Enterprise Risk Management

Managing risks effectively and efficiently

To be a forward-thinking company in the modern business world, it is essential to recognise that risk is not a once-off situation or compliance issue but rather an on-going consideration. To ensure successful organisational control, it is essential to implement and entrench an effective risk management system into the organisation’s strategic and operational decision-making processes.

Enterprise risk management (ERM) views risk as a business process and uses strategy to calculate how risks are identified and aligned with organisational goals. Successful organisations embrace disruption with fresh thinking about risk management and turn risk into a competitive advantage that builds value, trust and confidence.

Managing risk is about protecting and creating value through viewing risk management as a lever for enhancing innovation, building credibility, and achieving sustainable growth. This entails integrating the culture, systems and processes of a business to identify and manage risk, and reforming risk management through design and implementation of a cost effective and business-wide approach.

How we can help

At RSM, we use a tailored approached to Enterprise Risk Management, ensuring that we consider the industry issues, trends, challenges, and regulatory requirements relevant to your organisation. This approach helps to protect and enhance business value by helping our clients manage risk in an agile and effective way, cutting costs and improving business performance.

Our team of risk professionals assist in the following ways:

• Assess current maturity state of enterprise risk management practices and develop clear strategies to achieve your desired future state.
• Develop and implement formal risk management strategies, frameworks, policies, and processes (including Risk Appetite Statements).
• Enhance your risk management frameworks, building the trust and confidence of key internal and external stakeholders.
• Risk assessment facilitation through risk workshops to identify key enterprise-wide and operational risks.
• Evaluate existing risk control strategies and develop agreed high level action plans for residual risk mitigation.
• Develop management tools to document, register, monitor, and report risks identified in risk management frameworks and processes.
• Board and Risk Committee oversight, assurance, and advice.
• Evaluate your risk culture and develop strategies to improve this where require.
• Develop risk indicators that provide clear insight into the effectiveness of your GRC activities.
• Develop a tailored controls assurance framework that aligns to your business objectives and complies with your regulatory requirements.
• Risk awareness training
• Combined assurance services, including:
  • Conducting a Combined Assurance gap analysis 
  • Developing a Combined Risk Assurance Framework and Plan
  • Providing supplementary capabilities, such as Control Self-Assessment
  • Providing management with tools to drive Combined Assurance (dashboards/ maturity assessments)
  • Providing awareness training on combined assurance