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Enterprise Risk Management ERM is not a fad. It’s the new reality that all C-Suite executives need to face. At Forward Hindsight we have developed a groundbreaking methodology for managing enterprise that takes a 360° view to include all functions and stakeholders.
Answer the following questions to see if you are managing risks proactively or practicing CYA:
- Is your Board of Directors truly diverse or a collection of golfing and poker buddies? <YES> / <NO>
- Can all leaders in your organization articulate the top three risks you business faces with consistency and supporting data? <YES> / <NO>
- Do you use global factors to account for risks your business faces? <YES> / <NO>
- Do you have a deep understanding of your “customer’s customer”? <YES> / <NO>
- Have you initiated projects under the guise of compliance because people will listen? <YES> / <NO>
Our services give leaders the capability to manage enterprise risks proactively.
Phase 1 – Discovery & Analysis- Understand Business & Baselines. We gather overview information on the business in general as well as specifics on the Enterprise Strategies, Enterprise Business Model(s), Operating Plan, Org Structure, Culture and existing Governance.
- Interviews and Education. We dive deep into the client’s organization at all levels from the Board down.
- Draft Initial Pilot Framework. Based upon gathered information and discovery sessions, we draft an ERM framework to test potential attributes, functions and requirements.
- Complete Pilot Framework. Using a live enterprise example, we test the pilot framework hypothesis to see what risks are exposed, how those risks are connected to the business and the mitigation efforts the client needs to tactically address.
Phase 2 – ERM Framework Development- Iterate Framework Against Several Scenarios. Using other live enterprise examples we continue to refine and iterate the framework hypothesis. This shows what risks are exposed, how those risks are connected to the business and the related mitigation efforts at a strategic level.
- Establish a baseline for compliance.
- Identify and Incorporate Key Controls. Using existing and newly identified financial and operational controls we define the level of controls to incorporate into the framework.
- Finalize the Framework & the Framework Process. Using the results of the live scenarios and the multiple iterations we document the ERM Framework and the associated process.
- Develop Deployment Readiness Plan. In conjunction with the client we develop a plan to deploy the framework and transition ownership.
Phase 3 – Deployment Readiness- Enterprise Communication / Education. We assist our client executives in the required communication and education activities to ensure the deployment of the ERM Framework is embedded into the organization and positioned for long-term success.
- Connection to Organization Rhythms / Standards. In partnership with the client we identify the timing for the ERM Framework and/or the criteria for its use outside of established operating rhythms.
- Knowledge Transfer. We transition items to the client teams who operationally own the ERM Framework.
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