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Is your ERM program as useful as a GPS?

An ERM program should be as useful as a GPS, providing guidance and pointing out potential risks along the way.

ERM programWhen I go somewhere new, my GPS is an invaluable tool.

Before I leave, I can tell it where I want to go (if not from my current location, I give it a new departure point) and when. It will help me understand my options, not only different routes if I drive and how long each should normally take, but how I could travel using public transportation, etc.

This helps me plan the trip.

During my trip, it will help with:

  • Projecting my time of arrival. This helps me know whether I am likely to arrive on time (achieve my objective)
  • Indicating potential traffic delays, including known road repairs
  • Offering alternate routes
  • Warning me if I exceed the speed limit
  • Letting me know where I can refuel my vehicle or myself (restaurants)
  • Telling me of points of interests (opportunities)
  • Showing me where I am on my path to my objective

The GPS helps me make informed and (hopefully) intelligent decisions so I can reach my objective safely and on time.

Does your ERM program do as much?

Or is it a list of things that could go wrong that you update every so often?

I welcome your comments.

By the way, by ERM I mean your enterprise risk management program – not a software platform.

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Norman D. Marks, CPA, CRMA

Norman D. Marks is an Author, Evangelist and Mentor for Better Run Business, as well as an OCEG Fellow and Honorary Fellow of the Institute of Risk Management. Mr. Marks has been a practitioner and thought leader in internal audit, risk management, and governance for a long time. He has led large and small internal audit departments, been a Chief Risk Officer and Chief Compliance Officer, and managed IT Security and governance functions. Read more
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