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04:00 PM - 05:30 PM (Central)
05:00 PM - 06:30 PM (Eastern)

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Overview

A board of directors of a company must manage risks in order for the company to remain viable. Managing risk is thus just a normal part of running any business. With this in mind, what is “enterprise risk management?”

According to the Poole College of Management, “[t]raditionally, organizations manage risks by placing responsibilities on business unit leaders to manage risks within their areas of responsibility. For example, the Chief Technology Officer (CTO) is responsible for managing risks related to the organization’s information technology (IT) operations, the Treasurer is responsible for managing risks related to financing and cash flow, the Chief Operating Officer is responsible for managing production and distribution, and the Chief Marketing Officer is responsible for sales and customer relationships, and so on. Each of these functional leaders is charged with managing risks related to their key areas of responsibility. This traditional approach to risk management is often referred to as silo or stove-pipe risk management whereby each silo leader is responsible for managing risks within their silo.”
There are a number of limitations to this approach, so “business leaders have … have begun to embrace the concept of enterprise risk management as a way to strengthen their organization’s risk oversight. They have realized that waiting until the risk event occurs is too late for effectively addressing significant risks and they have proactively embraced ERM as a business process to enhance how they manage risks to the enterprise … The objective of enterprise risk management is to develop a holistic, portfolio view of the most significant risks to the achievement of the entity’s most important objectives. The “e” in ERM signals that ERM seeks to create a top-down, enterprise view of all the significant risks that might impact the strategic objectives of the business. In other words, ERM attempts to create a basket of all types of risks that might have an impact – both positively and negatively – on the viability of the business.”

Based on regulatory requirements and industry and firm needs, some organizations have developed substantial ERM functions including sizeable risk management departments, Chief Risk Officers responsible for ERM, and Board Risk Committees charged with board oversight of the CRO and risk management. These developments are perhaps most common in financial services firms, especially banking organizations, and also more common in power/energy and life sciences companies.

At the end of the day, the risk management approach should be appropriate for the organization’s size, complexity, and risk profile.

This webinar and the series of which it is a part are co-production of certain chapters (Alabama, Dallas, DC Metro, Nashville, New England, New York Metro, Tampa Bay & Wisconsin) of the Private Directors Association®, Executive Forum™, Private Director Symposium™, ChamberWise™ & Financial Poise™

Thank you to our National and Gold Chapter Sponsors!

Panelists

Kathleen Murray Angel Investor | Board Advisor

Kathy Murray is an approachable and creative business growth executive, board member, angel investor and advisor. Kathy is Co-Founder of Tech Up for Women and Principal of McMorran Strategists. Earlier, Kathy held key C-Suite roles at publicly-traded firms and partnerships - Aetna, PwC and FARO. Currently, she is Fiduciary Board Member & Diversification Committee Chair of Daily Gazette (Winner of 2021 Private Directors Magazine Board Award), Founder of Executive Forum Angels, Board Chair of Harvard Business School Women's Association, Life Trustee for University of Rochester, and Fellow at the Foreign Policy Association, Kathy received a BA in Math/General Science from the University of Rochester and the Advanced Management Program Degree from Harvard Business School.

Alex Sharpe

Alex Sharpe is a long-time Cybersecurity, Governance, and Digital Transformation expert with real-world operational experience. He has spent much of his career helping corporations and government agencies reap the rewards afforded by advances in technology while mitigating risk. He began his career at the NSA before moving into the Management Consulting ranks building practices at Booz Allen and KPMG. He subsequently co-founded two firms with successful exits, including The Hackett Group. Alex holds degrees in Business from Columbia Business School, Systems Engineering from Johns Hopkins University, and Electrical Engineering from New Jersey Institute of Technology (NJIT). He is a published author, speaker, instructor, and advisor.

Ed Hida Senior Executive Advisor, Secura Isaac Group CEO, Hida Advisory LLC

Ed Hida, Senior Executive Advisor with Secura Isaac Group, CEO of Hida Advisory LLC, and retired Senior Partner at Deloitte is among the most preeminent risk and regulatory experts in the financial services industry. He has worked with global, national and regional banks, insurers, asset managers, and financial infrastructure and specialized finance companies. Ed is a trusted, strategic advisor to the c-suite and boards of many of the world’s largest and most recognizable brands in the financial services industry, helping them to balance regulatory and risk management mandates with strategic execution and value creation.  He is a financial expert and a Qualified Risk Director®.

Jeff Sauntry  CEO, Risk Neutral Co-President, Private Directors Association Tampa Bay Chapter

Jeff Sauntry is the CEO of Risk Neutral and Co-President of the Private Directors Association Tampa Bay Chapter (PDA-TPA). He is a results-focused board member and senior executive with publicly traded and private organizations. Leader of core operations for professional services, platform as a service, cybersecurity, technology, and telecommunications firms. Jeff is a Certified Director by the National Association of Corporate Directors (NACD) and recognized as a Leadership Fellow in Cyber Risk. Jeff is a graduate of the Chief Risk Officer (CRO) program at Carnegie Mellon University. He is a subject matter expert in risk management, regulatory compliance, privacy, go-to-market strategy, digital transformation, eCommerce, fraud, and physical security. He is a trusted advisor able to translate complex business challenges into actionable initiatives designed to minimize deviation from expected outcomes. Jeff thrives at the intersection of innovation and value creation.

As an entrepreneur, owner of multiple closely held private companies, and an AM&AA Certified Merger and Acquisition Advisor, he brings a unique over-the-horizon perspective to the boardroom. Jeff believes cognitive diversity and sound corporate governance create a competitive differentiator for the organizations he serves.

Before becoming an entrepreneur, Jeff served in executive roles at publicly traded and Fortune 500 companies, including Synopsys, Cigital, Unisys, AT&T, Computer Associates, Novell, PWC, and KPMG, leading global professional services, and engineering organizations.

Moderator

Jonathan Friedland Principal Much Shelist, P.C.

• Jonathan Friedland is a principal with the Much Shelist, P.C. law firm.
• He regularly advises boards of directors and owners of companies in financial distress.
• Jonathan has been representing companies in out-of-court workouts, chapter 11 bankruptcy, and controlled liquidations for more than 25 years. He also has broad and substantial experience in acting as outside general counsel to clients and in running both a wide variety of corporate transactions, and a wide array of commercial litigation.
• He is widely recognized as a leading corporate restructuring and insolvency attorney. He has been rated for many years as AV® Preeminent™ by Martindale-Hubbell, 10/10 by AVVO, and 10/10 by Justia. Jonathan is the principal author of two leading legal treatises, and his scholarship is widely cited by legal scholars. He formerly served stints as an Adjunct Professor of Strategic Management at the University of Chicago’s Graduate School of Business and as a Clayton Center for Entrepreneurial Law Visiting Professor of Business Law at the University of Tennessee College of Law. More information here.

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