Organizational risk management has evolved from a singular focus on financial risk to a broader perspective that includes enterprise-wide and non-financial risks. Approaches such as enterprise risk management, strategic risk management, and value risk management are morphing into an area called “non-financial risk management (NFRM).” A paradox in this arena is that even though risk management is important, it is fragmented, siloed, and poorly integrated in companies. NFRM frameworks are weak or non-existent.
A solution to this paradox can be found right down the hall in the EHS/S (environmental, health, safety, and sustainability) department. But because of the historic focus on regulatory compliance, the decades of risk-management experience that the EHS/S function has often goes unnoticed.
Click here to read full post on the NEAM Green Tie Blog.
A goal of business functions such as quality, EHS/S, and CSR is to become embedded in the core business. This is also talked about in terms of becoming fully integrated in the business. 
Many EHS/S management system experts believe that one of the most important components of an integrated MS is management review. Management review is the time during which the overall strategy of an integrated EHS/S MS is assessed. Said differently, it is a time to see if the MS’s purpose and desired outcomes are being fulfilled. Management review is commonly framed as a performance evaluation activity. While this is correct, I would suggest that there is much more available through management reviews—that is, these are strategic opportunities to impact an organization’s Strategic Risk Management (SRM) process, and possibly start developing an SRM MS.