In the January 2009 issue of CFO magazine, an article examines the risk management challenges faced by many corporations in the wake of the financial crisis.  The article entitled “Rethinking Risk” rightly advises that new approaches are needed to successfully implement effective enterprise risk management programs.  Here is an excerpt from the article.

But some CFOs caution that formal enterprise risk management (ERM) programs won’t succeed if they don’t mesh well with a company’s culture. Impose a new framework from on high and you risk crushing something underneath.  Progress may depend largely on incremental improvements rather than technological leaps or massive consulting engagements. Existing risk-reporting processes must break down silos that impede risk oversight and prevent a broader awareness of risk throughout the organization. 

In most cases, a thoughtful, strategic approach to refining a risk management program is all that is needed. Wheelhouse Advisors provides cost-effective solutions to help corporations refine and streamline their risk management practices.  Visit www.WheelhouseAdvisors.com to learn more.

The primary focus of most CFOs these days is credit and liquidity.  However, during a crisis such as the one we are experiencing, it is easy to become distracted and lose focus in other critical areas.  Compliance is one of these areas and with the recent election results, it is sure to be an area of great risk in the months and years to come.  Here’s what Barry Bregman, a partner with CTPartners in New York, had to say about the topic at CFO.com.

That’s not to say compliance has fallen by the wayside, especially at a time when the government is looking even harder at the operations of financial-services companies. “CFOs should make sure they have their eye on that ball and that they have the right people managing those functions.”

Wheelhouse Advisors is equipped to help CFOs and their organizations maintain the proper focus on risk management and compliance with cost-effective solutions.  Visit www.WheelhouseAdvisors.com to learn more.