9 hallmarks of successful risk / planning processes

I came across this article recently, on the hallmarks of a successful organization-wide level of risk management regime. It notes that the signs of successful enterprise risk management (ERM) are:

1) Board-level commitment to ERM as a critical framework for successful decision making and driving value

2) Dedicated risk executive in a senior-level position, driving and facilitating the ERM process

3) ERM culture that encourages full engagement and accountability at all levels of the organization

4) Engagement of stakeholders in risk management strategy development and policy setting

5) Transparency of risk communication

6) Integration of financial and operational risk information into decision making

7) Use of sophisticated quantification methods to understand risk and demonstrate added value through risk management

8) Identification of new and emerging risks using internal data as well as information from external providers

9) A move from focusing on risk avoidance and mitigation to leveraging risk and risk management options that extract value


This got me to thinking about how tied together risk and planning really are, since I'd say that with just a bit of editing you could make this into a list of the 9 hallmarks of a successful planning regime:

1) Senior-management level commitment to results-based planning as a critical framework for successful decision making and driving value

2) Dedicated executive in a senior-level position, driving and facilitating the planning, reporting and performance measurement process

3) A planning and reporting culture that encourages full engagement and accountability at all levels of the organization

4) Engagement of stakeholders in strategic and operational level work plans, and the identification of appropriate performance measures

5) Transparency of communication

6) Integration of financial and operational information into decision making through integration into planning

7) Use of sophisticated quantification methods to understand and demonstrate added value

8) Identification of new and emerging activities / objectives using internal data as well as information from external providers

9) A move from focusing on short-term activity planning to broader definitions of results and objectives that extract value for stakeholders