Recent times have been characterised by increasing uncertainty due to rapid
pace of change, increasing customer demands, market globalisation and since 2008, a global economic recession. The banking sector failed to manage its risk exposure resulting in an inability to absorb the collapse of
the US sub-prime mortgage market, which ultimately resulted in the
2008 credit crunch. This high profile failure has led many organisations
to seek improvement to their own risk management activity. This in turn has led to an increase in what is commonly referred to as Enterprise Risk Management.

Enterprise Risk Management (ERM) is concerned with managing risks and
realising opportunities in relation to achieving an organisation’s strategic
objectives. Getting the balance right is key; opportunities are as important
to manage as threats. In addition, organisations must take risks to succeed - therefore, the purpose is not to eliminate all risk, but to provide a way to control it.

In common with any change programme, implementing ERM requires a structured process, which needs to be carefully managed in order to bring about the required change and to realise the benefits. We have brought the key phases of this process together in an approach we call STUDY: Strategy, Take Stock, Utilise, Deploy and Yield Benefits. The process follows a logical stepby- step approach, but can also be iterative as required. It is designed to ensure that the deployment adds value to the organisation and is not just about compliance.

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