Implementation of the Enterprise Risk Management process can typically be broken down into three main phases that can be used regardless of the model chosen.
PHASE I PHASE II PHASE III
Assessing the Current State Developing the ERM Framework Implementing ERM |
- Risk Identification
- Risk Prioritization
- Risk Analysis
- Risk Organization
- Risk Management Capabilities
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- Infrastructure
- Risk Quantification
- Risk Policies and procedures
- Technology
- Communicate Initiative to Organization
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- Integrate ERM in Existing Risk management processes
- Integrate ERM into Strategic Planning and budgeting
- Integrate ERM into Organizational Culture
- ERM Software Integration
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