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Implementing an Enterprise Risk Management Approach

ABB's treasury have developed an enterprise risk management approach that has revolutionised the way that risks are prioritised, monitored and mitigated - allowing treasury to evolve and become a strong partner to the business.

Key Points

  • Since 2003, ABB has recognised the major role to be played by treasury in delivering liquidity and risk management services to the rest of the group
  • Treasury is now centralised in Zurich, Switzerland, with regional treasuries in the USA, Dubai and China, as well as country treasurers in many other countries
  • From 2009 treasury has been responsible for enterprise risk management (ERM), and decided to develop an ERM framework in-house, including the development of a risk catalogue
  • Each part of the business then reported their most significant risks, and an ERM Roundtable was organised to assess the company’s risk strategies
  • The author outlines the lessons learnt from the process and its substantial benefits

 

Written by

Constantinos Tsolakas
Head of Group Treasury and Risk Management
ABB

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