Reporting Risk to the C-suite with ERM
To execute a successful enterprise risk management (ERM) program with a long-term vision, your organization’s leaders must have full visibility and involvement with the risk management function.
But what if even the most supportive CEOs and CFOs are stretched too thin to dedicate their time to, and engage with, risk management? It’s the responsibility of risk managers and risk owners to communicate the company’s exposure to the busy C-suite.
How can you provide reports that are quick, easy, and accessible? A best-in-class ERM solution can do all that and more.
First of all, what’s worth reporting?
Your organization’s efforts to effectively and concisely communicate critical enterprise risks, and how those risks are managed, get complicated by today’s complex global business landscape. How can you distill risk information down to the most relevant and pertinent information for your C-suite?
Start with asking the right questions:
- Does your company’s risk reporting provide senior management with necessary information about risks and how they are managed?
- Where can you enhance risk reporting processes for more effectiveness and efficiency?
- Do you have a process for real-time reporting of critical enterprise risks and emerging risks?
ERM leaders must be adaptable in how they provide reports. Don’t overwhelm your executives with granular detail. At the same time, avoid summarizing risks at such a high level that the context and complexity of underlying risk is overlooked.
ERM streamlines the reporting process
ERM software solutions can put you in control of risk information, how you look at it, and how it’s reported. You can survey your enterprise risk landscape with automated, real-time risk reports or do a deep dive into areas of concern.
Utilize an ERM solution with a logical interface and powerful multilevel risk reporting features, including visual scorecards. C-suite leaders can thus visualize risk with just a few clicks or easily drill down into problematic areas. You can generate PDF, Excel, and Word documents containing your risk management information.
For CEOs and CFOs on the go, these convenient risk reports encompass:
- Inherent risk assessment
- Control effectiveness assessment
- Residual risk
- Issues status and remediation
- Relational data on risks across the organization
Keeping the C-suite in the loop encourages collaboration from all risk owners. Cross-departmental and process boundaries can be configured to meet your organization’s needs.
The key to a successful strategic ERM strategy is collaboration and shared implementation between risk managers and the C-suite. To ensure that’s possible, you need an ERM software solution with robust reporting functionalities.