{"id":19239,"date":"2023-05-17T13:02:37","date_gmt":"2023-05-17T17:02:37","guid":{"rendered":"https:\/\/poole.ncsu.edu\/thought-leadership\/?p=19239"},"modified":"2023-05-19T10:21:37","modified_gmt":"2023-05-19T14:21:37","slug":"erm-roundtable-summit-brings-together-risk-management-leaders-from-across-the-u-s","status":"publish","type":"post","link":"https:\/\/poole.ncsu.edu\/thought-leadership\/article\/erm-roundtable-summit-brings-together-risk-management-leaders-from-across-the-u-s\/","title":{"rendered":"ERM Roundtable Summit Brings Together Risk Management Leaders From Across the U.S."},"content":{"rendered":"\n

By Caroline Barnhill<\/em><\/p>\n\n\n\n

Cybersecurity. Regulatory compliance. Labor shortages. Natural disasters. There are endless risks that can impact an organization, and the companies that will gain a competitive advantage are the ones that can successfully anticipate, plan for and navigate these disruptions through robust risk management programs.<\/p>\n\n\n\n

And that\u2019s why events like Poole College of Management\u2019s annual Enterprise Risk Management (ERM) Roundtable Summit continue attracting leading risk management professionals nationwide.<\/p>\n\n\n\n

This year\u2019s event, held at the Renaissance Raleigh North Hills Hotel on April 27, included more than 200 attendees from leading organizations such as Delta Air Lines, General Motors, KPMG, Lockheed Martin, McDonald\u2019s Corporation, MD Anderson Cancer Center, Target and more.<\/p>\n\n\n\n

\u201cOur goal through the ERM Roundtable Summit is to advance thought leadership by connecting rigorous academic research with what\u2019s actually happening in the real world,\u201d says Mark Beasley<\/a>, Alan T. Dickson Distinguished Professor of Accounting and director of the Poole College of Management ERM Initiative<\/a>. \u201cWe want to connect theory and practice and let both inform the other. And, we want to make sure we\u2019re thinking about risk in the context of strategy. Risk and strategy are two sides of the same coin and we use thought leadership to connect them.\u201d<\/p>\n\n\n\n

Presenters included risk executives from Caterpillar, Finastra, The Coca-Cola Company, GuideWell Mutual Holding Company and more.<\/p>\n\n\n\n

Shankar Kumar, director of corporate strategy and enterprise risk at Caterpillar Inc., gave the first presentation on enhancing the strategic connection of ERM and strategy by sharing practical insights about how Caterpillar\u2019s ERM process is interconnected with its strategy.<\/p>\n\n\n\n

\u201cBecause Caterpillar is a very large, global organization, incorporating ERM can be challenging. But we\u2019re on a journey to make sure that ERM is value-creating,\u201d he shared. \u201cERM adds value to an organization when others see that what you\u2019re doing is useful to their day job. If what someone shows me has utility for me, I\u2019ll be interested. So, as you think about your business leaders, you have to remember that their list of operational duties is long \u2013 and your ability to help them out drives appreciation over time.\u201d<\/p>\n\n\n\n

\"Roxanne
Roxane Hamilton, finance director of enterprise risk at The Coca-Cola Company, spoke about the lessons learned managing and navigating risk.<\/figcaption><\/figure>\n\n\n\n

Elona Ruka-Wright, chief risk and compliance officer at Finastra, and Roxane Hamilton, finance director of enterprise risk at The Coca-Cola Company, also presented on lessons learned managing and navigating risk at their respective companies.<\/p>\n\n\n\n

After a networking lunch, Charles Follett, principal of consulting firm Business Ingenuity, discussed the hard-to-see nature of culture-related risk, the impact of organizational culture on performance and the power of tapping into \u201ccomplexity science\u201d to spot these risks.<\/p>\n\n\n\n

\u201cOf the top 10 risks that NC State and Protiviti identified in their report, four of them are squarely culture-related \u2013 and I could argue that some of the others are also culture-related. But the problem I suggest you have with culture risks is that these risks are harder to see in your organization \u2013 and if you can\u2019t see it, you can\u2019t deal with it. You have to be as serious about looking for the stuff you can\u2019t see as you are about the stuff you can see.\u201d<\/p>\n\n\n\n

Follett then shared four \u201cmoods\u201d leaders should look for in their organization that should clue them into potential internal risks \u2013 complacency, arrogance, fear and resentment \u2013 and discussed the importance of changing organizational narratives to create synergy in organizations.<\/p>\n\n\n\n

