information about risks across campuses to develop a coordinated response to risks.
Enterprise Governance Risk and Compliance (EGRC) Driven by a business process and risk approach, MEGA helps companies leverage control over their operations to improve confidence in business performance. Enterprise GRC Challenges Market uncertainty, waning of consumer and investor confidence, increasing control required by regulations, and risk-based profitability are all integral parts of the current economic climate. Certain issues must be addressed: • How to take into account these factors and adjust the company directives and strategies to achieve performance goals. • How to guarantee that business objectives are not unknown or unmanaged threats. • How to demonstrate to shareholders, regulators, rating agencies, business partners and customers that the organization is under control. The MEGA Enterprise Governance, Risk and Compliance Solution
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
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
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