Enterprise Risk Management (ERM)
The confluence of complex and disparate risks that confront organizations demands a disciplined way to evaluate risks and commit resources appropriate to their potential impact on strategy and execution. To manage these risks, well-managed organizations have a process for identifying, assessing, and handling the risks they face.
Enterprise risk management is an approach for identifying, assessing, and managing all types of risk the organization faces by priority, consistent with business objectives and risk appetite. It goes well beyond the traditional role of the risk manager and enables leadership to understand, prioritize and make consequential decisions. ERM enables companies to communicate, compare and decide on a preferred strategy to prioritize and address risks based on the company's objectives and risk appetite or tolerance. ERM provides a deliberate, strategy-based method for companies to accept, avoid, mitigate, transfer or exploit the risks inherent in their business model and operations strategy.
Risk Solutions International’s ERM approach provides a practical methodology and prism through which clients recognize, consider and articulate the risks that threaten their success; evaluate their approach to risk management; make optimal risk-based decisions; and develop risk-based decision-making throughout the organization to create enterprise value.
Our ERM advisory services include:
Independent assessments of current ERM program effectiveness
Development and implementation of ERM frameworks
ERM program maturity and benchmarking
Risk appetite statement formulation
Identification and assessment of key risks, alongside evaluation of mitigation and controls
Strategic Risk Reviews to refresh existing risk assessments
Risk quantification and risk performance measurement
Formation of the ERM organization, governance and reporting structure