All organizations exist to achieve certain objectives and an effective ERM exercise can prove to be a significant catalyst. Globalization, digitization and mergers of different industry boundaries have created sufficient opportunities in the business world, however with inherent risks or uncertainties. The purpose of ERM in general is to help manage and reduce the likelihood and impact of these uncertainties while helping organizations leap forward on the opportunistic and competitive advantage. ERM is a calibrated effort to develop a highly governed control environment with best features to manage risks. The responsibility for managing risks is passed on to the appropriate hierarchies across the organization who have accountability and authority. They are called risk owners. ERM is meant to use existing resources to the maximum effect.
A fully implemented ERM program creates efficiencies across all operations, as risks are identified, assessed and evaluated through control mechanisms. It does not require any explanation to understand why organizations with effective ERM programs have increased management accountability, enhanced governance practices, better decisiveness and hence, higher possibilities of success.
InQHive has a rich pool of professionals who have extensive experience in risks, ERM frameworks such as ISO & COSO and are powered with innovative techniques to help our clients anticipate, review and establish an effective & efficient risk management practice. This will help our client organizations to be prepared and counter those risk events that may badly disrupt business objectives.
We take a wider approach to help our clients identify, evaluate and treat risks across the entire organization. This expanded view of risk leads to greater organizational innovation and agility, giving the ability to respond to opportunities as they emerge. We help our clients look at risk and uncertainty strategically, rather than through a traditional and fragmented functional approach, allowing them to enhance their value system in innovative ways in the process.
Our customized approach includes:
- Maturity assessment: We conduct an in-depth comparison of our client’s Risk Management program against industry practices and relevant standards on risk management, combined with a gap analysis and thereafter, provide appropriate recommendations for improved governance. The exercise can be performed by using benchmarked standard frameworks such as ISO or COSO.
- Training: We conduct training programs for our client’s relevant management personnel or group(s) tailored to the risk appetite. This can help our client understand, identify and focus on significant risk areas and develop risk management capabilities.
- Implementation: We can help our clients in implementation of an effective ERM program through adoption of relevant frameworks and standards. Further, we can distribute the risk responsibilities appropriately within organizational hierarchy for ownership and management of those risks.