The Center for Excellence in ERM at St. John’s University recently released the white paper “The ERM Journey." One thing that stands out in that white paper is how ERM executives believe value is added. But the key to understanding that value are insights into some of the why it adds value. A couple of reasons stand out:
54% of ERM executives believe they add value because they helped their organization identify previously unknown risks.
76% of ERM executives believe they add value by helping their organization understand the real risks.
Discovering new risks and finally understanding risk is all about moving some unknowns into the known area. It’s got to add value.