Setting your enterprise goals is the crucial first step in developing your Enterprise Risk Management (ERM) program. However, the thought of actually creating and implementing an effective ERM framework can be overwhelming, and you must always ensure your risk management strategies align with your organizations’ objectives.
When considering ERM, there are some recurring challenges seen in the industry:
- Small to moderate-size organizations without a full-time risk management resource
- Larger organizations without a Chief Risk Officer (CRO) due to a resignation or retirement
- Organizations that need extra bandwidth for a short-term ERM project, but don’t want to hire a full-time resource
- Organizations that are challenged to find qualified resources that can cover all areas of risk (operational and market) with limited time and budget
These obstacles can create disconnects between risk management and strategic objectives, inefficiencies in the business process, and an elevated risk of costly mistakes—all of which could be avoided with a virtual Chief Risk Officer (vCRO).
An Immediate Fix
A vCRO works as an immediate solution, and is an ideal and feasible match for many organizations. A virtual CRO addresses the budgetary concerns of hiring a full-time resource—working at a fraction of the cost of a full-time risk professional while being a trusted source of expertise. vCROs have diverse subject-matter experience and honed industry best practices, allowing them to provide expert advice at any time.
If you’re a smaller organization with new risk managers, have existing risk managers who need guidance, need reviews performed on a retainer-type basis, or want to transition to a more robust risk program (and need help getting there), then a vCRO is right for you.