Description: Business transformation initiatives are undertaken by enterprises to reduce the risk of misalignment and to build agility and adaptability to market changes. The predictability of desired outcomes needs to be managed by mitigating interdependent risks associated with changes in processes, systems, operating procedures, employee and customer base, etc. This paper is about a strong risk management approach needed for minimizing the unpredictability associated with transformation-related initiatives. This proposed approach details a comprehensive model to measure enterprise risk management maturity by measuring its ability to identify risk, measure impact and define mitigation strategy. The model is further enhanced by provisioning for feedback to measure the effectiveness of mitigation and to ensure that outcomes are within desired limits. The intended audience of the paper is senior executives, business partners, program managers, project/track leads working with program organization groups, project management organizations [PMOs] and steering committees.

Description: The paper discusses the arguments supporting the need for risk culture to transition into ERM culture to be embedded across financial organizations. Creating and maintaining strong ERM culture is paramount to a lasting and meaningful ERM program. It is essential for organizations to understand what ERM culture is, how it gets established and in what way affects the process of ERM implementation. Often, the implications of financial enterprises not focusing on the significance of ERM culture manifested in severely compromised ability to generate sustainable value and market competitive advantage. This paper calls for rethinking the role of ERM culture in the context of managing risks.