Enterprise risk management (ERM) as a leadership development tool? Yes, sir — that’s how they roll in the southern Caribbean.

Can you tell I’m excited? During the past week I’ve spent — no, invested – time speaking with the CEO and top finance-IT executive at a $700 million company based in the relatively tiny Republic of Trinidad and Tobago. The company’s ERM approach deserves the attention of a global audience.

My research is not finished yet; the article will appear in an upcoming issue of Business Finance magazine, and I will also refer to it in this blog during the drafting process.

Here’s a taste of what captured my attention about this organization’s approach to ERM:

• A drive to focus decision-making on risk management at every level of the organization;

• A drive to use strategic risks as a basis for continuous improvement — and for opportunities to add value through innovation and revenue growth;

• An underlying intent is to make ERM sustainable – without the continued assistance of outside vendors;

• The fact that the company’s top executive, its president, serves as “project champion” of the initiative;

• The fact that the company’s senior leadership team, vice presidents who report to the president, comprise what other company’s commonly refer to as the internal risk committee; and

• The idea that participating in the initiative provides a valuable leadership development opportunity.

I’ll share more about this ERM effort and the company, which is part-owned by two globally renowned companies, as my research continues. ###