Business Plan Risk

He makes sure all his stakeholders are aware of this policy.He provides safety training for his employees and explains who is responsible for specific safety risks.To learn more, download Strategic Risk Management: The Next Frontier for ERM. Mike was a founding member of XBRL International with involvement in the XBRL initiative dating back to 1999.

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A key tenet of ERM is measuring risk with the same yardsticks used to measure results.

In this way, companies can calculate how much inherent risk their initiatives contain.

Why do many ERM programs seem to stand these priorities on their heads?

Part of the reason is ERM’s roots in corporate finance, but it is also true that until recently, strategic risks were difficult to measure, not to mention evaluate, against one another on an apples-to-apples basis.

After talking with employees, contractors and clients, he sets his acceptable level of risk for safety procedures to zero.

In his internal risk policy, he notes that safety procedures must be upheld at all the times and that no injuries or fatalities are acceptable.

That was the lesson even the most efficient buggy whip makers learned once Henry Ford introduced the Model T in 1908.

Cellphone handset makers faced a similar existential crisis when the Apple® i Phone® arrived on the scene.

As the saying goes, you can’t manage what you can’t measure.

So, in order to understand how to manage strategic risk, we will begin by examining how to measure it.

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