Magazine article Risk Management

ERM at RIMS

Magazine article Risk Management

ERM at RIMS

Article excerpt

In today's risk management environment, enterprise risk management has been an enduring and compelling concept that has become something of a default means of managing commercial risk. This is certainly the case for RIMS; because of our wide diversity of operations, including event organization (the RIMS conferences most of all), magazine publishing, professional development, governmental lobbying and other initiatives, nothing less than an ERM approach is required to manage our organizational risk. It is vital for preparing the organization for the changing world of risk management. It is also just one more bit of evidence to show that ERM is not merely a buzzword; it is a significant and proven method by which operations of any size, scope and specialty may manage the risks they face.

The four key functions of the RIMS ERM process are:

RIMS Chief Risk Officer. The chief risk officer (CRO) is a member of the RIMS Executive Council and identifies the various risks facing the organization, and explains their type and scope to the Board, House of Delegates, the volunteer leadership, RIMS members and RIMS staff. The CRO also helps volunteers and staff understand RIMS' risk tolerance as well as evaluate the critical risks that endanger RIMS' goals or threaten RIMS' compliance with legal, regulatory, reputation and ethical guidelines.

Risk Management Roles. The RIMS Executive Council and its Executive Director consider risk management as a joint fiduciary responsibility consisting of several different roles. The first is setting values with respect to risk, by which the Executive Council provides a value structure for RIMS' scope of operations. The second is the design and implementation of RIMS' risk mitigation policies risk by the Executive Director. The third is creating a budget that covers assessing member and client needs, identifying future projects, and developing products and services that reduce risks. …

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