Breaking Down the Silos

Last week, Wheelhouse Advisors participated in a webinar hosted by OpenPages that examined some of the root causes of the current economic crisis associated with operational risk management, and how operational risk management can be leveraged for strategic advantage moving forward.  John Wheeler, Managing Principal at Wheelhouse Advisors, described how operational risk management is the one discipline that binds all the other risk disciplines together in a truly successful enterprise risk management (“ERM”) program.  Mr. Wheeler discussed the following strategies for risk professionals to improve their operational risk management program and, in turn, increase the overall effectiveness of the ERM program.

•Simplify & Streamline

  1. Eliminating redundant activities
  2. Adopting common methods / terminology
  3. Coordinate efforts across functional silos

•Develop an Active & Consistent Dialogue

  1. Frame conversations in relevant terms (e.g. discuss underwriting and documentation improvements as it relates to improvements in credit quality)
  2. Meet on “their turf” to develop greater understanding and buy-in

•Measure & Monitor

  1. Agree on a few key risk indicators
  2. Monitor relentlessly

The webinar provided much more information about how to use operational risk management practices and supporting technologies to manage risk in a cost-effective manner that will translate into a major competitive advantage.  To learn more about how Wheelhouse Advisors can help your company, visit www.WheelhouseAdvisors.com.

Wide Logo

Advertisements

About Wheelhouse Advisors
Wheelhouse Advisors LLC is the publisher of The ERM Current™, an online publication and blog dedicated to providing the latest updates on current trends in Enterprise Risk Management & Control. Wheelhouse Advisors provides cost-effective Enterprise Risk Management & Control solutions to both large and mid-size corporations. To learn more about Wheelhouse Advisors, please visit our web site at www.WheelhouseAdvisors.com.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: