As the business and not-for-profit worlds continue to face an accelerating rate of rapid change, boards and management are constantly facing new risks. There are increasing pressures to manage and control these risks to assure your organization achieves its mission and objectives while meeting all regulatory compliance requirements. Effective governance has become an increasingly important and challenging discipline.
Our risk management consultants offer a customized, flexible approach that’s based on your needs—combining in-depth industry knowledge and a long-standing commitment to governance, risk management and compliance.
Enterprise Risk Management consists of a four-phase approach:
- Risk Identification
- Risk Assessment and Prioritization
- Risk Treatment
- Risk Monitoring
Organizations must have effective processes for the identification of enterprise risks and must then be able to fully assess and quantify the risk’s impact and likelihood so that the risks can be adequately prioritized. The end result is an enterprise-wide Risk Register. Next, management must determine the best Risk Response to address mitigating, transferring or avoiding the risks. Finally, companies must put processes in place to continually monitor the risks.
Governance, Risk and Compliance best practices assure that organizations have the appropriate “Tone at the Top” and Entity Level Controls to effectively govern the organization, manage risks and maintain compliance so that they may achieve overall objectives.