Enhancing ERM: Moving beyond the traditional risk assessment

This is the second leg of our journey through the world of enterprise risk management (ERM). In our previous webinar, we explored how to build a strong foundation with ERM essentials. Continuing that journey in our most recent webinar, we dove deep into the process of enhancing your enterprise risk assessment (ERA) beyond the traditional approach.

Naturally, the first question we must consider is—what is a traditional approach to enterprise risk assessments? 

Traditional approach to an enterprise risk assessment

At its core, there are three components of a traditional risk assessment: risk identification and gathering, risk analysis and prioritization, and outcomes and reporting.

In a traditional enterprise risk assessment approach, the shortfalls of each component are plentiful—they’re overly manual, are often burdensome, require months to complete, are subject to human error and utilize a right here, right now approach without a strategic and integrated view that truly encompasses the risk environment across the entire enterprise.

A traditional enterprise risk assessment approach isn’t all bad (there’s a reason it’s the traditional method, after all) … but there’s certainly room for improvement. And that’s where an enhanced approach comes into play.

Enhanced approach to an enterprise risk assessment