Articles: ERM Roundtable Summaries

  • Overview of Key Take-Aways from Fall 2012 ERM Roundtable Summit

    November 02, 2012

    Summary of NC State University’s ERM Initiative Fall 2012 ERM Roundtable Summit in Raleigh, NC on November 2, 2012.

  • ERM Roundtable Summit Panel Discussion – The Value Proposition of ERM: Strategic or Compliance

    October 01, 2010

    The ERM Initiative at NC State University hosted a half-day ERM Roundtable Summit on October 1, 2010 in Raleigh, NC. Following the keynote speaker who provided an overview of ERM at Target Corporation (see separate summary), a panel of chief risk officers and ERM related experts discussed the topic: “The Value Proposition of ERM: Strategic or Compliance.” The panel featured four individuals with real-world experience and leadership involving ERM efforts at their organizations. Several themes emerged from the panel’s discussion that are summarized in the following abstract.

  • ERM Roundtable Summit- Enterprise Risk Management at Target

    October 01, 2010

    At the October 1st, 2010 ERM Roundtable Summit hosted by the ERM Initiative at NC State, Tony Heredia, Vice President of Corporate Risk and Responsibility for Target, Inc., provided an overview of ERM at Target, Inc. leading up to the fall of 2010. As a leading U.S. based retailer and ownership of the largest retailer credit card portfolio, Target, like its competitors, faces a variety of diverse risks on a daily basis.

  • ERM Roundtable Summit - Panel Discussions on ERM:  Lessons Learned & ERM:  Directions for the Future

    March 12, 2010

    On March 12, 2010 the NC State University ERM Initiative hosted a half-day ERM Roundtable Summit in Charlotte, NC that involved a series of two 90-minute panel discussions. Our first panel focused on “ERM: Lessons Learned,” while the second panel focused on “ERM: Directions for the Future.” Both panels consisted of real-world ERM experts who are heavily involved in leading ERM efforts within their organizations or who are providing significant ERM leadership roles at a national level through organizations such as COSO, Standard & Poor’s, and Grant Thornton. Both panels engaged in lively discussions about real-world experiences and lessons learned from their leadership in ERM implementation process at their companies. Several themes emerged from the discussion, which are summarized in the following abstract.

  • Launching ERM:  Lessons from Highwoods Properties

    February 19, 2010

    Jeff Miller, General Counsel and Secretary of Highwoods Properties, spoke at the February 19, 2010 ERM roundtable about launching ERM at Highwoods Properties, a NYSE real estate investment company, and lessons learned throughout its implementation.

  • Strengthening Risk Oversight: Practical Lessons from Cree, Inc.

    October 02, 2009

    Scott McKay, Director of Corporate Audit for Cree, Inc. spoke at the October 2nd, 2009 ERM Roundtable regarding ERM processes at Cree Inc., which manufactures and sells LED lighting with annual revenues exceeding $500 million.

  • Real Insights from 2008-2009 ERM Roundtables

    July 20, 2009

    As expectations for stronger risk oversight emerge from the recent economic crisis, boards and senior executives are seeking ways to strengthen their approaches to enterprise-wide risk management. This document contains summaries from five ERM Roundtables hosted by the ERM Initiative at North Carolina State University in fall 2008 and spring 2009. Real-world ERM implementation examples from H.J. Heinz Company, the State of Washington, and KBR Inc. are provided in addition to emerging ERM insights from Standard & Poor’s and the New York Stock Exchange.

  • Role of Culture and Judgment in ERM

    April 24, 2009

    David Fox, the Director of Risk Management at KBR, Inc., based in Houston, Texas, spoke at the April 24, 2009 ERM Roundtable about the rollout of ERM at KBR and its evolving role in the company. He emphasized the importance of culture and the need for communication and judgment for risk oversight to be effective and sustainable.

