Connecting the Dots by ProQuest

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The mortgage industry is reeling from the collapse of the subprime market. And it is easy to see that Sarbanes-Oxley (SOX), enterprise risk management (ERM), governance, risk and compliance are not individually sufficient to protect companies and their shareholders. If the SOX team addresses financial risk, the ERM team reviews operational risk and insurance protects against disasters, it would seem that all bases are covered. This line of thinking can leave a good company vulnerable to extra costs, lost productivity and unforeseen multi-faceted risk. Risk mitigation teams in each company must work collaboratively to achieve the best possible risk protection at the lowest cost. Companies that take the time to put together a more complete risk management plan may find unanticipated benefits. As simple as it is to create another taskforce or committee to address risk, a well thought-out, collaborative risk plan will be easier to create and far superior to use if the effort is coordinated.

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