“The bottom line is that ERM pulls together all the challenges from various parts of the organization to ensure that a portfolio view of risk is available at the highest levels of leadership to help inform decision making. “It might sound nerdy or even dry. But it’s critically important to an organization’s success,” says Mader.

There are several ERM models available to help organizations integrate risk management and internal control activities into a common framework. For instance, agencies may use a risk management council to oversee the establishment of its risk profile, regular assessment of risk, and development of appropriate risk response. Other agencies may opt for a governance structure that includes a chief risk officer or equivalent function to champion agency-wide efforts to manage risk and advise senior leaders on the strategically aligned portfolio view of risks.” – Ryann K. Ellis, excerpted from his article, “Ratcheting Up Enterprise Risk Management” in Association for Talent Development, click here to read it in its entirety.

Insightful and well said!  PMO Advisory offers courses throughout the year designed for project professionals interested in Portfolio (PfMP), Program (PgMP), Project (PMP & CAPM) Risk (PMI-RMP) Management, and Agile (PMI-ACP) certifications.