Enterprise risk management (ERM)
Benefits of Enterprise Risk Management (ERM)
Enterprise risk management (ERM) is an effective way to manage risk across an organization with a common and robust risk management framework. The framework may vary considerably depending on the organization, but usually involves people, tools and rules. These are some of the benefits of ERM implementation.
1. Organizations that implement ERM notice that more focus on risk, especially at the higher level, leads to more frequent discussion of risk and risk-related issues at all levels within the organization. This often results in a cultural shift that allows organizations to consider risk more openly and helps breaks down silos with regards to the way risk is managed.
2. Enterprise risk management supports better reporting, structure and analysis of various risks. Standardized and timely reports that keep track of different enterprise risks can improve the focus of executives and directors by the increased visibility of valuable data that can lead to better risk mitigation decisions.
3. ERM can develop key indicators to detect any potential risk events and provide timely warnings. Key measurements and metrics of various risks further improve the value of analysis and reporting and enhance an organization’s ability to track any potential changes in risk likelihood or consequences.
4. Organizations operating without enterprise risk management tend to have several individuals who are involved in the management and reporting of risk across various operational units. Although the development of an ERM program will not necessarily replace the requirement of daily risk management, it definitely improves the tools and framework needed to perform several crucial risk management functions consistently. The elimination of different redundant processes can improve operational efficiency through the allocation of an appropriate amount of resources needed to mitigate the risks.
About Pro-Concepts
We distinguish ourselves from the competition by:
Offering standardized, responsive and streamlined approaches to Enterprise Risk Management tasking and support with predictability and while minimizing cost Providing industry leading, one of a kind ISO 9001:2015 Based Risk Assessment Process that ensure quality, repeatability and credibility of results.
Staffing with highly experienced, dedicated and skilled domain subject matter experts that provide immediate value added, top-notch results and low risk to our clients.
Capitalizing on repeatable and cost-effective processes and procedures. Leveraging an impressive range of core capabilities that enable us to respond to a variety of customer needs in the most time timely
and cost-effective manner.
Guiding our activities based on our established methodologies, processes and procedures that have been proven time and again in a variety of Federal, Department of Defense and commercial programs. We provide unbiased evaluation and recommendations to reduce the uncertainties a leader or team faces in meeting their business objectives. And, we provide our services with unquestionable integrity and ethics.
For more information on Enterprise risk management (ERM)contact 757-637-0440
