Enterprise Risk Management
Internal Audit
Enterprise Risk Management (“ERM”)
Businesses face numerous uncertainties that can pose significant risks to operations and profitability. Risks, defined as the uncertainty of future events, include challenges like uncollectible receivables, fluctuating commodity prices, and uncertain regulatory approvals. These uncertainties make it nearly impossible to predict outcomes with certainty.
Our team specializes in helping businesses manage these risks through mitigation measures, risk transfer, or strategic acceptance. We provide advice on contingency planning, insurance, and financial risk analysis to ensure businesses are prepared for potential challenges.
Our ERM Approach
Our internal audit and advisory services for ERM include:
- Independent Review and Assessment:
- Conducting an entity-wide review of the ERM framework.
- Assessing internal controls (IC) across financial, operational, and compliance areas, including adherence to Corporate Governance (CG) codes, disclosure requirements, and company policies.
- Deliverables:
- Providing an ERM framework review with actionable recommendations.
- Outlining step-by-step improvement plans for risk management.
Implementation Process
We engage with key stakeholders, including senior management, operational teams, audit/risk committees, and external auditors, through inquiries, interviews, and surveys. Our process involves:
- Planning and Facilitating Risk Discussions:
- Confirming scope and objectives with stakeholders.
- Identifying and evaluating risks (financial, operational, regulatory).
- Understanding existing risk management policies and support systems.
- Risk Assessment:
- Exploring the potential impact of identified risks.
- Categorizing and prioritizing risks based on severity.
- Review and Discussion with Management:
- Validating findings with stakeholders (board, audit committee, departmental leaders).
- Updating the risk list as needed.
- Action Plan Development:
- Evaluating existing systems and controls for managing risks.
- Identifying gaps and discussing improvement actions with stakeholders.
- Monitoring the execution of risk management improvements.
Conclusion
Effective ERM is essential for navigating uncertainties and safeguarding business operations. Our team provides comprehensive risk management solutions, ensuring businesses are equipped to handle potential challenges while maintaining operational resilience.
Encountering Business Challenges?
Let’s talk about how we can assist and raise together.
Let us together build a flourishing business
When connected with us, you aren’t growing your business alone. We have your back and put in our best to contribute to the growth of your entire team and organization. So, if you are looking for the right consultant that’ll help you overcoming business and operational challenges, and bring in more conversions and revenue, we are right here!