Enterprise Risk Management Systems: Beyond the Balanced Scorecard
Dr. Carolyn Kay Brancato
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More than a decade ago, the “Balanced Scorecard” represented an advance in the field of measuring corporate performance, providing a framework for companies to evaluate both financial and “non-financial,” or “extra-financial” measures such as quality, and customer and employee satisfaction. Subsequently, The Conference Board developed its “Dashboard” concept to take the Balanced Scorecard from a two-dimensional to a three-dimensional view of corporate performance measures. Now, The Conference Board’s new approach to developing an Enterprise Risk Management (ERM) system goes beyond both the basic Scorecard and Dashboard concepts to not only identify strategic success measures, but also to link them to risk factors. This system allows companies to assess where earnings may be vulnerable and to develop and prioritize risk mitigation strategies.
- Moving Beyond the Balanced Scorecard
- The Conference Board’s “Dashboard” of Success Measures
- Risk Identification and Assessment
- The Role of the Board in ERM Oversight
- Summary: Integrating Systems Is Critical
Features over a dozen tables and charts.