The ERM implementation in both companies is similar because it is aimed at recognition of risk and managing them properly. In chapter 14, the enterprise risks management is implemented at Zurich Insurance Group whereby it relies on ERM for it to remain profitable. The company is exposed to a wide range of risks from its customers to its own operations. Yet Zurich recognizes that taking the right risks at the right time is a necessary part of growing and protecting shareholder value. Naturally, Zurich aims to capitalize on appropriate market opportunities that could attract the best talent and investor capital.
I would implement ERM in the same manner as in TD Bank because the process requires the application of risk appetite in consideration of the current conditions. Therefore, the adherence to the enterprise risk appetite is managed and monitored across the organization and is based on a broad collection of principles, and procedures (Fraser, Simkins & Narvaez, 2014). I will also follow the implementation of ERM as at Zurich because it utilizes insight from its ERM program to help balance growth opportunities with the reality that it is operating in a complex world economy. I think ERM will be successful in future because many companies are getting into the knowledge of its importance.
Reference
Fraser, J., Simkins, B. & Narvaez, K. (2014). Implementing enterprise risk management: Case
studies and best practices. Wiley & Sons.
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