The Journey of an Effective ERM Framework

Thoughtware Article Published: Oct 14, 2021
Construction Workers Planning

Every organization encounters an array of risks that can affect its ability to achieve objectives. A fundamental role of management is to help ensure those risks are managed in a way that allows for overall success. There’s no “one size fits all” model of risk management; approaches vary depending on multiple factors such as organization size, type, complexity, and culture. Often, the approach will mature over time. 

This article will share several principles to help guide an organization embarking on an enterprise risk management (ERM) program journey, help set realistic goals, and explore steps to take to assess which parts of an ERM framework to implement.

Exhibit 1: Elements of an ERM Process                  
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BKD is a Principal Partner of the Construction Financial Management Association (CFMA). This resource first appeared in its magazine, CFMA Building Profits, and was posted on bkd.com with permission. BKD Trusted Advisors™ are regular contributors to this publication. Questions? Contact us today! 

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