You have witnessed the development of ERM for several decades now. In what directions do you foresee it heading in the near and distant future?
I believe we'll see a continued evolution to stronger risk management, especially as executives see the business benefits, like ensuring that the supply chain continues unaffected and doesn't halt manufacturing, that you don't have the type of financial meltdown that we've seen in companies in recent years, the assurance that marketing programs in foreign locations achieve their stated goals.
The risks have evolved, and there are significant new ones that need to be dealt with. Often, risk management has been ad hoc. Now, executives and boards of directors want to take a more disciplined approach to identifying, analyzing and managing risk.
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