ERM essentials: Building a strong foundation

The very first Summer Olympics took place in Athens, Greece, in 1896. Nearly 280 athletes from over a dozen countries participated in roughly 40 events across nine days. 

Almost 125 years later, those same Olympic Games have grown to monumental proportions. This year — in the 2024 Summer Olympics — nearly 11,000 athletes from more than 200 nations will participate in over 320 events spread out over 17 days of competition. 

That growth (and stability) does not happen by accident. It requires years of intentional planning, thorough communication, global buy-in, committed resilience, ongoing evaluation and continuous dedication to improvement. 

The same is true with Enterprise Risk Management (ERM). Whether you are orchestrating a centuries old global phenomenon like the Olympic Games, or building/optimizing your organization’s ERM strategy, it is essential to construct the proper foundation. 

To that end, watch our on-demand webinar and delve into ERM essentials with experienced leaders from Baker Tilly’s Risk Advisory practice. Gain a comprehensive understanding of ERM’s foundational concepts and principles, and how they can be effectively utilized to manage both risk and opportunity. Through practical examples and case studies, explore the common tools, techniques and processes used to create a sustainable risk management framework. Examine the importance of ERM and its strategic intersection between internal audit and compliance. Whether you are a seasoned risk professional or just starting your journey, this session will deliver valuable takeaways.

First things first—what is ERM? 

Before examining the key considerations for a successful ERM approach, it’s helpful to begin with the basics — in this case, a definition. So, what is ERM? 

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) defines ERM as, “The culture, capabilities and practices integrated with strategy-setting and its execution, that organizations rely on to manage risk in creating, preserving and realizing value.”