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Key to ISO 31000 Success - Theme 2: Build ERM Using Incremental Steps


One perceived barrier to launching ERM is the perception that ERM is overly complex and requires a major and costly effort to implement. Related to this perception is the belief that an organization must implement all of the components of ERM in one single effort for it to work and bring any tangible value to the organization. Experience suggests otherwise.

In practice, some organizations, especially smaller organizations, have achieved ERM successes by taking an incremental, step-by-step approach to enhancing their risk management capabilities to provide a more enterprise- wide view over time rather than undertaking one massive launch effort. They start with a simple process and build from there using incremental steps rather than trying to make a quantum leap to fully implement a complete ERM process.

 

By doing so, they are able to:

  • Identify and implement key practices to achieve immediate, tangible results.
  • Provide an opportunity to change and further tailor ERM processes.