ERM Videos

  • Internal Audit’s Role in Risk Management

    October 02, 2012

    Michael Somich, Executive Director of Internal Audit at Duke University, discusses with Dr. Mark Beasley his views about the role internal audit should play within an organization’s ERM process. He shares insights from his experiences of leading the launch of the ERM initiative at Duke University while also serving as the general audit executive.

  • The Future of ERM

    October 02, 2012

    Steve Dryer, Managing Director and Practice Leader at Standard & Poors, speaks to whether he thinks Enterprise Risk Management is just another consultant’s fad or if it will be an enduring process and way of thinking. He states that he believes though the name may eventually fade away, the underlying concepts that make up ERM will survive through the test of time. Mr. Dryer expects that ERM will slowly evolve with best-practices surviving the test of time. He also expects S&P to catch some heat for evaluating such a “soft” part of a company as opposed to its traditional “hard numbers” based approach to examining companies. However, he states this is an important part of their evaluations.

  • Chief Risk Officer vs. Risk Committees

    October 02, 2012

    A major stumbling block companies run into when beginning their ERM journey is whether to have one risk champion (CRO) or have a committee that handles risk oversight. Paul Zavolta, Director of ERM at Alpha Natural Resources, tells how Alpha Natural Resources uses both and discusses the importance of having individuals in risk leadership positions who possess strong people skills in addition to their technical expertise. He also goes into how he wishes he had risk management education as a college student and how that would have helped him throughout his career.

  • Engaging Business Unit Leaders in Discussing Enterprise Risks

    October 02, 2012

    Paul Zavolta, Director of ERM at Alpha Natural Resources, provides an overview of how ERM is treated at Alpha Natural Resources. He speaks of how he feels the company’s top-down and bottom-up approach has been most effective in assessing all risks to the company, whether they be faced by people at the top or bottom of the organization. He also speaks to the day-long workshops that Alpha does to ensure that risk is talked about among all aspects of the business.

  • Role of Senior Executives in Leading Risk Oversight

    October 02, 2012

    Michael Somich, Executive Director of Internal Audit at Duke University, discusses how having the President of Duke University "walk the walk and talk the talk" regarding ERM is essential element of the success of ERM at Duke. He states how the ERM process is maturing and he shares insights as to factors that have contributed to the ongoing embrace of ERM at Duke. He offers his views about the detrimental impact on ERM when an organization lacks the backing of a president or CEO of an organization.

  • Education of ERM Concepts at the Collegiate and Corporate Levels

    October 02, 2012

    Laurie Brooks, retired Chief Risk Officer at Public Services Enterprises Group and current board of director at Provident Financial Services, shares her views about the long-term viability of ERM and how ERM is an expected core competency skill of executives. She argues that should simply be seen as a good management practice and looking at risks from an enterprise-wide view should be seen as the normal thing to do, not a specialized thing to do. She also tells about how to tell the maturity of ERM at a company by how risks are assigned and overseen.

  • Getting Started with ERM

    October 02, 2012

    Often times executives brush off any ERM initiative by stating they have smart people on the board or on management teams. David Hughes, Assistant VP of ERM and Business Continuity Planning at Hospital Corporation of America (HCA) explains how boards and senior executive may miss the identification of certain strategic risks because they are not “on the ground” interacting with customers and business operations. He emphasizes the importance of obtaining input about risk exposures from multiple levels of management to ensure the identification of the entity’s most significant strategic risks. He also speaks about how important it is for CEOs to embrace an ERM process and see the value in taking time to look at risk through a strategic lens.

  • The Importance of Board Support for Enterprise Risk Management: Part 3

    August 03, 2012

    A critical element for the success of any ERM effort is the involvement and "buy-in" of the board of directors. Michael Somich, Executive Director of Internal Audit at Duke University, discusses the involvement of the board at Duke and how they have bought into the ERM process and how they see the value it brings to the table when discussing risks on a macro-level.

  • Beasley Moderates Discussion Between Senator Sarbanes and Representative Oxley

    July 30, 2012

    Mark Beasley, Deloitte Professor of ERM at NC State, moderated a live discussion between former Senator Paul Sarbanes and Representative Mike Oxley on July 30, 2012, which marked the 10th anniversary to the day of the signing by President Bush of the Sarbanes-Oxley Act of 2002. Senator Sarbanes and Representative Oxley provided insights about the legislation and their assessments of the effectiveness of the Act, and they shared thoughts about visions for the future.

  • The Importance of Board Support for Enterprise Risk Management: Part 2

    July 06, 2012

    A critical element for the success of any ERM effort is the involvement and "buy-in" of the board of directors. Michael Somich, Executive Director of Internal Audit at Duke University, discusses the involvement of the board at Duke and how they have bought into the ERM process and how they see the value it brings to the table when discussing risks on a macro-level.