  • NYSE Perspectives on Governance and Risk Management in Today’s Economy

    March 20, 2009

    Glenn W. Tyranski, the Senior Vice President of Financial Compliance at New York Stock Exchange (NYSE) Regulation, spoke at the March 20, 2009 ERM roundtable about the evolving roles of NYSE Regulation and emerging issues surrounding accounting standards, corporate responsibility, and risk assessment.

  • S&P Evaluations of ERM as Part of Credit Rating Process

    February 27, 2009

    Standard & Poor’s announced in 2008 plans to include evaluations of how non-financial companies manage enterprise-wide risks as part of S&P’s credit rating process. Steve Dreyer, Managing Director of Utilities and Infrastructure Ratings at Standard & Poor’s, provided an overview at the February 2009 ERM Roundtable in Charlotte about S&P’ process for considering ERM practices as a part of their credit rating evaluations.

  • Implementing Enterprise Risk Management in Washington State Government

    November 07, 2008

    Drew Zavatsky, who oversees the work of the Loss Prevention Group in the Washington State Office of Financial Management’s Risk Management Division, spoke at the November 7, 2008 ERM roundtable about how ERM is being implemented in Washington’s state agencies and the ERM training that the Loss Prevention Group provides.

  • Enterprise Reputation and Risk Management at H.J. Heinz

    October 03, 2008

    Jim Traut, Director of Enterprise Risk Management at H. J. Heinz Company, spoke at the October 3, 2008 ERM Roundtable about the company’s approach to overseeing entity-wide risks with the ultimate goal of protecting the Heinz reputation and shareholder value. The Heinz approach to enterprise risk management (ERM) is positioned to be value-adding by focusing their ERM efforts to support long-term sustainability of the organization.

  • Perfect Storms, White Knuckles and the Most Challenging Job You’ll Ever Have

    May 09, 2008

    Amy Woods Brinkley, Global Risk Executive at Bank of America, opened her remarks at the May 9, 2008 roundtable by looking at how Enterprise Risk Management has changed since the last time she spoke at an event hosted by North Carolina State University’s College of Management in 2005. At that time, the discipline of enterprise risk management was only beginning to be regarded as an essential discipline in the way that the disciplines of accounting, law and economics are regarded. Today, as the pace of change has accelerated, and the interconnections between risks and risk categories have multiplied by an order of magnitude, enterprise risk management has moved to the forefront as an essential element of the effective governance and operation of most major corporations.

  • Integrating Business Continuity Planning and ERM at Fidelity

    April 11, 2008

    Providing investment services for individuals and organizations around the world requires the delivery of real-time investment information on a 24 by 7 basis, 365 days a year. Failure to maintain technology systems for investors represents a huge risk for mutual fund providers, such as Fidelity Investments. Our April 11, 2008 ERM Roundtable speaker, Brian Ward, Senior Vice President of Fidelity Investments’ Risk Advisory Services Group, provided an overview of how Fidelity integrates its focus on business continuity planning and IT risk assessments into its overall enterprise-wide risk management approach.

  • Board and Audit Committee Engagement in Risk Oversight at the Dow Chemical Company

    February 29, 2008

    Expectations for boards of directors to provide greater oversight of the processes executives use to manage risks affecting the enterprise continue to increase. Often boards are delegating aspects of risk oversight to the audit committee. As the featured speaker at the ERM Initiative’s ERM Roundtable on February 29, 2008, Doug Anderson, General Auditor at The Dow Chemical Company, described how management and the board of directors at Dow, including the audit committee, are responding to meet these expectations for greater risk oversight.

  • The Interaction of Treasury and Risk Management

    January 25, 2008

    Brian Warren was the featured speaker for the January 25, 2008 NC State Enterprise Risk Management Initiative Roundtable. Mr. Warren serves as Director, Risk Management with Microsoft Corporation and spoke to the Roundtable audience about Microsoft’s approach to ERM and specifically on the role of the Microsoft Treasury Group in the overall risk management activities of the company.

