Enterprise Risk Management (ERM) BY EXAMPLE In his new book “Beyond Basketball”, DUKE Coach Mike Krzyzewski says, an example of, “Enterprise Risk Management”, is like the ending to one of his very important basketball games a few years ago. “At the end of a Final Four Tournament game against Kentucky, Duke was behind by one point! The coach asked Grant Hill if he could throw the ball 75 feet to Christian Laeltner, who would be positioned at the free-throw line at the other end. When Hill said he could, the coach asked Laeltner if he could catch the ball and get a shot off before the buzzer. Laeltner said he could if Hill could. Everything went according to plan. Grant threw the ball to Christian and Laeltner caught the ball, turned around and shot the winning basket. The Duke coach believes this was only possible because; EVERYONE INVOLVED had been well prepared. In other words, every team meeting, every practice, every individual conversation, ESTABLISHES HOW THE TEAM WILL COLLECTIVELY REACT WHEN A CRISIS OCCURS. By effecting Enterprise Risk Management (ERM) philosophies throughout your business “you can plan to manage a crises, accident, mother nature happening, unintentional event, or any other catastrophe or uncontrolled occurrence, when the time comes. It is too late when it happens to establish a contingent business plan, that should already exist within the business, so your Enterprise Risk Management Recovery Program can take over the recovery and restructure plan agreed by the business organization. F. Darrell Lindsey U.S. State Licensed Agent/Broker Business Captive Manager U.S. State Approved Captive/RRG/ Self Insured Manager
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