This new, easy-to-use tool helps provide mid-size to large technology companies with a realistic check of their current ERM preparedness. ERM promotes a holistic, 360-degree approach to risk and opportunity management. It can help to uncover and manage a company’s business challenges, including operations and procedures, management styles and business strategies, industry issues, emerging risks and more.
“Technology firms, by their nature, are particularly susceptible to a variety of emerging, ever-changing risks that can, if not anticipated and managed, jeopardize their profitability, or even their very existence,” said David Allred, technology practice leader for Zurich North America Commercial. “For example, many firms have complex global supply chains that are susceptible to a variety of interruptions. ERM can also look at things like labor relations or the ability to keep research and development (R & D) efforts functioning in the event of a physical loss at their facilities. With an effective ERM program in place, technology firms will be better prepared to manage the risks and challenges to profitability to enable improved strategic decision making.”
Not only does the Zurich ERM HealthCheck Tool offer a high-level assessment of a technology firm’s current ERM strategy and processes, it also provides the user with some recommendations on how to improve his/her businesses’ current ERM preparedness. This tool takes a broad look at ERM, the commitments involved in implementing it effectively, and the benefits that businesses can achieve as a result.
According to Linda Conrad, director of Strategic Business Risk for Zurich Services Corporation, a well-developed ERM infrastructure can be a real competitive advantage. Conrad said, "The objective of ERM is to manage business resilience by 'putting your money where your risk is' so companies can better leverage strategic business growth opportunities." ERM can help businesses:
• Protect tangible and intangible assets;
• Minimize total cost of risk and barriers to achieving business objectives;
• Maintain creditworthiness;
• Maximize strategic growth opportunities;
• Provide management assurance to regulators and stakeholders, and
• Limit damage to their reputation.
To take the free assessment, go to https://www.zurichnac.com/technology-ERM.