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BENEFITS OF DOCUMENT
There is increasing attention regarding the "overlap" of enterprise risk management (ERM) and enterprise performance management (EPM). The former refers to key risk and control indicators (KRIs and KCIs) and the latter to key performance indicators (KPIs). How do they fit together and produce synergy?
The past decade has demonstrated that the initial ERM focus on identifying, monitoring, and avoiding potential threats was too narrow, and ERM programs ended up disconnected from the value creation cycle. More recently, executives are realizing that to actually improve organizational results, ERM must integrate risk, strategic planning, and enterprise performance management.
There is a need to manage three categories of risk: (1) preventable risks, (2) strategy execution risks, and (3) external risks.
How should an organization apply an enterprise risk-based performance management framework to match risk exposure with risk appetite? The framework is designed to help answer strategic questions such as "where do we want to go, how will we get there, and how's our progress?" Organizations struggle with how to integrate a risk perspective into key business decision-making processes, and how to overcome the common pitfalls of integrating risk and enterprise performance management.
Failure to integrate enterprise risk management (ERM) and enterprise performance management (EPM) has hidden costs that prevent organizations from fully delivering on their value creation potential. What are the warning signs and root causes of common obstacles to integrating ERM and performance management? These may include:
• lack of a common understanding among managers as to what enterprise performance management (EPM) is and what it accomplishes
• lack of tools that enable managers to effectively link strategy to operations
• lack of analysis capabilities to support risk-adjusted performance management
• inability of cross-functional teams to align their risk-taking behavior to corporate strategy and better collaborate
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Source: Best Practices in Performance Management, Risk Management, Analytics PowerPoint Slides: Integrating Enterprise Performance and Risk Management PowerPoint (PPTX) Presentation, Gary Cokins
ABOUT THE AUTHOR: GARY COKINS
Gary Cokins is an internationally recognized expert, speaker, and author in business analytics enterprise and corporate performance management (EPM/CPM) improvement methods (e.g., strategy map and its balanced scorecard; product, channel, customer profitability reporting usinf activity-based costing; driver-based rolling financial forecasts).
He is the founder of Analytics-Based Performance Management, an advisory firm located in Cary, North Carolina. Gary received a BS degree with honors in Industrial Engineering/Operations Research from Cornell University in 1971. He received his MBA with honors from Northwestern University's Kellogg School of Management in 1974.
Gary began his career as a strategic planner with FMC's Link-Belt Division and then served as Financial Controller and Operations Manager. In 1981 Gary began his management consulting career first with Deloitte consulting, and then in 1988 with KPMG consulting. In 1992 Gary headed the National Cost Management Consulting Services for Electronic Data Systems (EDS) now part of HP. From 1997 until 2013 Gary was a Principal Consultant with SAS, a leading provider of business analytics software.
His two most recent books are Performance Management: Integrating Strategy Execution, Methodologies, Risk, and Analytics, and Predictive Business Analytics. His books are published by John Wiley & Sons.
This business document is categorized under the function(s): None specified.
File Type: PowerPoint (pptx)
File Size: 1.9 MB
Number of Slides: 68 (includes cover, transition, & marketing slides)
Related Topic(s): Performance Management Risk Management Analytics
Purchase includes lifetime product updates. After your purchase, you will receive an email to download this document.
This product contains a supplemental PDF document.
Initial upload date (first version): Apr 29, 2018
Most recent version published: Apr 30, 2018
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Analytics-Based Enterprise and Corporate Performance Management
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