By Marchy Ren, Alumna of the Enterprise Risk Management (ERM) Program, School of Professional Studies
When I first came across the word “risk,” I instinctively associated it with loss or mistakes. It wasn’t until I joined Columbia University’s M.S. in Enterprise Risk Management (ERM) program that I began to understand a deeper truth: in the world of business, risk isn’t just about downside; it’s about any deviation from expectation—whether that’s a potential threat or a missed opportunity.
Risk management is not only a technical discipline, but also a way of thinking strategically. Realizing this changed the course of my career. The ERM program didn’t just help me discover what I wanted to do—it gave me the tools and mindset to do it well. After graduating, I joined the Wealth Management Risk team at Goldman Sachs. And much of what I do today can be directly traced back to what I learned at Columbia.
In class, we dove deep into the RCSA (risk and control self-assessment) framework and explored how operational risk can emerge across silos in large organizations. The Value-Based ERM course helped me understand how to break those silos and think holistically about risk. I became familiar with tools like KRIs (key risk indicators), root cause analysis, and heat maps. But more importantly, I learned how to use them—to tell stories with data, to uncover gaps, and to build trust with stakeholders. These weren’t just abstract concepts. In my current role, I regularly find myself identifying potential control weaknesses, interviewing subject matter experts about the risks they worry about most, and using bow-tie analysis to map out how controls mitigate those risks. These are things we practiced repeatedly in class, but now I get to apply them in the real world, with real consequences.
One of the most memorable experiences from the program was the capstone project. Our team analyzed KeyBank’s ERM framework, examining its governance, financial risks, and operational risk exposures. It was a deep dive into how a large institution manages uncertainty. But what I remember most is how collaborative the experience was—as a team, we brainstormed late into the night in the library, challenged each other’s ideas, and learned how to build something together. It not only sharpened my thinking, but also created lifelong friendships.
Looking back, the ERM program gave me more than a degree—it gave me a professional identity. It taught me how to think systematically about complex problems, how to communicate across business lines, and how to lead with a risk-informed mindset. I’m grateful for the journey, and even more excited about what lies ahead.
Views and opinions expressed here are those of the authors, and do not necessarily reflect the official position of Columbia School of Professional Studies or Columbia University.
About the Program
The Master of Science in Enterprise Risk Management (ERM) program at Columbia University prepares graduates to inform better risk-reward decisions by providing a complete, robust, and integrated picture of both upside and downside volatility across an entire enterprise. For both the full-time and part-time options, students may take all their courses on Columbia’s New York City campus or choose the synchronous online class experience.
The priority application deadline for the M.S. in Enterprise Risk Management program is January 15, with a final deadline of May 1. Learn more about the program here.
