Resilient enterprise risk management (ERM) programs monitor the risk landscape throughout the year to adapt to change. They learn from risk management efforts at the end of that year’s ERM cycle before beginning a new cycle the following year. Consider the following strategies to adapt throughout the year, as well as how to close the loop at the end of the year and begin the ERM cycle again the following year.
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There are multiple uses for enterprise risk management (ERM) reporting, the fourth step of the ERM process. Throughout the year, the ERM committee Chairperson will track the progress and next steps shared by all risk owners in a single report. Then, at the end of the ERM process cycle, the Chairperson will summarize this year’s risk management efforts and identify next steps for next year’s ERM process in a risk summary report.
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Once your institution has selected which institutional risks it will tackle this year in Step 2 of the enterprise risk management (ERM) process, manage them collaboratively in Step 3.
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Once you’ve completed identifying institutional risks – Step 1 of the enterprise risk management (ERM) process – your ERM committee can move on to assess those risks. This second ERM process step includes assigning risk scores to all risks on your register and prioritizing risks for treatment. At the end of this two-part process, your K-12 school, college, or university will have a manageable list of risks to tackle through the ERM process.
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