  • The Importance of Board Support for Enterprise Risk Management: Part 1

    June 04, 2012

    A critical element for the success of any ERM effort is the involvement and "buy-in" of the board of directors. Michael Somich, Executive Director of Internal Audit at Duke University, discusses the involvement of the board at Duke and how they have bought into the ERM process and how they see the value it brings to the table when discussing risks on a macro-level.

  • How the NC State ERM Initiative Views ERM vs. Traditional Risk Management

    January 10, 2012

    If a business has its doors open, then it is managing risk in some way. However, that does not mean the organization has an enterprise-wide, holistic, and strategic approach to risk management. Unfortunately, for many organizations, risk management is done through a silo or stove-pipe approach where certain types of risks are managed in silos with little consideration of how risks might interact or impact other areas (silos) of the business. Dr. Mark Beasley, Deloitte Professor of ERM and Director of NC State’s ERM Initiative, describes the vision of the Enterprise Risk Management Initiative at NC State University, explains how enterprise risk management leverages work done in a silo or stove pipe approach to bring together risks from all across an enterprise so that boards and senior management have a better view of potential emerging risks most likely to impact the strategy of the organization.

  • How ERM May Impact Credit Ratings

    January 10, 2012

    Standard & Poors started looking at ERM in banking and insurance companies in the mid 2000s. Steve Dreyer, Managing Director and Practice Leader at Standard & Poors, provides insights at points of focus S&P considers as it evaluates an organization approach to ERM and how their assessments might impact the organization’s overall credit rating. He highlights factors related to the kind of environment that fosters a strong ERM process and its overall fit within the organization’s culture. He also speaks to obvious failures in a risk management process, and how ERM has to be done correctly to be effective within an organization.

  • Compiling and Presenting Interview Data from Risk Interviews

    January 10, 2012

    After conducting 80-90 interviews seeking the identification of major risk exposures facing the company, David Hughes, Assistant VP of ERM and Business Continuity Planning at Hospital Corporation of America (HCA) has a massive amount of data to compile and disseminate. During our interview of David, he speaks about how HCA breaks down the top ten risks by the type of risk and by level of management who identifies a risk to be a major risk. Hughes also tells how HCA informs its board members about what the top risks that the corporation faces as a whole.

  • Interviewing as a Technique for Risk Identification

    November 02, 2011

    Director of the ERM Initiative at NC State, Dr. Mark Beasley, speaks with David Hughes, Assistant VP of ERM and Business Continuity Planning at Hospital Corporation of America, about the interviewing process the company employs to identify top strategic risks at HCA. They speak about the timing, frequency, and content of these interviews and how the interviews have evolved over time. Measurement tools are also discussed briefly during this segment.

  • Enterprise Risk Management and the Banking Crisis:  Lessons Being Learned

    November 02, 2011

    Many critics of ERM point to the banking crisis of 2008 and 2009 as an example that ERM does not work. Steve Dreyer, Managing Director and Practice Leader at Standard & Poors, explains how banks either weren’t practicing ERM correctly or didn’t have strong metrics in measuring their risk assessment. He speaks to how he believes banks were simply doing risk management in name only and they didn’t look at risks beyond a typical scope.

  • How ERM Differs from Traditional Risk Management?

    November 02, 2011

    Often times, corporations don’t see the value in adding additional processes in order to have an enterprise-wide view of risk management. Laurie Brooks, retired Chief Risk Officer at Public Services Enterprises Group and current board of director at Provident Financial Services, explains how looking at risk across business segments and from both the bottom-up and top-to-bottom perspectives can really help companies see what risks they need to monitor most. Ms. Brooks also speaks of considering velocity and ability to handle risks when assessing a risk profile.

  • The ERM Process at Xerium Technologies Part 1

    November 01, 2011

    Bonnie Hancock speaks with Fred Caloggero, VP of Audit Services at Xerium Technology, about the ERM process that he helps lead at the company. Many companies look at risk on a two scale plane, considering likelihood and impact; however, Xerium adds in the aspect of velocity – the speed of which a risk can be onset at a company. By looking at things like Key Performance Indicators and Key Risk Indicators, a company can be more aware of the velocities of various risks.

  • The ERM Process at Xerium Technologies Part 2

    November 01, 2011

    Bonnie Hancock speaks with Fred Caloggero, VP of Audit Services at Xerium Technology, about the ERM process that he helps lead at the company. Many companies look at risk on a two scale plane, considering likelihood and impact; however, Xerium adds in the aspect of velocity – the speed of which a risk can be onset at a company. By looking at things like Key Performance Indicators and Key Risk Indicators, a company can be more aware of the velocities of various risks.