\"participants
ERM Roundtable Summit participants network between sessions. <\/figcaption><\/figure>\n\n\n\n

GuideWell Mutual Holding Company\u2019s Whitney Heflin and Lisa Owusu concluded the day\u2019s presentations by sharing techniques they\u2019ve used to facilitate enterprise-wide risk assessments with their executive leaders and develop meaningful strategic insights. One tool GuideWell\u2019s ERM team uses is what is called a pre-mortem.<\/p>\n\n\n\n

\u201cWe spend about 90 minutes diving deep into particular risks. By using prospective hindsight, we can circumvent confirmation and anchor biases,\u201d shared Owusu, ERM analyst at GuideWell. \u201cYou start by naming a specific failure scenario and asking the question, \u2018What went wrong?\u2019 as opposed to, \u2018What could go wrong?\u2019 and then allow various groups to discuss the causes that led to that risk. We can get amazing results by allowing people to get creative in thinking through potential risks.\u201d<\/p>\n\n\n\n

The summit ended with a brief recap from Poole College Dean Frank Buckless.<\/p>\n\n\n\n

\u201cThis event is a great example of NC State\u2019s approach to Think and Do \u2013 to ensure our state-of-the-art research and teaching are informed by decision-makers like you,\u201d Buckless remarked. \u201cYou\u2019re well aware of the pace of change and uncertainties and emerging risks that we all have to address. These can disrupt our organizations and core strategy if we\u2019re unprepared to respond. Today\u2019s speakers provided us with practical insights that all of us can use.\u201d<\/p>\n","protected":false,"raw":"\n\n\n\n\n

By Caroline Barnhill<\/em><\/p>\n\n\n\n

Cybersecurity. Regulatory compliance. Labor shortages. Natural disasters. There are endless risks that can impact an organization, and the companies that will gain a competitive advantage are the ones that can successfully anticipate, plan for and navigate these disruptions through robust risk management programs.<\/p>\n\n\n\n

And that\u2019s why events like Poole College of Management\u2019s annual Enterprise Risk Management (ERM) Roundtable Summit continue attracting leading risk management professionals nationwide.<\/p>\n\n\n\n

This year\u2019s event, held at the Renaissance Raleigh North Hills Hotel on April 27, included more than 200 attendees from leading organizations such as Delta Air Lines, General Motors, KPMG, Lockheed Martin, McDonald\u2019s Corporation, MD Anderson Cancer Center, Target and more.<\/p>\n\n\n\n

\u201cOur goal through the ERM Roundtable Summit is to advance thought leadership by connecting rigorous academic research with what\u2019s actually happening in the real world,\u201d says Mark Beasley<\/a>, Alan T. Dickson Distinguished Professor of Accounting and director of the Poole College of Management ERM Initiative<\/a>. \u201cWe want to connect theory and practice and let both inform the other. And, we want to make sure we\u2019re thinking about risk in the context of strategy. Risk and strategy are two sides of the same coin and we use thought leadership to connect them.\u201d<\/p>\n\n\n\n

Presenters included risk executives from Caterpillar, Finastra, The Coca-Cola Company, GuideWell Mutual Holding Company and more.<\/p>\n\n\n\n

Shankar Kumar, director of corporate strategy and enterprise risk at Caterpillar Inc., gave the first presentation on enhancing the strategic connection of ERM and strategy by sharing practical insights about how Caterpillar\u2019s ERM process is interconnected with its strategy.<\/p>\n\n\n\n

\u201cBecause Caterpillar is a very large, global organization, incorporating ERM can be challenging. But we\u2019re on a journey to make sure that ERM is value-creating,\u201d he shared. \u201cERM adds value to an organization when others see that what you\u2019re doing is useful to their day job. If what someone shows me has utility for me, I\u2019ll be interested. So, as you think about your business leaders, you have to remember that their list of operational duties is long \u2013 and your ability to help them out drives appreciation over time.\u201d<\/p>\n\n\n\n

\"Roxanne
Roxane Hamilton, finance director of enterprise risk at The Coca-Cola Company, spoke about the lessons learned managing and navigating risk.<\/figcaption><\/figure>\n\n\n\n

Elona Ruka-Wright, chief risk and compliance officer at Finastra, and Roxane Hamilton, finance director of enterprise risk at The Coca-Cola Company, also presented on lessons learned managing and navigating risk at their respective companies.<\/p>\n\n\n\n

