ON Semiconductor has received the RIMS 2019 Global Enterprise Risk Management Award of Distinction Honorable Mention, an award that acknowledges the company’s ongoing efforts to turn enterprise risk management (ERM) into a strategic competence by embedding a risk-aware decision-making culture across all functions within the company.
“Driving transparent and candid discussion of risks and opportunities has benefited all functions within the company by enabling both the preservation and creation of value and enhanced performance,” said Michael Zuraw, senior director of enterprise risk management at ON Semiconductor. “The ERM program has evolved from a check-the-box exercise into a comprehensive framework that can be applied to programs, projects, and strategic initiatives within the organization on a regular basis.”
“Executive management and the board of directors have been involved in key ERM activities since the program’s inception,” said Sonny Cave, executive vice president, general counsel, chief compliance and ethics officer, chief risk officer and corporate secretary at ON Semiconductor. “By actively engaging senior leadership, the ERM program has not only gained an increasing level of support from executive management and the company’s board, but also effectively set the tone and strategic direction for the entire company.”
“Organizations increasingly are customizing ERM programs to address unique needs and build risk strategies and competencies that align with long-term goals,” said RIMS CEO Mary Roth. “ON Semiconductor, and all of our award winners, have successfully integrated ERM programs that link to their organizations’ respective missions, strategies and performance. RIMS is proud to honor them with the Global ERM Award of Distinction and share their successes with our community.”