Enterprise-wide Risk Management
To be truly effective across an entire organisation, a systematic and comprehensive risk management program is required. Enterprise-wide visibility of risk issues and their relevant controls is required. Key questions that senior managers need to be able to answer include:
- What are the organisation’s material risks?
- How are the key material risks monitored?
- How are material risks being controlled and managed?
- How is the effectiveness of risk controls ensured?
- How are risk management efforts prioritised to ensure maximum value for risk management investment?
- Optimising the allocation of capital resources
- Increased value from risk management efforts
- Increasing operational efficiency
- Simplified compliance with corporate requirements