Some of the greatest strides in the formalisation of enterprise risk management (ERM) have occurred within the past decade. Between the mortgage crisis affecting the global banking infrastructure, the increasing threat of cyberattacks and the interconnected nature of our digitalised world, companies of all sizes across all industries have seen a renewed focus on identifying and managing large-scale organisational risk.
At the same time, organisations have been exposed to an unprecedented competitive environment, which has placed pressure on organisational cost structures. This cost containment focus has forced many organisations to rethink their infrastructures and resource management capabilities in order to maintain viability within the marketplace.
So how do organisations effectively focus on a formalised risk management structure? At this stage in the evolution of ERM, little progress has been made in the move to adopt technology solutions that truly meet the ongoing needs of the ERM function. More than to just make life simpler for the ERM team, technology can act as a change agent—enabling increased visibility to risk and allowing for a common understanding and nomenclature of risk language.
There are four key pillars that should be taken under consideration when evaluating technology solutions that would enhance an ERM function: continuity, adaptability, transparency and verifiability. Together, these four pillars can help organisations realise that technology can have a profound impact on how risk management is perceived, and ultimately, how valuable the ERM function actually is.
Read this white paper for a detailed discussion of the four pillars and how your organisation can benefit from an investment in technology for your ERM function.