  • Managing Human Capital Risks as Baby Boomers Age

    December 07, 2007

    The ERM Initiative was pleased to host Steven Goss, Chief Actuary of the United States Social Security Administration, as the featured ERM Roundtable speaker on December 7, 2007. Mr. Goss spoke about the complexities of managing risks associated with ensuring adequate funding for the anticipated liabilities of the U.S. Social Security Administration as baby boomers age.

  • Tackling Risk Appetite

    November 07, 2007

    While managing an enterprise’s portfolio of risks to be within the entity’s risk appetite is core to enterprise risk management (ERM), boards and senior executives struggle at finding practical ways to define the entity’s overall appetite for risk. Spencer Schwartz, Group Head of Enterprise Risk Management at MasterCard International based in Purchase, New York, was the featured speaker at NC State’s ERM Roundtable on November 2, 2007. Schwartz provided an overview of how MasterCard tackles defining its risk appetite to an audience of over 120 business professionals.

  • Intersection of Strategic Planning and Risk Management

    September 28, 2007

    Michael Raynor, Distinguished Fellow, Deloitte Consulting and author of The Strategy Paradox and The Innovator’s Solution, explored the relationship between strategic commitment and risk management in determining whether a firm will be successful at the September 28, 2007 ERM Roundtable. Raynorprovided an overview of the conventional thinking around strategic commitment and the level of uncertainty organizations face as they commit to a particular strategy. He then examined some case studies of organizations that had committed to strategies in the face of tremendous uncertainty. He concluded with some practical suggestions for managing uncertainty.

  • Risk Management at the U.S. Securities and Exchange Commission

    April 27, 2007

    Marc Jarsulic, Senior Risk Advisor at the U.S. Securities and Exchange Commission (SEC) based in Washington, DC spoke at the April 27, 2007 roundtable, providing an overview of the SEC’s approach to risk management as the leading regulator over entities whose securities are publicly traded in U.S. capital markets. Jarsulic is part of the Office of Risk Analysis, which was created in 2004 to lead the risk management efforts at the SEC.

  • IRS and ERM

    April 27, 2007

    Chris Hess of the Internal Revenue Service (IRS) based in Washington, DC provided an overview of the IRS’s approach to the implementation of enterprise risk management at the April 27, 2007 ERM Roundtable. ERM leadership at the IRS is directed by its Office of Program Evaluation and Risk Analysis (OPERA). OPERA provides risk management leadership for this federal agency which consists of 80,000 full-time employees, 10,000 seasonal and part-time employees, and an annual budget of $11 billion.

  • ERM at Cisco: Taking it to the Next Level

    March 23, 2007

    Rob Rolfsen, Director of Global Risk Management at Cisco Systems, Inc., was the featured speaker at NC State’s ERM Roundtable on March 23, 2007. Rolfsen highlighted Cisco’s ERM program and processes, described ERM plans for 2007, and provided description of one of Cisco’s ERM success stories to an audience of over 150 business professionals.

  • ERM Excellence:  Pushing Past Barriers

    February 23, 2007

    Randy Nornes, Executive Vice President, Aon Risk Services, Inc, based in Chicago, provided insights about effective implementation ideas to push ERM towards risk management excellence at the February 23, 2007 ERM Roundtable. Nornes provided an overview of the state of enterprise risk management (ERM) and related critical success factors necessary to push past barriers to achieve ERM value. He concluded with several case study examples.

  • Enterprise Risk Management at Bristol-Myers Squibb Company

    December 01, 2006

    Dr. Laurie Smaldone, Vice President-Strategy at Bristol-Myers Squibb Company, was the featured speaker at the ERM Initiative’s December 1, 2006 ERM Roundtable. Dr. Smaldone highlighted how the New York City based pharmaceutical company manages the complex risks arising in a highly-competitive, FDA-regulated industry.

  • Managing Enterprise Risks at Reynolds American, Inc.

