Implementing ERM Without Breaking the Bank

The implementation of Enterprise Risk Management (“ERM”) at mid-market companies is discussed in this month’s edition of Treasury & Risk Magazine.  While many of their larger counterparts have embraced ERM, these mid-market firms have been slow to adopt the same practices.  Here is some of the insight provided in the article.

Enterprise risk management has become standard practice for Fortune 500 companies these days, but not so much for mid-market firms. While the financial crisis made it clear how important understanding risk can be, it also made it that much harder for cash-strapped and cost-conscious smaller firms to invest in the software and personnel necessary to make ERM happen.

“Many mid-market firms don’t yet have a robust ERM,” says Brian Kalish, head of the finance practice at the Association for Financial Professionals. “Certainly for the past year, those that don’t have not been dealing with that issue.” “Our company is currently looking at ERM, but for now, it’s just me,” says Dan Kugler, assistant treasurer for risk management at Snap-On, a $2.8-billion Kenosha, Wis.-based maker of hand and power tools. “We don’t have a risk officer yet,” says Kugler, whose main responsibility is overseeing Snap-On’s property and casualty risk.

As we continue to emerge from the economic downturn, many of these mid-market companies will be well served by implementing a practical, business focused ERM program.  If your company is considering ERM and would like to know how to implement without breaking the bank, email Wheelhouse Advisors LLC at NavigateSuccessfully@WheelhouseAdvisors.com.

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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.

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