CFOs and COOs from 17 leading Associations discuss Enterprise Risk Management (ERM) and the role of the CFO as the Chief Risk Officer of the organization: Best Practices and Issues
January 28, 2020: Enterprise Risk Management (ERM) and the role of the CFO as chief risk officer: Best Practices and Issues was the topic of discussion when CFOs and COOs from 17 leading Associations met on January 28, 2020 for the Presidential Forum Roundtable breakfast in Washington, DC. The peer-to-peer discussion was moderated by Jeff Tomitz, CFO, National Electrical Manufacturers Association (NEMA).
For CFOs and COOs in attendance, it provided invaluable insights into what their peers are doing at other Associations on identifying key risks, assessing severity of risks, and defining actions for mitigation. How to start the conversation with your CEO about formalizing ERM in your organization. How to communicate ERM to your Board. Ideas for where to find useful frameworks for formalizing your ERM. And much more.
Enterprise Risk Management (ERM) was summarized in a few words by Tomitz with the following: “Financial professionals may instinctively relate to risk management in the context of financial management and related controls. However, as boards have become more engaged on the topic of Enterprise Risk Management, their expectations are often that financial professionals will communicate their awareness of key risks facing the organization beyond traditional fiscal risk management, such as compliance, strategic, operational, and reputational risks. ERM offers financial professionals several new career-enhancing opportunities, including the ability to operate beyond traditional borders of financial responsibilities, to significantly contribute to the long-term viability of their organizations, and to offer their boards new governance insights through, for example, broader reporting of key organizational risks.”
In addition to the CFO/COOs in attendance, the sole sponsor Aronson LLC – Rob Eby, Partner, and Greg Plotts, Partner – provided additional subject matter expertise to the discussion based on their experience helping leading Associations in their ongoing Enterprise Risk Management journey. See their Website for their White Paper on Top 10 Risks for Associations: Aronson_Top10_RisksAssociations
See the Presidential Forum Calendar for upcoming Association executive roundtable events (invitation-only) at 2020_Calendar. For additional information, please contact Wade Tetsuka, firstname.lastname@example.org
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