Every organization is faced with uncertainty and the associated risks to the achievement of its strategic and tactical business objectives.
The challenge for management is to determine how much risk to accept and what steps to take to address unacceptable levels of risk, however, many organizations struggle with the daunting task of developing and implementing an effective Enterprise Risk Management (ERM) programme, either because they don’t possess the required expertise, resources or time.
Further, those tasked with the implementation of ERM in an organization typically face several real or perceived barriers, including:
- Lack of board support
- Lack of senior management support
- Lack of perceived value of ERM
- Competing projects or business priorities
Aim of Our Implementation Services
Our ERM implementation services’ ultimate aim is to enhance the likelihood that our customers will meet their business objectives, by building an integrated risk organization, including building the ERM components:
- Centralized ERM reporting to the board and senior management
- An integrated ERM framework that takes a holistic view of all types of risk relevant to an organization
- Embedding of risk management into business processes
What we do
Our ERM advisory service comprises:
- Securing the mandate and commitment of the board and senior management
- Design of an ERM Framework
- Design of the ERM process (Risk Control Self Assessments)
- Facilitation of the implementation of the ERM Process
- Development of the ERM Implementation Roadmap
- Associated project management
- Automation of the ERM framework and process
Enterprise Risk Management Software Implementation
Challenges of a Manual ERM System
A lack of standardized, automated, and integrated ERM processes can hinder an organization’s ability to make informed and accurate decisions about ERM and in addition lead to inefficiency and increased cost of managing the ERM.
Enterprise risk management software facilitates an effective ERM process by helping users at all levels of the organization analyse effectively all relevant risks. Good ERM software will typically include governance, risk, compliance and reporting functionality through a central database that enables production of more accurate information and promotes consistency of internal controls.
ERM software allows an organization to more easily identify, assess, evaluate, monitor and manage risks and associated resources. It consolidates all risk management data, including risk assessments, controls, key risk indicators, and treatment plans.
Extensive reports should also be available, with ability to produce reports such as dashboards, heat maps, etc. often required for senior management and board decision support.
ERM software provides better visibility into all categories of risks that senior management and boards currently demand in order to manage the organization’s long term strategy effectively.
Building an ERM programme on ERM software instead of a traditional manual system can provide an organization with the following additional benefits:
- Ensure standardization across the organization
- Integrate and link risks and controls
- Track risk treatments
- Enhance assurance
- Continuously monitor risks and controls
- Enhance communication and consultations about risk across the organization
We provide and implement the Visual Risk Manager (Pty) fully featured governance, risk and compliance product, Visual Risk Manager Software. Uniquely, Visual Risk Manager Software is developed in Africa, for Africa and is very competitively priced.
Feel free to call for a demo.
Our consultant possesses decades of experience consulting for both public and private sector organizations. They hold recognized industry and ISO enterprise risk management qualifications.
While our methodology is founded on the ISO 31000 risk management standard, we are conversant with other popular frameworks, such as the COSO ERM-Integrated Framework.
We take a practical approach to the implementation and engagement, including taking into account the business culture of our customers.
Every organization is faced with uncertainty and the associated risk to the achievement of its strategic and tactical business objectives.
Clearly then, all medium to large organizations, both in private and public sectors require enterprise risk management.
We particularly target government agencies, parastatals and county/local governments.