Governance

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Risk oversight processes are vital to make ERM programs sustainable over time.  One of the key challenges is keeping the organization engaged and interested, so that ERM remains relevant to organization's needs. 

Key governance elements include:

• Guiding principles and objectives
• Well-defined ERM program roles and responsibilities
• Easy-to-understand risk management terminology
• A communications plan to drive ERM activities and support desired risk behaviors
• Simple oversight and assessment processes
• Use of a risk committee to leverage knowledge and drive productive discussions
• A plan for ongoing development of risk management capabilities