An Enterprise Risk Management training program educates the workforce with a universal, base-level understanding of ERM concepts. This includes:
- The language of ERM (e.g., ‘what’s the difference between risk appetite and risk tolerance?’),
- Establishing common enterprise “risk factors” into the culture and thinking of the entire organization, and
- Applying the theory of “risk factors” into real-life examples that appear in current day headlines from the Penn State Scandal, the Paradise Camp Fire, the Chevy Cobalt Ignition Switch, to the Temple University US News & World Report ranking scandal, and to a drowning at a local swim club.
Ultimately, the small investment in training management and staff regarding ERM will establish the foundation to properly launch a successful Enterprise Risk Management program.