    October 27, 2006

    Susan Wilson, Vice President and General Auditor at Winston-Salem, NC based Reynolds American Inc., was the featured speaker at NC State University’s October 27, 2006 ERM Roundtable. Her presentation provided an overview of how the 2nd largest U.S. cigarette company has implemented enterprise risk management (ERM).

  • Wachovia Corporation’s Approach to ERM

    September 22, 2006

    Don Truslow, Chief Risk Officer of Wachovia Corporation, spoke to over 300 business professionals and NC State graduate students at the ERM Initiative’s September 22, 2006 ERM Roundtable. Truslow provided an overview of how the third largest retail bank in the U.S. manages risk across an enterprise with over 100,000 employees.

  • Bank Supervisor’s Perspective on ERM

    April 28, 2006

    Susan S. Bies, Member of the Board of Governors of the Federal Reserve System in Washington, DC spoke on April 28th to over 200 business professionals at the last of three Spring 2006 ERM Roundtables. As a major leader within U.S. banking supervision, Governor Bies provided her perspectives on enterprise risk management (ERM). While her comments focused heavily on implications for banking institutions, her comments emphasized the importance of ERM for enterprises across all types of industries.

  • Home Depot’s Approach to ERM

    March 24, 2006

    David Whatley, vice president for risk management at Atlanta-based Home Depot Inc., spoke on March 24th to 130 business professionals at the second of three Spring 2006 ERM Roundtables. Whatley described Home Depot’s approach to managing risks at the world’s largest home improvement retailer.

  • Assessing ERM Practices

    February 24, 2006

    Prodyot Samanta, Director of Enterprise Risk Management at New York-based Standard & Poor’s, spoke on February 24th to 130 business professionals at the first of three Spring 2006 ERM Roundtables. Samanta described how S&P is now evaluating the effectiveness of ERM practices as part of S&P’s overall rating assessments for financial institutions, insurance companies, utilities and other large corporations.

  • Leveraging Compliance into Enterprise Risk Management at Entrust

    November 18, 2005

    David Wagner, chief financial officer of Entrust Inc., Dallas, TX, spoke at NC State’s Enterprise Risk Management (ERM) Roundtable on Friday, November 18, 2005. More than 140 business professionals and College of Management graduate students attended the program at which Wagner provided an overview of how Entrust, as a small, publicly traded company that develops and markets information security software solutions, is striving to leverage work driven by compliance requirements into greater value-added activities related to enterprise risk management (ERM).

  • Enterprise Risk: Overview and a Start-Up Experience

    October 14, 2005

    Chris Duncan, managing director of the National Business Group of Marsh USA Inc., in Atlanta, Ga., and former chief risk officer of Delta Airlines, Inc., spoke at the October 18, 2005 Enterprise Risk Management (ERM) Roundtable hosted by NC State’s College of Management ERM Initiative. Over 100 business professionals attending the presentation in which Duncan provided an overview of how ERM was launched at Delta following the terrorist attacks of September 11, 2001.

  • Cynthia Cooper Provides Insight, Perspective on WorldCom Fraud

    September 16, 2005

    The Enterprise Risk Management Initiative of NC State’s College of Management featured Cynthia Cooper, former chief audit executive of WorldCom (now MCI), as first presenter in its Fall 2005 ERM Roundtable series. Speaking to a gathering of nearly 300 on Sept. 16, Cooper spoke of her role in discovering and investigating the massive financial statement fraud orchestrated by senior executives of WorldCom. She later spoke with Master of Accounting students at the college.

  • Managing Global Supply Chain Risk through Disruption Management

    June 10, 2005

    Robert Handfield, Professor of Supply Chain Management and Director of the Supply Chain Research Consortium at the NC State College of Management, spoke at the June 10, 2005 ERM Roundtable about managing global supply chain risk.

