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Enterprise Risk Management

Enterprise risk management

ERM begins by assessing your network or application infrastructure’s “weakest links,” as well as other possible venues of attack. . It provides a framework for risk management for ramifications of each compromise by attempting to escalate privileges on the entry points and reveal attack paths across multiple infrastructure layers . ERM assess organization’s objectives (risks and opportunities), in terms of likelihood and magnitude of impact, determining a response strategy, and monitoring progress. By identifying and proactively addressing risks and opportunities, business enterprises protect and create value for their stakeholders, including owners, employees, customers, regulators, and society overall. Risk management plans the corrective action to take in order to minimize the effects of risk on an organization’s capital and earnings.

Frameworks


ERM frameworks describes an approach for identifying, analyzing, responding to, and monitoring risks and opportunities, within the internal and external environment facing the enterprise.

  • Avoidance: exiting the activities giving rise to risk
  • Reduction: taking action to reduce the likelihood or impact related to the risk
  • Alternative Actions: deciding and considering other feasible steps to minimize risks.
  • Share or Insure: transferring or sharing a portion of the risk, to finance it
  • Accept: no action is taken, due to a cost/benefit decision.

In order to deliver value to customers an effective ERM framework should be implemented understanding the types of risks faced by organization and should address them appropriately.

Services

  • Identifying and Assessing Internal and External Risks to avoid any malicious act.
  • Apply appropriate methods to estimate the likelihood of occurrence, and the uncertainty in that estimate. It establishes the Risk Response.
  • Alternative solutions are offered to reduce the risk by eliminating any possibility of occurrenceor reducing the likelihood or limiting negative consequences.
  • Establish Policies and Procedures, Controls, Systems and Accountability to support Risk Management strategy.
  • Estimate the effectiveness of those solutions
  • Provide information to base a risk management decision and statement the mitigation plans.
  • Estimate the uncertainty associated with the analysis and monitor it for continued effectiveness.

Deliverables

  • Ensure prompt resolution of identified risk to compliance with laws and regulations to maintain the effective security and relationships with customers.
  • Support simplified strategies to ensure effective use of resources, enable an optimized approach and identification/remediation of compliance issues .
  • Enable improved decision making, planning and prioritization through a structured understanding of opportunities and threats
  • To deal effectively with future events that create uncertainty, pose a significant risk ERM enables management to respond in a prompt, efficient and effective manner
  • ERM growth drivers create value through innovation, executing with excellence and leading with purpose.
  • ERM offers a structured process for the management of all risks, whether those risks are primarily quantitative or qualitative in nature

Benefits

  • Event Identification & Risk Assessment is established assisting functional leaders to avoid incidents that may affect Company’s objectives. Risk management function help identify and assess these risks through assessments and analysis of business intelligence and trends.
  • Risk Response is formulated based upon the overall risk exposure and impact of the occurrence. Risk responses may include avoiding or evading, accepting, reducing, and sharing or transferring risk.
  • Ensure that risk responses are carried out effectively and consistently throughout the organization and so  the Control activities are established. This comprises risk response, accountability, utilizing self-assessment and monitoring tools and designing controls.
  • Information and communication channels are in place to make the organization aware of risks that fall into their area of responsibility and  expected behavior and actions to mitigate negative outcomes.
  • Ensure that risks are effectively identified and assessed, and that appropriate responses, controls and preventive actions are established. Management reviews, testing, auditing and assessments, are performed regularly.

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