ENTERPRISE RISK MANAGEMENT

Unmanaged risk is the greatest source of waste in your business and in our economy as a whole. Major projects fail; customer shifts make our offers irrelevant; billion-dollar brands erode, then collapse; entire industries stop making money; technology shifts or unique competitors kill dozens of companies in one stroke; companies stagnate needlessly. When these risk events happen, thousands of jobs get lost, brilliant organizations are disassembled, expertise gets lost, and assets are destroyed. Yet all of these risks can be understood, identified, anticipated, mitigated, or reversed, thereby averting hundreds of billions of dollars in unnecessary losses.

DEFINITION OF ENTERPRISE RISK MANAGEMENT (ERM)

Enterprise Risk Management (ERM) is the process of planning , organising, leading and controlling the activities of an organisation in order to minimise the effects of risk on an organisation’s capital and earnings. Enterprise risk management expands the process to include not just risks associated with accidental losses, but also financial, strategic, operational, and other risks.
AS/NZS ISO 31000-2009 provides a widely accepted guide within Australia and New Zealand on enterprise risk management. Ultimately risk management, like any other corporate initiative should support and improve the commercial outcomes of the organisation. A risk programme that identifies key organisational risks which are then cascaded through the rest of the organisation is known as ERM.

Using the ISO 31000 framework Hicks Business Services can assist organisations in implementing their enterprise risk management programmes. Hicks Business Services can assist with:

Hicks Business Services can also assist organisations with developing risk management policies, identifying risk appetite, building risk registers, developing risk management procedure plans and providing monitoring and improvement guidance. The end result will see inceased profits to your organisation.