Success depends on the effectiveness in developing and executing vision and strategy. However, strategic goals may not be clearly stated to frontline management. Measures for reaching goals might not be defined or linked to goals. Corporate strategy and planning benefits from an ERM approach as management is more engaged in the process and decisions for resource allocation are better prioritized to achieve goals.
- Encourage participation in risk and compliance activities
- Identify new business opportunities and prevent losses from business risk
- Define and communicate roles, responsibilities, tasks and measures
- Link effective risk management to compensation and career development
LogicERM uses the Kaplan balanced scorecard approach from financial, customer, business process and learning and growth perspectives. That reduces uncertainty and assures the effectiveness of planned mitigation activities. LogicERM helps employees at all levels use a risk-based approach. It integrates risk management within corporate strategy and planning cycles. Goals, measures, roles and responsibilities are clearly defined and aligned. Process improvements are integrated with compliance activities. Decisions to act on risks are documented to systematically track and monitor results.
Download our whitepaper on how performance management helps achieve corporate objectives.
Testimonials
“Not every management is throwing up its hands and assuming they will not see savings from AS5 this year. Alfa Corp. has installed a new ERM solution with which it will go to battle with any auditor who challenges Alfa’s ability to quantify and prioritize risk”
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