Enterprise Risk Management - Service Your Business As You Would Your Car

Enterprise Risk Management - Service Your Business As You Would Your Car

Enterprise Risk Management (ERM) makes business sense! Not many organisations who are actively practicing ERM would argue with that. However, it tends to be predominantly organisations which are required by regulation or listing rules that actually implement ERM. Why is that? It tends to be budgetary constraints as well as a lack of understanding of what ERM actually means for them that stops businesses from making investment into ERM.

ERM Service Your Business
ERM for a business can be compared to service for a car. The reasons why a car is taken to the garage for a service is to identify and rectify any wear and tear and to make sure that the oil is replaced or topped up if needed. By having a regular service there will be less things go wrong with the car, which means less time in the garage and less money spent on repairs. If the oil is not topped up or replaced when needed, the engine may get damage and need replacing costing a lot more than having regular oil checks. Just imagine the devastating effect if the breaks were not replaced when worn, and that it would take a crash to find out that the break pads were no longer fit for purpose.

Worth Investing in Enterprise Risk Management

Enterprise risk management is good for business in the long run. True, resources will be required on an ongoing basis, but it will make the organisation better prepared and better managed. Regular reporting of whether risks are within risk tolerance, as well as near misses, can be compared with a car’s dashboard and service report. When Enterprise Risk Management works well management decisions will be informed by risk reporting and the business will continue to move forward efficiently in pursuit of its objectives.

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