Do you know what Enterprise Risk Management (ERM) is? Does your company need to establish or implement an ERM program? Do you know what the COSO framework or the framework unique to your locality and industry is? If you answered NO to any of these questions, we can help your organization identify and mitigate risks that could impact your profitability.
ERM is the process of identifying and analyzing relevant risk from an integrated, company-wide perspective. The concept is designed to identify potential events that may prevent your firm from achieving its operational, financial, and compliance objectives.
Using our services, we will help your organization answer the following critical questions:
- Do you have clarity about those risks that will affect your company’s future performance and provide deep insight into the risks that matter most?
- Do you understand which risks your company is competitively advantaged to fully address, and which you should seek to transfer or mitigate?
- Are business decisions made with a clear view of the impact to your company’s risk profile and are core business processes consistent with your approach to risk?
- Are there adequate Information Technology systems and infrastructure in place for you to monitor and manage risks that are being taken within your organization?
We have the approach to meet your company’s needs. Our approach will balance risk, consequences, time and cost regardless of the scope of engagement your company chooses. Our assessment will contain three major risk categories:
- Risk identification and assessment: We will work with your company to identify risks across your firm that threaten your mission. We will measure the intensity of the elements that drive each risk and assess your firm’s exposure to these elements.
- Risk tolerance and analysis: We will then work with your organization to define the level of risk your organization can tolerate. Keeping in mind that risk, when managed can lead to opportunity.
- Compliance and business practices: We will work with your company to make sure you are industry compliant. We will use the ERM framework provided by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) or other framework unique to your location and industry. We will also use benchmarks, controls and industry best practices in use at similar organizations to your company. This will provide you with a risk profile comparison of your practices to similar entities.
ERM can affect many areas within organizations. Consider the following for evaluation and appropriate mitigation…
To engage our Enterprise Risk Management services
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