Enterprise Risk Management

Enterprise Risk Management

Organizations face a multitude of risks that can affect their operational efficiency and regulatory compliance. As these risks continue to increase, organizations have to find ways to manage, mitigate, accept, or transfer the risks. Enterprise Risk Management (ERM) can thus be employed to help manage, minimize, and in some cases eliminate risks, to keep your organization safe and in business.

Enterprise Risk Management (ERM) is the process of identifying, addressing, and managing methodically the potential events that present risks to the achievement of strategic objectives, or to opportunities to gain competitive advantage. ERM looks at risk management strategically and from an enterprise-wide perspective. Risk management is an essential element of the strategic management of any organization and should be embedded in the ongoing activities of the business.

A comprehensive ERM system consolidates and improves risk reporting so you can identify key risks that may affect your organization, quantify, and manage them better, and implement the proper controls to eliminate or reduce the threat. It can also improve human productivity, enhance customer relationships, and improve your compliance position. An ERM program can improve your supply chain, so you can better plan your inventory and forecast customer demand, lower operational costs, and improve revenues. If your organization is in science or research, ERM can help you track risk throughout the entire lifecycle of a new product or project, protecting your work at all stages. ERM also has financial benefits. Not only can it save you money by avoiding business disruptions; it can also help your accounting team come audit time.

It will also help you weigh your risks against your opportunities, allowing you to grow your company with greater peace of mind. When it comes to stakeholders, a well-implemented ERM system could set the foundation for many high-quality, long-term client relationships. Equally, not having a proper system for enterprise risk management could mean your business is perceived as less competent and could even result in loss of clients and damage to brand image.

Plans, policies, and procedures for risk management should be made available as widely as possible. Shareholders, stakeholders, investors, and other relevant interested parties should all have clear and direct access.

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