Providing ERM Consulting services to organizations across a variety of business sectors related to finance, technology, compliance, and operations.
Enterprise risk management consulting services enable organizations to FOCUS on the most important risks to an enterprise in achieving its strategy and related business objectives. The goal of an ERM Program is to generate greater INSTITUTIONAL VALUE. ERM Exchange maintains a broad yet balanced set of perspectives related not only to finance, technology, and compliance but also to operations across a variety of business sectors.
The COSO Enterprise Risk Management Framework consists of five components which are supported by 20 underlying Principles that constitute a process to institute and maintain an Enterprise Risk Management program. Essentially, the five components can be described as:
ERM Exchange has provided enterprise risk management consulting services to a number of organizations across a variety of industries including life sciences, research, manufacturing, distribution, e-commerce, managed services, healthcare, higher education, and other not-for-profits.
John McLaughlin has spent the past 30 years in the public and private sectors serving as a partner within several international accounting and consulting firms leading risk advisory practices, as well as a corporate audit director for a Fortune 500 specialty services organization where he established enterprise risk management programs within several business units.
John has been witness to a number of governance failures throughout his career, and from that experience, he has been able to convey unique perspectives regarding ERM and the ability to facilitate the establishment of practical enterprise risk management consulting programs. John focuses on the most important risks (a.k.a., “Top Ten”) and their underlying risk response strategies which are intended to generate greater institutional value.
John skillfully and patiently led our leadership team through the ERM process, despite initial skepticism among several members of the executive team. The leadership team found the process very helpful in focusing on the issues that truly matter. Our Board found John’s process extremely valuable in aligning our role and vision with management’s plan and execution.
The fact that we instituted an ERM program directly contributed to our ability to achieve a higher credit rating that reduced our total bond interest expense by over $2 million and also allowed us to release over $4 million in previously restricted debt service reserve funds. John was instrumental in successfully developing the foundation of our ERM program.
John connected well across all functions of our somewhat complicated and growing organization including the medical team, information technology, finance, compliance, and operations. His focus and ability to understand our entire operation were essential to the breadth, transparency, and credibility of our Enterprise Risk Assessment process, including his presentation and discussion with the Board.
An enterprise risk management consultant FACILITATES a process in which management and the Board of an organization articulate their enterprise strategy, business objectives, and risk appetite, and identify the MOST IMPORTANT RISKS in achieving the strategy and goals to enhance the VALUE of the enterprise. Our enterprise risk management consulting services incorporate an assessment of the potential impact and likelihood of top risks, an assessment of the effectiveness of existing response strategies to each of the risks, as well as the introduction of new response strategies to certain risks. ERM Exchange also educates ERM program participants on a variety of concepts associated with enterprise risk management enabling such teams to independently carry out meaningful ERM programs that cascade through the entire workforce.
The main goal of enterprise risk management is to identify potential risks that could prevent successful strategy implementation and overall growth. With the help of an ERM program, you can uncover the top risks facing your organization or strategy and create related risk response strategies. All members of the organization who have accountability and authority—the risk owners—are responsible for managing risk. Maximize your available resources with ERM.
Enterprise Risk Management contributes to organizational resilience by equipping businesses with the tools, strategies, and frameworks needed to proactively identify, assess, and address risks. By embedding ERM into their operations, organizations build a robust foundation to withstand challenges, recover quickly from disruptions, and maintain a competitive edge in the marketplace.
Enterprise risk management aims to unify the focus on the most important risks facing an enterprise. The unified understanding should be evident in a REPORT that includes a “heat map” that identifies the top risks in relation to their perceived levels of likelihood and impact. The report should:
With the use of our enterprise risk management framework and approach, ERM Exchange provides management and the board with an analysis of top risks and response strategies to aid in strategic decision-making. ERM Exchange’s risk-informed methodology helps to create or improve an ERM program that is:
ERM is a journey. Start small – yet think big – to prioritize resources and address the top risks facing your organization.
