Coming to grips with enterprise risk management

Coming to grips with enterprise risk management

Only a formal, rigorous methodology will help an organisation gain a holistic view of its risk profile, and then guide its resilience.

By Jeremy Capell, GM: Advisory Services, ContinuitySA

Enterprise risk management, or ERM, involves planning, organising, leading and controlling the activities of an organisation to minimise the effects of risk on its capital and earnings. It looks beyond risks associated with accidental losses to include financial, strategic, operational and other risks.[1]

In other words, it seeks to ensure that the business is run in such a way as to minimise the risks that it faces.

To cover all aspects of risk, a formal, structured approach is needed. Accordingly, we have developed a methodology that aligns with the leading standards in risk management.  We then design an ERM solution in line with the organisation’s risk appetite, and that creates a risk-aware culture. As always, our services are offered on a fully managed basis, and cover the full spectrum of needs:

  • Risk maturity assessments (gap analysis)
  • Risk culture assessments
  • ERM programme development
  • Facilitation of risk workshops
  • ERM training at all levels.

All in all, our offering is designed to help an organisation truly understand its risk, and then begin to change the way it operates in order to minimise that risk.

[1] Adapted from the definition on www.whatis.com.

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