Impact ERM

Impact ERM was developed as a response to the growing need for comprehensive risk management frameworks that could be integrated into organizational strategy. It emerged from the evolution of traditional risk management practices, which often operated in silos, towards a more holistic approach that considered risks across an entire organization. The exact origins and creators of Impact ERM are not definitively documented, but it gained prominence as businesses sought to enhance resilience and align risk management with corporate governance and strategic objectives.

Strengths of Impact ERM include its comprehensive approach to risk management, integration with strategic planning, and ability to provide a holistic view of risks. Weaknesses may involve complexity in implementation and the need for significant resources and expertise. Competitors include other enterprise risk management frameworks like COSO ERM, ISO 31000, and proprietary risk management solutions developed by consulting firms.

An Impact ERM expert must possess strong analytical skills to assess and quantify risks, proficiency in risk assessment tools and software, and expertise in data analysis for identifying risk trends. They should also have a deep understanding of risk modeling techniques and experience with integrating risk management processes into strategic planning. Proficiency in regulatory compliance related to risk management is also essential.