On Wednesday, September 26, we're giving a webinar on converting from a pool-based captive to a stand-alone pure captive. The webinar is at 10AM. You can sign up here.
According to Merriam-Webster, the word enterprise means, "a project or undertaking that is especially difficult, complicated, or risky." This implies that the phrase ERM -- Enterprise Risk Management -- is about managing the risk for an entire operation or endeavor. But to be effective, all decision makers in the organization have to buy into the plan. How do we do that?
I wish I could say that I came up with these four points on my own. It comes from this profile in Risk and Insurance, which contains this key nugget of wisdom:
Mostly, he listened: “I needed to understand their challenges. That’s huge to getting buy-in,” he said. In a change-resistant organization, buy-in from the top was essential to implementing his plans.
Under the previous risk manager, the insurance program was isolated. The process of meeting key people within in the organization helped to integrate risk management with other departments, helping to create a unified whole.
Read the whole article; it will be well worth your time.