Enterprise Risk Management

Introduction

The risks the enterprises face today are not only related to the loss of revenue but also include strategic risk, environmental risk, market risk, credit risk, operational risk and compliance risk. The interest in Enterprise Risk Management (ERM) has increased in recent years. Boards must acknowledge that increased risk management rigor and structure are increasingly expected by regulators, credit rating agencies, institutional investors, customers and the courts. Managing risk well has become a key element of sustained business success.

Boards are often told of hundreds or even thousands of control deficiencies from spot in time reviews which report Top 10 or Top 20 control deficiencies drawn from the risk register rather than key business objectives that have the highest risk exposures. Many boards are grappling with the need to transition from managing risks with limited formal and visible processes and structures. The Board should demand regular reports on the current residual risk status of strategic and core business objectives.

A stove pipe control centric approach that is based on invariably disintegrated small portions of enterprise risk universe and provide disintegrated subjective opinions on control effectiveness amongst various enterprise risk professionals and often whose materiality is always questioned by the audit and risk committee will quicken the demise of an enterprise.

Our People

EGIT | Enterprise Governance of IT (PTY) LTD Business Partners are Certified in Risk and Information Systems Control (CRISC) and Certified in Risk and Management Assurance (CRMA) with proven experience in Enterprise Risk Management. At EGIT we believe that the risk awareness culture start with Board and Senior Executives and extend all the way down the organisation. We provide an Integrated Risk Management approach which integrates Enterprise Risk Management with the overall Enterprise Strategy.

Our approach focuses on key enterprise wide strategic areas and ensures that the Board and Senior Executives are constantly provided with regular easy to understand risk insights that are linked to key enterprise strategic objectives. Our risk assessments and advisory service are designed to align with specific enterprise wide revenue, market share and cash generation, costs reduction, process optimisation, product quality, customer service, safety, fraud prevention, legal and regulatory compliance requirements objectives and other critical dimensions necessary for sustained enterprise success. We do this without neglecting the plausible risk management approaches and go beyond subjective control centric risk registers.

Our Enterprise Risk Management Services

We assist the Board, Audit and Risk Committees, Senior Executives, Management and General Staff through assessments, advisory and training in the following ERM services:

Aligning risk appetite and strategy

Enhancing risk response decisions

Reducing operational surprises and loses

Identifying and managing cross-enterprise risks

Providing integrated response’s to multiple risks

Seizing opportunities and improving deployment of capital

Implementation of Risk Framework:

Risk Governance;

Risk Evaluation and;

Risk Response;