WASHINGTON — Risk management used to rely upon a silo approach, with managers or committees managing risks only within their designated areas of responsibility, enterprise risk management consultant Marcus Faust told CUERM trainees Oct. 2 at the Capital Hilton.
Faust works for RP Financial, an Arlington, Va.-based financial services consulting firm.
However, successful ERM governance must expand beyond the silo structure, facilitating communication across risk taking functions and consider the interrelationship of risks, he said.
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