  • ERM: Getting Beyond Risk Identification to Sustainability

    May 20, 2005

    Chris McCarthy and Michael Chagares, of Mercer Oliver Wyman, spoke at the May 20, 2005 ERM Roundtable about the sustainable implementation of ERM at organizations.

  • Practical Insights for Launching ERM

    April 15, 2005

    Barbara Duck, Senior Executive Vice President in the Risk Management Department at BB&T Corporation, and Melodye Tomlin, Senior Vice President and ERM Coordinator at BB&T Corporation, spoke at the April 15, 2005 ERM Roundtable. Their presentation focused on practical insights about launching ERM in an organization from BB&T's implementation efforts.

  • Managing Manufacturing and Supply Chain Risks in Global Automotive Operations

    March 18, 2005

    Debra Elkins, from General Motors R&D Center, spoke about operational risk management at the March 18, 2005 ERM Roundtable.

  • ERM at HCA

    February 25, 2005

    David Hughes, AVP in the Enterprise Risk Management Office at the Nashville-based Hospital Corporation of America (HCA), provided an overview of how ERM is being implemented at HCA at the February 25, 2005 ERM Roundtable.

  • ERM: RBC’s Practical Approach

    November 19, 2004

    At the November 19, 2004 ERM Roundtable, Andrea Bolger, Chief Risk Officer for RBC Financial Group’s U.S. and International Operations, shared practical insights about how RBC has implemented ERM throughout the organization, including training on ERM to all key bank employees.

  • Best Practices in Enabling ERM

    October 01, 2004

    Jeff Hasmann, program director for risk management at SAS, headquartered in Cary, NC, was the featured speaker at the October 2004 ERM Roundtable. Hasmann described SAS’s view towards effective ERM with particular emphasis on developing appropriate organizational hierarchies and other non-technical components of a risk infrastructure.

  • Emerging Trends in ERM: A Sneak Preview of COSO’s ERM Integrated Framework

    September 17, 2004

    Miles Everson, project leader of the Committee of Sponsoring Organizations of the Treadway Commission’s (COSO’s) ERM Integrated Framework Project and partner with PricewaterhouseCoopers, LLP, New York City, provided insights at the September 17, 2004 Roundtable about emerging ERM trends and underlying drivers in the development of COSO’s Enterprise Risk Management – Integrated Framework released in September 2004.

  • Initiating ERM: Tackling Cultural Resistance Head-On

    June 18, 2004

    Dr. Lynda Aiman-Smith, associate professor, NC State's College of Management and expert in organizational culture issues, shared insights at the June 18, 2004 ERM Roundtable about overcoming cultural resistance when initiating new business paradigms, such as ERM.

  • ERM: Improve Quality, Competitiveness, and Costs Through Proactive Management of Risk

    May 21, 2004

    Bob Sullivan, chief risk officer for Blue Cross Blue Shield of NC, spoke at the May 21, 2004 ERM Roundtable, sharing how Blue Cross Blue Shield of NC was leveraging the work performed to comply with the Sarbanes-Oxley legislation to migrate towards a value-added ERM view of risk management.

  • Launching ERM: Experiences from Progress Energy

    April 16, 2004

    David Fox, director of Enterprise Risk Management at Progress Energy, provided an overview of ERM at Progress Energy at the April 16, 2004 ERM Roundtable.

  • Board of Director’s Expectations for ERM

    March 19, 2004

    The March 19, 2004 ERM Roundtable featured a panel of three board directors who serve on both publicly traded and privately-held enterprises, who discussed board of director expectations for management’s oversight of enterprise-wide risks.

  • ERM Lessons, Trends, and Laws

    February 26, 2004

    Dr. Paul Walker, Associate Professor in the McIntyre School of Commerce at the University of Virginia and author of two ERM books, spoke at the February 26, 2004 ERM Roundtable, providing insights gained from his on-site interviews of chief risk officers at well-known companies, such as Microsoft, DuPont, General Motors and Walmart.