Risk Management
Risk management is much more than insurance against fire, theft or flood. Any hindrance to your goals can present both financial and non-financial risks from the increasing pressures of compliance and regulations, people, financial operations and information technology. If you operate globally, you are faced with even more external risks and controls. Assurance from risk management is an important part of your organisation's sound governance.
Your risk management system
Assessing and managing risks can be a time-consuming task. We can help you with your strategy by creating a proactive risk management system. We will make sure that you are armed against potential problems by putting the following risk management procedures in place:
- a risk management policy and strategy
- an appropriate risk appetite or level of exposure for assessing residual risk
- a regular review and reporting structure, including reports on risk management and internal control from the internal auditor
- a risk ‘oversight’ committee with clear terms of reference, eg. an audit committee or a dedicated risk committee
- an organisation-wide risk register
- a risk prioritisation protocol
- early warning mechanisms and other risk/key performance indicators
- risk ‘owners’
- an on-going programme of risk awareness training
- risk based decision-making
Risk management - the benefits
- compliance with laws and regulations
- input into strategic planning process
- proactive management of risk
- better allocation of resources
- enhanced communication
- early warning mechanisms
- a proactive approach by staff rather than ‘fire-fighting’
- organisational objectives more likely to be met
- enhanced shareholder value
We are also able to review your organisation's Disaster Recovery Capability, and provide meaningful, yet practical recommendations, that can protect your organisation and its information.