Beachwood, Ohio -- Developers Diversified Realty Corp. announced Friday it has furthered its commitment to risk management with the formalization of its Enterprise Risk Management Program.
The new program, according to Developers Diversified, is an integration of strategy, process, people and technology that promotes the identification, prioritization, ownership and management of the company's critical risks.
The ERM Program is managed by a risk committee comprised of senior executives representing all major departments and is designed to assess and manage the strategic, operational, compliance and financial risks of the organization.
Daniel B. Hurwitz, president & CEO of Developers Diversified and chair of the risk committee, said, "Embracing sound and comprehensive enterprise risk management practices is aligned with our consistent commitment to manage this company with less risk, both operationally and financially. This is becoming more apparent in every aspect of our business, from reducing our debt and extending its duration to pursuing leases with the most creditworthy tenants."