The Role of ERM in Business Sustainability
Blog by Julie Urlaub, Founder and Managing Partner at Taiga Company
In the wake of Sarbanes-Oxley and the current economic challenges, Enterprise Risk Management (ERM) has elevated in importance and has, in fact, become more common practice. This concept of a consistent risk tolerance has made its way into just about every aspect of financial, operational, and competitive assessment. Our sustainability consulting views risk management, and in some cases, a formal ERM program to be a critical component of business sustainability planning and operation.
Business sustainability risk affects every aspect of a company and its external relationships. While some of the risks may be obvious, some hidden and intangible threats may prove to have the greatest impacts. Digging into the detail, these threats to unprepared organizations or traditional business models present themselves in a number of forms:• Potential increase in operating cost • Potential increase in supply costs • Potential disruptions to supply or loss of supplier relationships • Potential loss of revenue or market share • Potential to business reputation • Potential inability to secure investment dollars or capital The post, Bridging the ERM Gap, describes seven actions to jump-start your ERM efforts. Highlighting some great points, the most notable is integrating a common risk management mindset into the business strategy. Click here to continue reading.
Home to one third of the earth's trees, the Taiga is the largest land-based biosphere and encircles the globe. Its immense oxygen production literally changes the atmosphere and refreshes the planet. It is this continuous renewal that has shaped Taiga Company's vision to drive similar change in the business world. Taiga Company seeks to be the "oxygen for your business".