Who owns your risk?

• Author: Hollein, Marie N.
• Position: FROM THE PRESIDENT - Financial Executives International's aims

Any time there is an economic downturn companies turn to risk management--and enterprise risk management (ERM) in particular--as a way to cope with the uncertainty and the turmoil. But financial executives heading down this road must first grapple with key hurdles.

Defining and then determining risk within a firm is a "Sisyphean" task for any financial executive because the totality of risks are so broad. Even if you think that you have a handle on the risks, creating a detailed plan for ownership of risk management is another daunting challenge.

But there is much more to ERM and risk management than these practical considerations. It is really a matter of putting good, solid governance in place across the organization and communicating those policies.

That is why Financial Executives International (FEI) has been at the forefront of the risk management debate by providing its members with tools and programs to strengthen their ability to navigate the sometimes rough risk waters of these challenging times.

FEI's Expert Knowledge and Communities of Interest

Getting the perspective of external experts can be invaluable when it comes to risk management and ERM. We have many such experts speak at HI meetings at the local, regional, national and international levels.

Additionally, members can benefit from informal peer-to-peer networking at many FEI events, as well as through virtual programs that are conveniently available from your desktop. Some of these online offerings include general webcasts and targeted group webcasts for the new Communities of Interest for CFOs and Audit Committee Members.

There are also broader "communities" built around other risk management topics, such as Theory Meets Practice and Technology.

We are open to forming new communities based on FEI member interest. Check the Communities of Interest tab under "communities" on the FEI website. You will also find FEI's local chapters and national committees under the communities tab.

In addition to FEI's growing Japan Chapter, we are planning some initial programs to...