After a networking lunch, Charles Follett, principal of consulting firm Business Ingenuity, discussed the hard-to-see nature of culture-related risk, the impact of organizational culture on performance and the power of tapping into \u201ccomplexity science\u201d to spot these risks.<\/p>\n\n\n\n

\u201cOf the top 10 risks that NC State and Protiviti identified in their report, four of them are squarely culture-related \u2013 and I could argue that some of the others are also culture-related. But the problem I suggest you have with culture risks is that these risks are harder to see in your organization \u2013 and if you can\u2019t see it, you can\u2019t deal with it. You have to be as serious about looking for the stuff you can\u2019t see as you are about the stuff you can see.\u201d<\/p>\n\n\n\n

Follett then shared four \u201cmoods\u201d leaders should look for in their organization that should clue them into potential internal risks \u2013 complacency, arrogance, fear and resentment \u2013 and discussed the importance of changing organizational narratives to create synergy in organizations.<\/p>\n\n\n\n

\"participants
ERM Roundtable Summit participants network between sessions. <\/figcaption><\/figure>\n\n\n\n

GuideWell Mutual Holding Company\u2019s Whitney Heflin and Lisa Owusu concluded the day\u2019s presentations by sharing techniques they\u2019ve used to facilitate enterprise-wide risk assessments with their executive leaders and develop meaningful strategic insights. One tool GuideWell\u2019s ERM team uses is what is called a pre-mortem.<\/p>\n\n\n\n

\u201cWe spend about 90 minutes diving deep into particular risks. By using prospective hindsight, we can circumvent confirmation and anchor biases,\u201d shared Owusu, ERM analyst at GuideWell. \u201cYou start by naming a specific failure scenario and asking the question, \u2018What went wrong?\u2019 as opposed to, \u2018What could go wrong?\u2019 and then allow various groups to discuss the causes that led to that risk. We can get amazing results by allowing people to get creative in thinking through potential risks.\u201d<\/p>\n\n\n\n

The summit ended with a brief recap from Poole College Dean Frank Buckless.<\/p>\n\n\n\n

\u201cThis event is a great example of NC State\u2019s approach to Think and Do \u2013 to ensure our state-of-the-art research and teaching are informed by decision-makers like you,\u201d Buckless remarked. \u201cYou\u2019re well aware of the pace of change and uncertainties and emerging risks that we all have to address. These can disrupt our organizations and core strategy if we\u2019re unprepared to respond. Today\u2019s speakers provided us with practical insights that all of us can use.\u201d<\/p>\n"},"excerpt":{"rendered":"

The Poole College of Management event aims to advance thought leadership by connecting rigorous academic research with what\u2019s happening in the real world.<\/p>\n","protected":false},"author":11164,"featured_media":19465,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"source":"","ncst_custom_author":"","ncst_show_custom_author":false,"ncst_dynamicHeaderBlockName":"ncst\/default-post-header","ncst_dynamicHeaderData":"{\"showAuthor\":false,\"showDate\":true,\"showFeaturedVideo\":false,\"subtitle\":\"The Poole College of Management event aims to advance thought leadership by connecting rigorous academic research with what\u2019s happening in the real world.\",\"displayCategoryID\":85,\"caption\":\"Mark Beasley, Alan T. Dickson Distinguished Professor of Accounting and director of the Poole College of Management ERM Initiative, kicks off the event. \"}","ncst_content_audit_freq":"","ncst_content_audit_date":"","ncst_content_audit_display":false,"ncst_backToTopFlag":"","footnotes":""},"categories":[85,77],"tags":[259,285,334],"_ncst_magazine_issue":[],"series":[],"class_list":["post-19239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-risk-management","category-newswire","tag-enterprise-risk-management","tag-erm-initiative","tag-erm-roundtable-summit"],"displayCategory":{"term_id":85,"name":"Enterprise Risk Management","slug":"enterprise-risk-management","term_group":0,"term_taxonomy_id":85,"taxonomy":"category","description":"","parent":0,"count":50,"filter":"raw"},"acf":{"ncst_posts_meta_modified_date":null},"_links":{"self":[{"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/posts\/19239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/users\/11164"}],"replies":[{"embeddable":true,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/comments?post=19239"}],"version-history":[{"count":8,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/posts\/19239\/revisions"}],"predecessor-version":[{"id":33794,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/posts\/19239\/revisions\/33794"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/media\/19465"}],"wp:attachment":[{"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/media?parent=19239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/categories?post=19239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/tags?post=19239"},{"taxonomy":"_ncst_magazine_issue","embeddable":true,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/_ncst_magazine_issue?post=19239"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/series?post=19239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}