Risk Oversight and Risk Management: What’s The Difference?
Risk management, as the term suggests, is the province of management. Risk oversight, on the other hand, is the responsibility of the Board. There is an inevitable overlap as the Board sets the strategy of the organisation’s risk management and keeps an eye on management as it operationalises the management
Understanding The Worth Of Enterprise Risk Management
Does the risk management function really add value to the Board and Management of companies? Research has shown that companies which have implemented risk management do generate better business outcomes. In fact, the more mature a firm’s risk management function, the better the firm is likely to perform. This implies
Relating Project Risk Management To Enterprise Risk Management
Every project is unique; no project is exactly like another, even if similar activities have to be undertaken to achieve their completion. In a dynamic business landscape, nothing stays the same. The project objectives may vary; the team undertaking it may have more or fewer members than the previous team;
What matters more when implementing ERM – model or mindset?
What matters more when implementing ERM – model or mindset? Following an ERM model or framework has to be supported by the right attitude or mindset. When following an ERM model, users need to go beyond mere box-ticking. They have to understand what they’re doing, and why they’re doing it.
The Challenge(s) With ERM
ERM has been gaining traction in recent years. Many organisations, non-profits included, have been using their frameworks to develop systems, processes and procedures to manage risks, and have reaped the benefits. However, uptake could be even faster and more widespread if more people were convinced of its efficacy. While ERM
Effective Cybersecurity Needs a Firm Base
Cybersecurity risks loom large in the risk management process. ERM principles and best practices have been found to boost the robustness of organisations’ cybersecurity and overall technological resilience. This is particularly important in view of the growing number and levels of sophistication of cyberattacks. Very often, the ripple effect and
Is the Model or Mindset more important for Enterprise Risk Management implementation success?
Implementing ERM in any organisation depends on both the model to be applied, and the mindsets of those who will be doing the implementation. ERM will challenge the organisation, but will ultimately improve its competitiveness, sustainability and growth over the long term. Organisations which intend to implement it should be prepared
Is Risk Oversight Synonymous With Risk Management?
Risk oversight and risk management have an almost-symbiotic relationship. “Almost” because having one almost always implies that you have the other. However, organisations which have risk management may not automatically have risk oversight. Risk management is a must-have for the organisation, but risk oversight depends to a great extent on the
Get your facts right for Enterprise Risk Management implementation success
It’s a bit of a conundrum: some of the factors that make ERM truly effective, are the same ones that make it unpopular too! Many see it as too time-consuming, troublesome, vague and hard to understand, thereby making it hard to implement. But, like every other management tool, framework, system, process
How do Boards and Management strengthen the professional worth using ERM?
Risk management can go a very long way to making a company more valuable. It follows, therefore, that Boards and Management which know how to do risk management right will themselves become more valuable to the organisation. But the Board needs to see the value of risk management to begin with,