Simple is Better

In this month's edition of Internal Auditor Magazine, Neil Baker highlights real-world approaches to implementing a successful enterprise risk management program.  Leading experts from major corporations and professional services firms were interviewed about their ERM insights.  Wheelhouse Advisors participated in the development of the article and provided the following advice.

"A simple, consistent, and well-understood risk framework is vital," says John Wheeler, founder and principal at ERM consultancy Wheelhouse Advisors in Atlanta. That's especially true where people are burned out by U.S. Sarbanes-Oxley Act of 2002 compliance or are overloaded by corporate initiatives that get in the way of their "real jobs." 

Simple is always a better approach, especially during times of crisis or when competing priorities are serving as a distraction from the ultimate goal.  The best way to achieve this simplicity is to have a strong framework in place before spending effort and money on extra resources or technology.