Imbedded within any enterprise risk management (ERM) program is the ability to communicate effectively throughout all the processes to the decision-makers and implementers. Finance professionals at all levels within an organization have used a heat map during the identification, assessment, and monitoring phases of the ERM process. As strategies and responses are challenged, changed, and developed, communication is a key element.
This tool is geared towards the novice as well as the experienced professional. Included is a diagram explaining the complete ERM process, further explanation of impacts and occurrences and a deep dive into a quantitative example directing the user towards defining metrics, and the use of additional resources to be used in communicating risk.
The “Communicating Risk Using a Heat Map” resource is a companion tool to the previously updated Risk Heat Map and is intended to be used alongside one another. Please make sure to check the full Risk Management Tool for new information.