However, they are not effective at driving cohesive risk identification, monitoring, and reporting, which limits their ability to factor risks into their decision making.
Enterprise Risk Management (ERM) is a holistic approach to managing risks across the business. It has been around for a long time, but many businesses have struggled to understand it and effectively implement it.
There are several ERM frameworks used by businesses but the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework is the most commonly deployed and provides standard risk management, internal control, and fraud deterrence.
We have experience in implementing COSO based ERM frameworks that are designed to get business to evaluate their current risks in the context of their strategic goals and plans. We focus on the following key areas in our work with our clients:
- Aligning business strategy and a clearly defined risk appetite
- Guidelines on how to identify and respond to the key risks that impact strategic goals
- How to consider risk to improve strategic decisions
- How to capture, monitor, manage and report on risks
- Effectiveness of risk culture.
We work with businesses of all types and sizes to help them develop and implement their risk management processes.