ENTERPRISE RISK MANAGEMENT
Enterprise Risk Management (ERM) is the process of planning, organising, leading and controlling the activities of an organisation to minimise the effects of risk on an organisation’s capital and earnings.
Enterprise Risk Management (ERM) includes the methods and processes used to manage risks and seize opportunities to achieve business objectives. ERM is a framework which typically involves identifying particular events or circumstances relevant to the organisation’s objectives, assessing them in terms of likelihood and of impact, determining a response strategy, and monitoring progress.
The Committee of Sponsoring Organisations of the Treadway Commission (COSO) is a joint initiative which provide guidelines to ensure that internal policies, procedures, and controls are in place to ensure the continued reliability of accounting systems. Without accurate records, managers cannot make informed decisions, and reports may contain errors.
ERM can also be described as a risk-based approach to managing an enterprise, integrating concepts of internal control, Sarbanes-Oxley recommendations and strategic planning. ERM is evolving to address the needs of various stakeholders, who need to understand the broad spectrum of risks facing organisations to ensure they are appropriately managed.
Our skilled team will assist you with enhancing risk management in the organisation doing the following:
- Evaluate the efficiency and effectiveness of the current risk management system
- Recommendation on how to improve the current system
- Implementation of a cost-effective risk management system to suit the needs of the organisation
- Mentor risk managers to manage and uphold the system independently
- Assist with the evaluation of the various risk management software solutions available in the market.
- Our team serves as independent members/mentors on risk committee meetings to give guidance where required.
- Assist with a fraud Risk Assessment