Your Needs
Enterprise Risk Management (ERM) is a proactive and comprehensive approach to managing risk from the top down, allowing your organization to add value with better risk information. ERM leads to informed decision-making and helps preserve and enhance value. The process allows companies to align risk strategies and can improve the way a company understands and manages risks to support further growth and protect existing assets.

Rating agencies, such as Standard & Poor's and A.M. Best, have indicated they will be including a review of a company’s ERM program as part of their overall credit and rating review process for all companies. In addition, compliance initiatives have been moving toward a “risk focused” approach, pointing toward the increased visibility of how risk is managed in an organization.

Our Service Offering
Eide Bailly’s practical approach to ERM leverages the risk management efforts your company currently has underway. We have developed a dynamic six step ERM process to provide executive management the information needed for effective decision making. Together, we will design a practical and customized approach to align with your organization’s strategic objectives. Our risk professionals will deliver flexible, value driven services to match your risk management needs and resources.

The Eide Bailly Difference
Our risk professionals have experience in many risk management and regulatory environments. We have worked in organizations and understand the challenges you face. The industry-specific knowledge and experience of our team will maximize your resources to build the framework and process that supports your business objectives for enterprise risk management.

Enterprise Risk Management Process

Step 1: Establish the ERM Foundation
With top management support, design a customized ERM approach through coordinated support across departments to manage the organization’s full range of risks as a whole.
• Align your risk appetite with your strategic plan.
• Develop long term objectives and short term milestones.

Step 2: Identify Risks
Conduct a strategic analysis of risks which may prevent your organization from achieving its goals or objectives.
• Determine where, when and how events could prevent, degrade or delay the success of your organization.
• Utilize interviews, surveys, documentation review and facilitated workshops.

Step 3: Assess Risks
Assess the current risk management controls and mitigation methods which have been applied to the identified risks.
• Review the residual risk that remains.
• Consider interdependencies of risks.

Step 4: Evaluate Risks
Evaluate your current risk response; determine what opportunities are available to improve the way risks are being handled.
• Maximize the opportunity of well-managed risks to create value for your organization.
• Amend risk response to better manage or mitigate risks and prioritize.
• Create a risk response strategy.

Step 5: Execute Risk Response Plans
Confirm your risk response plans, create change or design a new approach to risks.
• Define risk owners and consider a practical risk/reward approach.
• Finalize a communication plan and customize reporting.

Step 6: Monitor ERM
Define your monitoring plans and identify key risk indicators to be utilized for risk reporting to management.
• Review the ERM program at regular intervals.
• Keep communication alive with a customized communication plan.

For More Information
Call today—866.585.9059