Organization’s ERM Program Has supported Intuit Through a Time of Significant Transformation
Honorable Mention Recipient VIA Rail Canada’s ERM Program Has Leadership Focused on “The Right Risks and The Right Trends”
NEW YORK (October 27, 2015) – Intuit’s success in building a sustainable enterprise risk management (ERM) capability enables its business lines to identify and intelligently manage the most important risks while driving good decision-making. For its achievements in developing and implementing such a leading edge ERM program, RIMS, the risk management society™, presented Intuit with the 2015 Enterprise Risk Management Award of Distinction at the Society’s ERM Conference in Chicago.
In times of significant change, understanding and proactively managing risk is essential. The organization’s ERM program supported Intuit through a time of significant transformation; moving from the desktop to the Internet and mobile devices, moving to more open platforms with application programming interfaces that enable the contributions of end users and third-party developers, and embracing the potential of new market opportunities around the world.
“ERM transformed Intuit’s risk management capability requiring our leaders to think cross-organizationally and cross-functionally to understand the most significant risks and drive strategies to address them, ” said Janet Nasburg, Chief Risk Officer at Intuit. “ERM was instrumental in not only providing insights about the company but has also driven changes in the way we align our focus. It is a tremendous honor to be recognized by RIMS for our hard work and to share our ERM experiences with the risk management community.”
Honorable mention for this year’s ERM Award of Distinction went to VIA Rail Canada Inc., the country’s national passenger rail company. As a result of its ERM program, the company developed a risk appetite and tolerance framework based on measurable leading key risk indicators.
"Applying this framework to its key strategic risks strengthened VIA's ability to assess, monitor, and respond timely to changes in its enterprise-wide risk portfolio, thereby adding value to its decision-making process and enhancing risk oversight by its board of directors” said Denis Lavoie, Director of Enterprise Risk Management.
RIMS Executive Director Mary Roth said, “RIMS is delighted to recognize the accomplishments of these two organizations and their risk professionals through the RIMS Award of Distinction. The Intuit and VIA Rail programs demonstrate the tangible value that ERM brings to their respective organizations for both strategy-setting and strategy execution.”
Judging criteria for the ERM Award of Distinction includes the scope of the ERM program and how it engages different levels throughout the organization; the program’s link or connection to the company’s overall mission; and its ability to create additional value for the organization.