AIRMIC's technical director gives an account of the association's research into the value of ERM
In his interview with StrategicRISK Paul Hopkin, AIRMIC’s technical director, gives a brief account of the association’s research into the value of enterprise risk management (ERM).
He explains how, according to the DNV research, ERM can be shown to reduce risk and support overall decision making.
Hopkin summarised the hallmarks of good ERM with the acronym PACED, proportionate, aligned, comprehensive, embedded and dynamic.
“If you get it right, then the benefits are far-reaching, but not all ERM programmes are successful.
Paul Hopkin, AIRMIC's technical director
'The successful ERM exercise must also be well-defined, with the desired benefits set out in advance and progress measured against a series of targets.'
Sounding a note of caution, he said: ‘If you get it right, then the benefits are far-reaching, but not all ERM programmes are successful.’