January 28, 2020: Enterprise Risk Management (ERM) and the role of the CFO as chief risk officer: Best Practices and Issues was the topic of discussion when CFOs and COOs from 17 leading Associations met on January 28, 2020 for the Presidential Forum Roundtable breakfast in Washington, DC. The peer-to-peer discussion was moderated by Jeff Tomitz, CFO, National Electrical Manufacturers Association (NEMA).
For CFOs and COOs in attendance, it provided invaluable insights into what their peers are doing at other Associations on identifying key risks, assessing severity of risks, and defining actions for mitigation. How to start the conversation with your CEO about formalizing ERM in your organization. How to communicate ERM to your Board. Ideas for where to find useful frameworks for formalizing your ERM. And much more.
Enterprise Risk Management (ERM) was summarized in a few words by Tomitz with the following: “Financial professionals may instinctively relate to risk management in the context of financial management and related controls. However, as boards have become more engaged on the topic of Enterprise Risk Management, their expectations are often that financial professionals will communicate their awareness of key risks facing the organization beyond traditional fiscal risk management, such as compliance, strategic, operational, and reputational risks. ERM offers financial professionals several new career-enhancing opportunities, including the ability to operate beyond traditional borders of financial responsibilities, to significantly contribute to the long-term viability of their organizations, and to offer their boards new governance insights through, for example, broader reporting of key organizational risks.”
In addition to the CFO/COOs in attendance, the sole sponsor Aronson LLC – Rob Eby, Partner, and Greg Plotts, Partner – provided additional subject matter expertise to the discussion based on their experience helping leading Associations in their ongoing Enterprise Risk Management journey. See their Website for their White Paper on Top 10 Risks for Associations: Aronson_Top10_RisksAssociations
See the Presidential Forum Calendar for upcoming Association executive roundtable events (invitation-only) at 2020_Calendar. For additional information, please contact Wade Tetsuka, wadetetsuka@ustranscorp.com
CPE Compliance Disclosure:
COURSE DESCRIPTION:
The role of the CFO to identify key risks facing the organization now extends beyond financial risk management and now includes additional issues such as compliance, strategic, operational, and reputational risks. Discussion around the topic of Enterprise Risk Management (ERM) will help prepare the financial executive to contribute to the long-term health of their organization.
LEARNING OBJECTIVES:
- Learn what Enterprise Risk Management entails
- Learn how to examine your organization for financial, compliance, strategic, operational, and reputational risks
- Learn how to offer boards new governance insights and how to communicate key insights regarding your organization.
INSTRUCTOR(S): Jeff Tomitz, CFO, National Electrical Manufacturers Association (NEMA), Rob Eby, Partner, Aronson LLC and Greg Plotts, Partner, Aronson LLC.
DELIVERY METHOD: Group Live
CPE CREDITS: 1.5
LEVEL: Intermediate
NASBA CATEGORY: Business Management & Organization
PREREQUISITES: C-Level Management Experience
In accordance with the standards of the National Registry of CPE Sponsors, CPE credits have been granted based on a 50-minute hour.
U.S Transactions Corp. (CPE Sponsor ID: 138278) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
