Federal Retirement Thrift Investment Board, Paychex, Tennessee Valley Authority Recognized for Outstanding ERM Programs
***RECORD-BREAKING ATTENDENCE AT RIMS ERM CONFERENCE***
NEW YORK (November 20, 2024) – RIMS, the risk management society®, presented three organizations with the 2024 ERM Global Award of Distinction at RIMS ERM Conference in Boston. The Federal Retirement Thrift Investment Board (FRTIB), Paychex, and Tennessee Valley Authority (TVA) were awarded for developing exceptional enterprise risk management programs that aligned with business strategy, improved risk identification endeavors, empowered organizational decision-makers, and embedded robust risk cultures across the enterprises.
“ERM has the power to cultivate a risk-aware culture that drives strategic alignment across the organization and supports its ability to achieve objectives,” said RIMS CEO Gary A. LaBranche, FASAE, CAE. “This year’s RIMS ERM Global Award of Distinction winners have implemented dynamic ERM programs that positively impacted each organization’s ability to navigate today’s complicated risk landscape while paving the way for even greater success. Congratulations to FRTIB, Paychex and TVA for their accomplishments and thank you for sharing them with the RIMS community.”
About Federal Retirement Thrift Investment Board’s ERM Success: The FRTIB began implementing ERM in 2012 and established the Chief Risk Officer position in 2013 to help the agency re-energize its risk management capabilities. Today, FRTIB has a robust ERM program that is fully integrated into the governance, management and decision-making processes of the agency.
At FRTIB, new leadership chose to deploy an annualized, repeatable, five-phase ERM process that articulates the ERM roles and responsibilities for all offices in the agency. The ERM program continues to grow and evolve and has become a fully mature program that is integral to the agency’s operations. Additionally, FRTIB’s ERM program has enabled its Board to more effectively and confidently fulfill its oversight duties and responsibilities. ERM at FTRIB has also fostered a culture that encourages openness and transparency while ensuring accountability when risks arise.
About Paychex ERM Success: The Paychex ERM program is often described as “the conscience” of the company given its alignment of strategy with risk appetite and tolerance. The program was built with a focus on the future, ensuring a proactive approach is taken to forecast and avoid future risk, while also capitalizing on the upside of that risk.
The ERM program is also deeply embedded within the strategic, performance and financial frameworks of the organization to prevent risk management from becoming a siloed function, and instead serves as a fundamental component of the business.
The ERM team plays a pivotal role in shaping and sustaining a robust risk culture of preparedness across the enterprise. With ERM, Paychex business area leaders share an understanding of risk management principles, are actively engaged in risk-related activities, and are committed to its continuous improvement.
About Tennessee Valley Authority’s ERM Success: ERM is fundamental to TVA’s strategy and uses a systematic approach to measure, prioritize, and respond to risks.
ERM at TVA is utilized in decision-making across the enterprise, including strategic planning and resource allocation decisions. The risk assessment process also allows ERM to identify opportunities for cross-functional collaboration across the enterprise and standardize risks that affect multiple areas of the business.
Among many benefits, the program has been credited with strengthening the organization’s ability to safeguard digital assets and enhance the organization’s overall cybersecurity strategy. Ultimately, the program has effectively promoted a culture of strong risk management through active engagement at every level of the organization, allowing TVA to ensure operational excellence in the delivery of its mission of energy, environment, and economic development for the people of the Tennessee Valley.
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Judging criteria for the Global ERM Award of Distinction includes an evaluation of the program’s measurable, tangible and sustainable results; unique program strengths; ERM innovation that links risk with strategy or performance; and the program’s ability to build sustaining risk management capabilities. The judging panel comprises members of RIMS Strategic and Enterprise Risk Management Council.
To access Society’s thought-leading enterprise risk management knowledge, resources and research, visit RIMS Strategic and Enterprise Risk Center and RIMS Risk Knowledge library.
RIMS ERM Conference 2024 was held November 18 – 19 in Boston. The conference featured a stellar lineup of risk thought leaders who shared their experiences applying ERM practices to align risk management with strategy and showcase the value of more risk aware corporate cultures. The conference featured a keynote presentation by John Hagel and a lineup of sessions led by other notable risk management leaders. Visit www.RIMS.org for updates.
About RIMS
RIMS, the risk management society®️, empowers risk professionals to make the world safer, more secure, and more sustainable. Through networking, professional development, certification, advocacy, and research, RIMS and its 80 chapters serves more than 200,000 risk practitioners and business leaders from over 75 countries. Founded in 1950, the Society publishes the award-winning Risk Management Magazine and produces RISKWORLD®️, the largest annual gathering of global risk professionals. RIMS embraces diversity, equity and inclusion and welcomes all risk professionals to connect and learn, explore the online Risk Knowledge library, tune into the RIMScast podcast series, and engage via social media. To learn more, visit https://www.RIMS.org.