The hallmarks of a good ERM program

Interest in enterprise risk management software seems to spike around big news--such as the fraud charges filed by the SEC against Goldman Sachs (NYSE: GS). The financial crisis in general has been a boost to ERM vendors, giving them something topical to hang their marketing on. So what's the secret of a good ERM program? Aon's 2010 Global Enterprise Risk Management Survey came up with nine hallmarks: 

1. Board-level commitment to ERM as a critical framework for successful decision making and driving value
2. Dedicated risk executive in a senior-level position, driving and facilitating the ERM process 
3. ERM culture that encourages full engagement and accountability at all levels of the organization 
4. Engagement of stakeholders in risk management strategy development and policy setting 
5. Transparency of risk communication 
6. Integration of financial and operational risk information into decision making 
7. Use of sophisticated quantification methods to understand risk and demonstrate added value through risk management 
8. Identification of new and emerging risks using internal data as well as information from external providers 
9. A move from focusing on risk avoidance and mitigation to leveraging risk and risk management options that extract value

For more:
- here's Aon's survey

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