Enterprise Risk Management
An appropriately designed risk management framework enables the assessment, measurement, management and reporting of key risks across an organization. It assists the Audit Committee and Board of Directors in discharging their governance responsibilities and requirements of Companies Act, 2013. It enables management to deal effectively with business and/or environment uncertainties and risks, thereby leveraging opportunities to enhance stakeholder value.
We help companies prepare comprehensive risk management frameworks and systems based on our exposure to multiple industries and insights into risks from various comparable and diverse industries. When designing a risk management framework, we adopt a collaborative approach with a high level of interaction and dialogue with key executives. As part of designing a risk management framework, we:
- Define the risk policy for the organization
- Establish a risk management organization structure
- Identify critical risks and develop risk maps
- Facilitate assignment of exposure scores to identified risks
- Assist in planning risk mitigation plans
- Develop management reporting systems with appropriate dashboards on risk mitigation.
We conduct organization-wide or department-specific risk assessments. Through our risk assessments, we assess the effectiveness of existing risk management processes and recommend improvements.
Our risk assessments typically:
- Evaluate whether existing risk management processes and activities are adequately designed to manage associated risks
- Test whether risk management processes are operating as designed
- Evaluate the flow of risk tolerance information and reporting processes across various management levels and risk owners
- Identify areas for enhancing existing processes
- Identify whether any potential risks have not been covered, along with relevant risk management activities.