Is There A Link Between ORM and Organisational Prosperity
Operational risk is something all organisations have to deal with. It is inherent in all business activities, and can include fraud, physical damage, business disruption, transaction failures, legal and regulatory breaches, employee health and safety hazards. If not carefully managed and monitored, it may result in financial losses for the
What Can You Expect from Future ERM Models and Frameworks
What is Enterprise Risk Management (ERM), and what are organisations looking for, when they implement it? ERM may be described as methods of risk management that are applied to identify and mitigate risks faced by the entity (or enterprise). By applying the principles of ERM and its tools, users hope
The Fundamentals of COSO Internal Control
According to COSO, internal control is a process designed to provide reasonable assurance of the effectiveness and efficiency of operations; reliability of financial reporting; and compliance with applicable laws and regulations. These relate to the business’s objectives, performance, profitability and resources; its financial health; and its compliance with the laws
Are You Confident With Your Business Continuity And Response Plan
Properly applied, a business continuity plan does more than keep the firm running in the event of a crisis. Business continuity planning is actually a proactive business process that helps an organisation identify its challenges, weaknesses and threats leading to operational disruptions. Mitigative measures can then be worked out and
The Strategic Imperative: Turning Strategic Risk Into Opportunities
A strategic imperative is a business goal or objective that has the highest priority. For some companies, it could be building their brand; for others it could be expanding internationally. Or it could be a concerted move to digitise the business and leverage on online platforms within a certain timeframe.
Interrelationship Between Governance And ERM: What Should Boards Know?
When the financial crisis of 2008 hit, businesses, regulators, stakeholders and industry in general were forced to sit up and take notice because everybody felt the pain. Glaring deficiencies in the way things were done, became obvious. What also became obvious was that the way things were was not ideal,
What Do Operational Risk Managers Really Do For The Company?
Operational risk relates to losses resulting from inadequate or failed internal processes, people and systems, or external events. These may occur in an organisation’s day-to-day operations, and may involve internal resources and systems, procedures and the organisation’s employees. Operational risk may also result in data loss, equipment malfunction or high
Can ERM Knowledge Be Applied To Managing Project Risk?
Risk permeates everything, and extends far beyond cost, affecting workers’ safety, the firm’s security in respect of its operating systems, even its governance and the effects of its operations on the environment. More companies are beginning to proactively apply ERM principles to the management of their risks, and are finding
Whose Role Is It To Manage Operational Risk?
What is operational risk? It is usually defined as the prospect of loss resulting from inadequate or failed procedures, systems or policies or other external events. Generally, it is understood to be the uncertainties and hazards that an organisation has to deal with in the course of its day-to-day business
Technology And Data Risk
Any organisation which uses technology in its operations to store, manipulate, transfer or create data or information, is at technological and data risk. This applies to practically every company operating today, regardless of their levels of technological use. Technology risk is a firm’s exposure to potential loss resulting from the