Strategic Risk Partners was formed in 2007 to address the gap that exists between senior executive management challenges of risk control, risk transfer and claims management. Most industries today are experiencing consolidation and margin compression, forcing oranizations to achieve more predictability of earnings and cash flows. Consequently, the development of meaningful ERM type strategies and tactics to diagnose and manage operational risk is becoming more important than ever.
SRP partners spent over one year inside the following organizations to learn how each group educates and advises about ERM:
- Global Association of Risk Professionals – GARP
- Professional Risk Management International Association – PRMIA
- Casualty Actuarial Society – CAS
- The Conference Board
- Institute of Internal Auditors – IIA
- Risk & Insurance Management Society – RIMS
- Project Management Institute – PMI
- American Institute of Certified Public Accountants – AICPA
Each of these organizations perceives and understands Enterprise Risk Management in a different way. They all place different emphasis and value on different parts of the ERM business process. Therefore, SRP has integrated the most valuable and practical methods of all these groups to build a set of ERM composite “ best practices “. These best practices were formulated in a practical methodology to assist organizations in building a repeatable, sustainable ERM business process that gets institutionalized and adds value.
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print this pageOperational Risk data has to be analyzed for the drivers and root causes so we can understand the resulting implication to the business units and their performance
Dan McKinney, Ernst & Young at the PRMIA conference of September 28, 2007
Leading corporations are turning to risk management as a means of enhancing shareholder value, ensuring financial stability and facilitating the achievement of strategic and corporate objectives.
James Lam, author of Enterprise Risk Management: From Incentives to Controls
published 2003
