The Challenge
There are many challenges to ERM in today's connected world. The business landscape evolves quickly. New risks emerge, while existing risks may change in nature or intensity. ERM processes must adapt to keep pace. Cybersecurity risks are increasingly prominent and constantly evolving. ERM must address these threats effectively, which requires specialized knowledge and resources. Global supply chains are vulnerable to disruptions, such as natural disasters, geopolitical events, or vendor issues. Identifying and mitigating these risks can be challenging. Additionally, complying with evolving regulations and compliance standards adds complexity to ERM efforts. Different regions and industries may have distinct regulatory requirements.