Enterprise risk management is crucial for organizational success and stability. In episode 2 of the SRA Risk Intel podcast, host Ed Vincent and industry expert Michael Glotz discussed key best practices in ERM. Glotz shared valuable insights on risk management strategies and highlighted the importance of how a strategic plan can help evolve the role of the CRO, and the need to assess risk maturity.
“Risk and Strategy are two sides of the same coin” - Michael Glotz
Glotz emphasizes that CROs should thoroughly examine the organization's strategic plan to identify potential risks. By assessing each strategic imperative and implementing preventive measures, CROs can align risk management with the organization's objectives, fostering success.
Effective enterprise risk management requires organizations to adopt best practices that align risk mitigation with strategic imperatives. CROs should actively engage in strategic decision-making, moving beyond traditional audit and compliance roles. By assessing risk maturity and addressing gaps, organizations can enhance their risk management practices proactively.
These best practices empower organizations to make informed decisions, build resilience, and drive enterprise value. Integrating risk management into the organizational fabric enables businesses to navigate uncertainties and seize opportunities confidently. By taking a proactive approach to risk management, organizations can achieve their strategic goals while ensuring long-term sustainability.
Listen or watch the full recording below.