Enterprise Risk Management Governance Inc.

    What is root cause analysis? Root cause analysis is a structured process that helps healthcare, manufacturing and service sector managers and leaders in identifying contributing factors or causes of an accident, error, problem, event or occurrence. An accident, error, problem, event or occurrence are usually a result of a system rather than an individual mistakes. Understanding the system itself and contributing factors or causes of a system failure can help in preventing recurrences. Actions that are taken to address system failure helps in sustaining the improvements or corrective actions.   What is a fishbone or ishikawa diagram? Each and every outcome or effect is an end result of actions taken/omitted or in general causes/ A cause and effect diagram representing this relationship between cause and effect is called a called a fishbone or ishikawa diagram. A fishbone diagram is a visual way to represent cause and effect. It is a more structu...

 What is SRM / Strategic Risk Management? Strategic risk management (SRM) is best described as the process of identifying, assessing, and managing any risk that affects organization's strategy, strategic objectives, and strategy execution. Does your organization have a such process? If you answered yes!, great. Your organization is ahead of many by having a strategic risk management. That’s great! Because that means you have overcome the challenges I talk about in my 5-part video series on Linking ERM to Strategy. The best and simplest way to describe the strategic risk management process is to say that it requires managing key input variables (internal and external environments) and key output factors (mission, objectives, strategy, and policies). These factors influence how strategy formulation, implementation, and evaluation and control are related, and how a change in any one factor (e.g., corporate objectives) affects other factors (e.g., strategies, policies, pro...

Essential elements of ERM Create your own and tailored #ERM #framework with ease! We have worked hard to incorporate changes from #COSO and #ISO #31000 so that you can benefit without having to invest a lot of time and resources.  Email us at  info@ermgovernance.com  for more details.