September 25 | 12:00 pm – 1:30 pm EST
Steps to Developing a Risk Appetite Framework
All organizations implementing Enterprise Risk Management (ERM) should take some time to consider their high-level appetite toward risk. As opposed to risk tolerance, which draws a line through the heat map and all risks above the line must be either avoided or treated to bring within tolerance, risk appetite studies an organization's view of risk, from both a downside and upside perspective, in the pursuit of its objectives. This webinar will explore the qualitative and quantitative considerations in developing a risk appetite statement, as well as how to incorporate that philosophy into other business practices such as strategic planning, quality improvement, compliance and budgeting.
- Clear understanding of risk appetite and risk tolerance
- Practical steps to develop a risk appetite framework
- Consideration of incorporating the risk appetite philosophy into other business practices
Scott Wightman is a member of Arthur J. Gallagher’s Public Sector and Higher Education Practices and managing director of the company’s ERM Practice. He has over 35 years’ experience – 25 years as broker/consultant and 10 as risk manager, including five years as director of risk management for Saint Louis University. He has been helping clients implement ERM since 2011 and in 2014 became a faculty member for the Public Risk Management Association (PRIMA) ERM implementation training program through which he has trained over 350 risk management professionals. He holds his Enterprise Risk Management (ARM-E) designation from The Institutes, and is a regular national speaker (with PRIMA, URMIA, NACUA, RIMS) on how organizations can embed ERM into their cultures and implement its principles with little need for additional resources.