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Enterprise Risk Management: What it Is and How to Do It
Christina Nejezchleb Speh
Enterprise Risk Management (ERM) is a hot news item. Everyone is writing about it—from the Harvard Business Review, to regulatory examiners guidance, to consulting firms, to The New York Times. ERM seems to be the newest panacea created to protect the financial markets from themselves. However, it isn’t a magic pill. Nor is it as simple as implementing a policy or assigning responsibilities to one individual and yielding immediate success and benefits. It is an all-encompassing cultural shift—where an institution’s management and employees embrace the concept that the institution has risks and that the internal identification of those risks, by...
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Christina Speh is director of new markets and compliance strategy, risk and compliance consulting practice at Wolters Kluwer. She regularly advises financial institutions on how to minimize regulatory and operational risks through the use of improved enterprise risk management processes, policies and procedures as well as the use of technology. She can be reached at Christina.Speh@wolterskluwer.com.