How to Reinvent Your Company Through Better Enterprise Risk Management

A recent article by Jack Bergstrand and John Wheeler in Directors & Boards Magazine discusses how companies can reinvent themselves through better enterprise risk management (“ERM”).  The article provides a unique perspective by integrating the management principles of Peter Drucker with ERM.

Enterprise risk management is an important tool for sustainable competitive advantage. Like the market and the enterprise itself, successful enterprise risk management programs require holistic and systematic processes supported by the following factors:

  1. Envision: Strategy linked to customer needs, with defined operational implications, and well-articulated enterprise guidelines for managing risks and opportunities.
  2. Design: Formal risk mitigation and opportunity sensitivity analysis/monitoring/reporting.
  3. Build: Enterprise-wide controls, processes and infrastructure.
  4. Operate: Well-established personal roles and motivations for people to act in the best interests of their companies through proper incentives.

For companies to reinvent themselves, they can’t be viewed as the sum of their parts. The enterprise overall is the goose that lays the golden eggs. Similar to a brand, it needs to be holistic, integrated and relevant—and continuously adapt through successful and accelerated enterprise projects.

Jack and John provide greater insight on these concepts in an on-demand webcast hosted by Directors & Boards Magazine.  The webcast includes a lively question and answer session addressing concerns from the audience of board members and senior executives.  To access this free webcast, visit


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

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