In today’s challenging and constantly evolving business environment, corporations increasingly face complex risks and growing expectations from external stakeholders and internal management.
In such an environment, the ability to recognize and manage risks while providing transparency and maximizing opportunities is becoming increasingly important. Enterprise Risk Management (ERM) provides a framework for businesses to both recognize and optimize risk.
Today, organizations employ a series of interrelated activities to achieve their objectives. Numerous internal and external events pose risks to an organization, both negatively and positively. Senior leadership and executive management are responsible for identifying these risks, assessing the likelihood and magnitude of impact, determining a risk response strategy, and progress monitoring.
Instituting Enterprise Risk Management within your organization has many benefits including:
- Defining risk tolerances
- Providing guidance on how to respond to threats and opportunities
- Providing guidance mitigating risk
- Enabling you to achieve objectives
- Facilitating value creation for your stakeholders
McConnell & Jones LLP is committed to the education of our clients. If your organization has not yet instituted an ERM, McConnell & Jones can assist by facilitating ERM workshops, evaluating risk assessment methodology and assumptions, identifying improvements, and monitoring your ERM plan.