Enterprise risk management has become an imperative for senior management in all industries as a result of several factors, including the risk of terrorism and other catastrophic events. Other factors like new regulations–such as Sarbanes-Oxley in the United States–require managers to demonstrate the ability to control and monitor a broad array of risks.
Senior managers at market-leading organizations view ERM as a way to profit from risk and opportunity and add value to an organization–a more proactive approach that is taking ERM beyond the defensive objectives of the recent past.
Furthermore, in the wake of recent corporate scandals, shareholders, regulators and rating agencies are demanding that senior executives and boards provide greater transparency and better communication of a company's true risk profile. All of these factors are key drivers for senior managers considering ERM important for an organization.
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