Fundamentals of Enterprise Risk Management: How Top Companies Assess Risk, Manage Exposures, and Seize Opportunities

By John J. Hampton | Go to book overview

CHAPTER 3
CONTRIBUTIONS
OF ERM

RISK QUOTE: Not only do I not know what’s going on, I wouldn’t
know what to do about it if I did
.

—GEORGE CARLIN, COMEDIAN

RISK QUOTE: What I know for sure is that behind every catas-
trophe, there are great lessons to be learned. Among the many
that we as a country need to get is that as long as we play the
“us and them” game, we don’t evolve as people, as a nation, as
a planet
.

—OPRAH WINFREY, BUSINESSWOMAN
AND TV PERSONALITY

Now we move into new territory. In this chapter, we identify the seven contributions of ERM. More than that, we develop a new paradigm for enterprise risk management. Having discussed the definitions and the importance of ERM, we get closer to the operational level—the place where risk comes alive and risk owners deal with it on a day-to-day basis. We distinguish between the central risk function, with its specific role, and risk owners who carry the mitigation burden. We know that ERM advocates a coordinated effort to manage enterprise exposures; now we build the structure to do exactly that by examining the seven contributions of ERM. After we build the structure of seven contributions, we provide a

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