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As business continues to increasingly embrace the concept of risk management, where does compliance fit, particularly in the context of broader Enterprise Risk Management (ERM) frameworks? It’s a tough question that James Rose, Managing Director of Sunhawk Consulting tackles in this Compliance Perspectives podcast.
As he explains, ERM starts with an organization’s overall strategic and financial objectives. It is much more internal in its orientation that compliance risk management, which is driven by externally imposed regulatory frameworks.
But while this is a key difference, both are intertwined, with each requiring prioritization of efforts. More, compliance likely will find itself competing for resources as part of the broader ERM discussion.
As a result, compliance leaders need to have a deep understanding of the organization’s approach to ERM, and where compliance fits, to ensure that the compliance program gets the resources it needs.
Listen in to learn more about the risks and opportunities where ERM and compliance risk management meet.