It is vital to identify and prioritize significant risks and detect the weakest points. Adding other elements to an essential ERM program, such as PESTEL and Porter's 5 forces, treatment plans, scorecards, the three lines of defense (3LoD) components, and process improvements (six sigma, 8D, etc.) significantly increases the ERM success rate.
The authors outline a comprehensive strategy to designing and implementing a robust and successful ERM program - and not just successful in implementation but also yielding enormous returns for the organizations that implemented this enhanced ERM program.