ERM doesn’t need to be expensive

In the May 2009 issue of Industrial Engineer, Paul Engle, senior manager with Grant Thornton, writes:

ERM programs can be effective for most companies because they force management to look beyond the day-to-day decisions necessary to operate the business and instead consider how the company might avoid or react to significant changes that may impact the business.

ERM doesn’t need to be expensive. Management simply needs to understand the nature of risk and identify the key risks to the business, and then be willing to implement effective means to mitigate these risks.

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