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We’re headquartered in the Washington, DC metro area with locations in Baltimore and New York, but we work with individuals and organizations of all sizes throughout the world.  \nGRF CPAs & Advisors’ (GRF) expert team has decades of experience helping our clients meet their financial goals. We excel at helping our clients grow and reach their best financial position, which is why we have a robust client base of nonprofit organizations, corporate and business entities, and individuals.  \nTraditional Audit & Tax Services  \nEnterprise Risk Management & Strategic Risk Identification  \nCybersecurity, Third Party, Disaster Recovery & Privacy Risk  \nInternal Audit & International Site Visits  \nFraud & Anti-corruption Risk Management  \nOutsourced Accounting & CFO Services  \nBest Practices in Enterprise  \nRisk Management 3  \nERM and Nonprofit Organizations  \nWhy Organizations are Thriving with ERM  \nFor years, organizations have taken a siloed approach to risk management, focusing on areas like cybersecurity. More are now widening their nets, using ERM to ensure unexpected dangers don’t derail their organization. When it comes to risk management, some may think of areas like IT, investment risk management, or risk events that can be covered by insurance, but these are just silos, or pockets, of risk. An increasing number of organizations have embraced ERM, which is a structured and continuous process designed to provide an organization’s board and senior leaders a strategic perspective of risks so that they can be managed proactively.  \nShort-and long-term benefits to implementing ERM include prioritizing limited resources, making timely decisions, accomplishing strategic objectives, integrating varying views of risk management (i.e., eliminate silos), increasing member and stakeholder confidence, enhancing governance, and aligning strategy and culture. In ERM, organizations conduct a risk-rating analysis, where they identify and evaluate all risks to achieving the their objectives. This builds a “risk universe.” To facilitate the risk evaluation process, organizations can use risk surveys, risk workshops, interviews, past risk events, and industry risk events.  \nBest Practices in Enterprise  \nRisk Management 4  \nERM and Nonprofit Organizations  \nWhy Organizations are Thriving with ERM (continued)  \nTo implement ERM, organizations should begin by securing buy-in and approval from the board and then designating a champion or committee dedicated to and responsible for risk mitigation. Logically, a growing number of chief financial officers are leading ERM initiatives for their organizations since most have already been designated to oversee financial, IT, and HR risks. Many organizations are also instituting internal risk councils consisting of executive management and “risk owners,” such as representatives from HR, IT, marketing, and so forth.  \nWith ERM, the risks with the highest ‘likelihood’ and‘impact’ score are those the board should be monitoring. This helps the organization focus on the risks that truly impact the organization rat","cbCaijY1xPSEkxY9","https://ap.wps.com/l/cbCaijY1xPSEkxY9","pdf",4168970,"English","# About GRF CPAs & Advisors\n## ERM and Nonprofit Organizations\n## Report Process\n## Critical Success Factors for ERM\n## Resourcing and Structuring an Effective ERM Program\n## Governance, Risk and Compliance (GRC) Tools\n## ERM Process\n## Capturing Risk Data & Key Elements of the Risk Assessment Process\n## Summary and Next Steps\n# References","[{\"question\":\"Does the report suggest there is a single correct way to formalize ERM?\",\"answer\":\"No. The report states there is no right or wrong way to formalize ERM, and organizations can begin with risk assessment and progress toward more sophisticated models as they grow.\"}]","GRF Leading Best Practices Report - Enterprise Risk Management | PDF",1789174379]