PHOENIX, Ariz. – Nov. 6, 2019 – ON Semiconductor (Nasdaq: ON), driving energy efficient innovations, 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.”
Headquartered in Phoenix, Arizona, ON Semiconductor has over 160 locations in North America, Europe and Asia and a global employee count of more than 36,000. This global presence combined with the depth and breadth of its portfolio of over 86,000 products and an extensive intellectual property portfolio enables the company to be agile and competitive in an ever changing market.
Judging criteria for the Global ERM Award of Distinction includes measurable, tangible and sustainable results; unique program strengths; ERM innovation that links risk with strategy or performance; and the program’s ability to build sustaining risk management capabilities.
As the preeminent organization dedicated to promoting the profession of risk management, RIMS, the risk management society®, is a global not-for-profit organization representing more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world. Founded in 1950, RIMS is committed to advancing risk management capabilities for organizational success, bringing networking, professional development and education opportunities to its membership of more than 10,000 risk management professionals who are located in more than 60 countries. For more information on RIMS, visit www.RIMS.org.