Program: A 2008 global survey of 53 insurers by PricewaterhouseCoopers, found that more than 90% have Enterprise Risk Management programs in place. However, most firms are still not using ERM effectively to manage their new or emerging risks, according to the study. This is not unique to the insurance industry. The basics of defining and communicating risk in a way that all employees understand are often the missing links to successful risk management.   Failure to translate risk into limits, objectives and priorities may be the key reason only 32% of projects are successes according to The Standish Group’s 2009 CHAOS report.

In this presentation, we will cover the basic components of risk management and the Management’s responsibilities regarding risk. By understanding these components and responsibilities, management can increase their ability to meet the business success objectives for their projects.