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

By John J. Hampton | Go to book overview

CHAPTER 24
EVOLVING ERM
SINCE 2004

RISK QUOTE: Champions aren’t made in the gyms. Champions are
made from something they have deep inside them—a desire, a
dream, and a vision
.

—MUHAMMAD ALI, BOXER

RISK QUOTE: It is impossible for a man to be cheated by anyone
but himself

—RALPH WALDO EMERSON, POET AND ESSAYIST

When I arrived at Saint Peter’s College in 2004, I asked permission to put the words “specializing in enterprise risk management” on my business cards. I received that permission. Since then, every time I hand someone a card, he or she says something like “Oh, I’ve heard of enterprise risk management. Exactly what is it?”

That would be a fine reaction to a new idea that needs more traction. It is, however, something of a sad commentary on the status of ERM, which has been around for 12 or so years. Since 2002, risk managers, internal auditors, actuaries, the Committee of Sponsoring Organizations (COSO), and others have promoted ERM in their organizations and professional associations. A 2008 Google search of “enterprise risk management” produced 3,670,000 hits. At the same time, Amazon was selling books and

-238-

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