Enterprise Risk Management
management is the holistic structured and systematic approach to
the management of risk across the whole organization in accordance with current
industry standards and best practice.
Risk management is an increasingly important business driver and stakeholders have become much more concerned about risk. Risk faced by organizations is a driver of both strategic and operational decisions, it may be a cause of uncertainty in the organization or it may simply be embedded in the activities of the organization. An enterprise-wide approach to risk management enables an organization to consider the potential impact of all types of risks on all processes, activities, stakeholders, products and services. Implementing a comprehensive approach will result in an organization benefiting from what is often referred to as the “upside of risk”.
A successful enterprise risk management (ERM) initiative can affect the likelihood and consequences of risks materializing, as well as deliver benefits related to better informed strategic decisions, successful delivery of change and increased operational efficiency. Other benefits include reduced cost of capital, more accurate financial reporting, competitive advantage, improved perception of the organization, better marketplace presence and, in the case of public service organizations, enhanced political and community support.
As Risk Africa, Our ERM methodology is aligned with the best Risk management best practice standard ISO 31000 risk management standards.
Our approach to in-house is a hands-on and based on practical application to the organizations day-to-day processes. To achieve this, we go through a structured process as follows:
a)Identifying skills gaps and skill needs through GAP analysis where we develop a Training Needs report.
b)We develop case studies through review of available records (Audit reports, Incident records etc.) and familiarisation of organisation historical information and future plans. These case studies are carefully selected based on target audience and agreed with Project owners to ensure relevance and confidentiality where applicable.
c) We then develop training materials that is approved by the Project Owner.
d)We deliver training. This involves seeking to know the target audience expectations and delivering training in a workshop set up. Participants are engaged in practical exercises in their own work areas to ensure understanding.
e)We seek feedback on meeting expectations and provide report on training.
f) We do follow up of application during Risk & Control Self Assessment workshops and Post-implementation review.
g)We also offer access to RiskAfrica.ERM E-learning for those who don’t participate in face-to-face workshops with exercises’ that can be reviewed by senior staff to ensure learning.
This is aimed at ensuring that Management appreciates the need for ERM software and provide a benchmark to consider in procuring the most suitable ERM system for its need.
Our system is consistent with the methodology used for implementation
© RiskAfrica 2015.