A board member plays a crucial role in setting the tone and direction for ERM implementation, ensuring that it is integrated into the organisation’s overall governance and management processes. implement ERM, a board member should take the following measures:

1. Understand ERM principles and guidelines: The board member should familiarize themselves with the ISO 31000:2009 Risk Management Principles and Guidelines, which provide a comprehensive framework for effective risk management.

2. Assess the current state of risk management: The board member should evaluate the existing risk management practices within the organization, identify any gaps or weaknesses, and determine areas for improvement.

3. Set objectives and define a risk management strategy: The board member should work with the executive team to establish clear objectives for the ERM implementation and define a risk management strategy tailored to the organization’s specific needs and goals.

4. Assign responsibilities: The board member should ensure that responsibilities for ERM implementation are clearly assigned to appropriate individuals or departments within the organization. This may include the establishment of a risk committee or designating a member of the board to oversee risk management.

5. Provide adequate resources: The board member should ensure that the organization has the necessary resources, including budget, technology, and expertise, to effectively implement and sustain ERM practices.

6. Develop a risk management framework: The board member should work with stakeholders to develop a risk management framework that outlines the processes, roles, and responsibilities for identifying, assessing, mitigating, and monitoring risks across the organization.

7. Establish risk appetite and tolerance: The board member should work with management to define the organization’s risk appetite and tolerance levels, which will guide decision-making and risk-taking within the organization.

8. Monitor and review implementation progress: The board member should regularly monitor and review the progress of ERM implementation, ensuring that objectives are being achieved, risks are being effectively managed, and any necessary adjustments or improvements are made.

9. Foster a risk-aware culture: The board member should promote a risk-aware culture within the organization, encouraging open communication, collaboration, and accountability in relation to risk management.

10. Communicate and report on risk management: The board member should communicate and report on the organisation’s risk management practices and progress to relevant stakeholders, including shareholders, regulators, and the broader public, as appropriate.