The early identification of current and emerging risks, with their causes and effects, is the foundation of a solid enterprise risk management (ERM) program.
As outlined in my last blog, risk identification is the first major step in the ERM process. In the risk identification stage, even the smallest, most unusual or unlikely risks can be important to capture. That's because they may shed light on patterns, practices and trends that interrelate, or are yet to unfold. The first key step of the ERM process is to develop a list or catalog of risks using all available resources, leaving "no stone unturned."
The ERM "rock-lifting" process can be daunting, especially when risk-related issues are being examined for the first time. Here are some problem-solving techniques, or "heavy lifting tools," that can be helpful.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
