Evaluating the Effectiveness of your ERM Program: Linking shareholder value with superior governance and ERM


Instructors: David R Koenig, Dr. Robert Mark
Product ID: 701231
Training Level: Basic

  • Duration: 60 Min
This Enterprise Risk Management training (ERM) will provide a framework for evaluating the effectiveness of risk management based on an inventory of questions an effective ERM program should be able to answer.
Last Recorded Date: Mar-2009


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Fact: “Our interest in codifying management analysis under the ERM heading coincides with increased interest by many companies to initiate their own ERM programs –- or other risk-management practices -- to increase risk-adjusted returns, improve strategic judgment, and/or avoid extraordinary losses due to lawsuits, fines, operational failures, or negligence.” - Source: S&P.

Go through the first step-by-step processes of analysis of your ERM program. This presentation will provide a framework for evaluating the effectiveness of risk management based on an inventory of questions an effective ERM program should be able to answer. In addition to this, a ranking methodology will be presented to factor in the relative significance of risk.

The webinar will also highlight four major components:

In 2005, Hurricane Katrina cost insurers more than $41 billion, the largest loss event ever for the industry. The magnitude of losses eventually reported shocked many. In the wake of the disaster, ERM was a differentiating element when we reviewed insurer credit ratings. Some insurers with weaker ERM had losses that were as much as twice what they previously reported as their "probable maximum loss". These insurers were unable to even estimate their losses several days after the event. On the other hand, insurers with stronger ERM could quickly estimate losses that were within 25% of actual claims. (Source: S&P)

  • Who are the key parties involved in the ERM and governance of a firm and what are their roles?
  • What is the process for identifying your key risks?
  • How do you prioritize and track what’s most important?
  • How do you know if you know what you need to know?

This framework is the first step toward superior ERM ratings and will help organizations begin to implement a comprehensive risk program, through identifying, measuring, and on-going monitoring, reconciling risk, setting risk limits and arrive at the firm’s daily profile for managing risks. A comprehensive and result oriented ERM program means increased earnings and shareholder value whilst staying within the well-defined and organizationally absorbed risk tolerance.

Areas Covered in the seminar:

  • Network governance and the groups involved in ERM.
  • Questions every senior executive should be able to answer about ERM.
  • Case Study: Using S&P's ERM ratings methodology (Financial vs. Non-Financial).
  • How to benchmark the effectiveness of your ERM plan?.
  • Case Study: Goldman Sachs CEO’s View on Risk Management.

Who will benefit:

This webinar will provide valuable assistance to all Risk management personnel across industries. Personnel from the following functional areas will benefit from this course:

  • Executive Management
  • Risk Management
  • Internal Audit
  • Finance
  • Operations
  • Legal and Compliance
  • Regulatory

Instructor Profile:

Dr. Robert Mark, is the Chief Executive Officer of Black Diamond Risk which provides corporate governance, risk management consulting, risk software tools and transaction services. He serves on several boards as well as on Checkpoint’s Investment Committee. He is the Vice Chairperson of the Board of the Professional Risk Managers’ International Association (PRMIA). Prior to his current position, he was the Senior Executive Vice-President and Chief Risk Officer (CRO) at the Canadian Imperial Bank of Commerce (CIBC). Dr. Mark was a member of the Management Committee. His global responsibility covered all credit, market, and operating risks for all of CIBC as well as for its subsidiaries. Prior to his CRO position, Dr. Mark was the Corporate Treasurer at CIBC.

He earned his Ph.D. from New York University’s Graduate School of Engineering and Science, graduating first in his class. Subsequently, he received an Advanced Professional Certificate (APC) in accounting from NYU’s Stern Graduate School of Business, and is a graduate of the Harvard Business School Advanced Management Program. He is an Adjunct Professor and co-author of Risk Management (McGraw-Hill), published in October 2000 as well as a co –author of The Essentials of Risk Management (McGraw Hill) published in December 2005.

In 1998, he was awarded the Financial Risk Manager of the Year by the Global Association of Risk Professionals (GARP).

David R. Koenig, Chief Executive Officer of The Governance Fund and former Chair of the Board of Directors of the Professional Risk Managers International Association (PRMIA) . Prior to his time with PRMIA, he served as the Head of Market and Institutional Credit Risk Management for US Bancorp Piper Jaffray and has held lead risk management roles with GMAC/RFC and Principal Residential Mortgage, Inc. (Principal Financial Group) and has held lead risk management roles with GMAC/RFC and Principal Residential Mortgage, Inc. (Principal Financial Group).

He is an Editorial Board Member of the International Journal of Services Sciences (IJSSc) and the Journal of Risk Management in Financial Institutions (JRMFI). David has been a featured industry speaker at over forty risk management and finance events on four continents. He has a Masters degree in Economics from Northwestern University in Evanston, IL, as well as Bachelor degrees in Mathematics and Economics and a Certificate in Statistics from Miami University in Oxford, OH, where he was a member of the Pi Mu Epsilon Mathematics Honor Society.

In 2008, Mr. Koenig was awarded the PRMIA Higher Standard Award, the highest award given by the association. In 2007, Mr. Koenig was inducted, by nomination and approval of his peers, as a charter member of the Risk Who’s Who international honorary society.

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