URMIA: Translating ERM from a Theoretical Perspective into Practical and Effective Actions that Impact Performance
Posted: 5 February 2014 | Source: URMIA
Enterprise risk management (ERM) can be a difficult process for individuals at any organization or company to get their arms around; institutions of higher education are no different. One reason for this difficulty in envisioning and implementing an ERM program is the fact that it focuses on all of an organization’s component, which can vary widely.
This article uses the authors’ experiences in implementing ERM in the financial services sector and extrapolates lessons learned and other guidance to colleges and universities. First, it reviews common barriers to ERM implementation, followed by a number of suggestions that managers across many fields, departments, or offices can implement now to work around these barriers.