Adapting the ISO31000:2009 enterprise risk management framework using the six sigma approach

Enterprise risk management has never been more important in today´s organizations. The rapid changes brought forth by the technological advancements and globalization, and the complexity in managing these changes has made it challenging for an organization to manage its risks effectively. The ISO31000:2009 enterprise risk management (ERM) framework was developed in an attempt to help organizations address this challenge. Unfortunately, the framework is highly abstract and consists of confusing terms and definitions, which make it difficult to be adapted according to an organization´s risk management requirements. Using the Six Sigma approach, this paper presents a pragmatic roadmap on the process of adapting the ISO31000:2009 ERM framework in a business unit of a large organization operating globally. In so doing, this study helps to provide invaluable insights and a viable method to adapt the ISO31000:2009 framework into a number of effective risk management practices in an organization.