ISO 31000 Enterprise Risk Management

Enterprise Risk Management is a risk-based management approach to proactively identify risks an organization faces, take appropriate actions to mitigate the risks and convert risk into potential opportunities for the business to grow. With strong management support and a robust ERM framework, organizations can turn hazards into business opportunities and create leverage. Organizations of any kind face internal and external factors and influences that make it uncertain whether, when and the extent to which they will achieve or exceed their business objectives. Risk Management plays a very vital role by overcoming all such possible hindrances and makes the organization able to achieve its end objectives. 

 

ISO 31000 (Enterprise Risk Management)

 

There are various approach / international standards & framework in existence through which an effective risk management system can be set up in organization. One of the widely accepted standard is ISO 31000 which is a process based system. It recognizes the variety of the nature, level and complexity of risks and provides generic guidelines on principles and implementation of risk management. This International Standard sets out how an organization should understand the specific context in which it implements risk management. 

 

ERM Framework

 

Who should implement Enterprise Risk Management System? 

 

Any organization, not limited to private or business sector can implement Enterprise Risk Management system. Typical industries who needs to have a proper ERM function in place are: 

 

  • Banking
  • Telecommunication
  • Utilities (Telcom, Power, Water)
  • Manufacturing
  • BPOs and Call centers
  • Mining

 

How does good ERM framework help? 

 

  • Proactively identify and address the risks of an organization
  • Gain confidence by having a business operations
  • Build a sustainable enterprise delivering its products and services continuously
  • Improve customer satisfaction by delivering reliable products & services
  • Enhance decision making strategies through adequate information on risks and its consequences. 

 

Who needs ERM?

 

Any organization, not limited to the private or business sector. This includes but not limited to the following:

 

  • Banking & Financial services
  • IT & IT enabled services
  • Public Sector
  • Utilities (Telco, Power, Water)
  • BPOs & Call Center services

 

How can a Good ERM Framework help?

 

  • Proactively identify and address the risks of an organization
  • Determine the top risks faced by your organization and the appropriate actions to take
  • Build a sustainable enterprise delivering its products and services continuously
  • Improve customer satisfaction by delivering reliable products & services
  • Enhance decision-making strategies through adequate information on risks and consequences  

Key Services we offer:

Enterprise Risk Management Consulting

 

  • Provides end to end ERM consulting services in order to implement a rigorous and viable management system focusing on:

 

- Development of Risk Universe
- Risk Assessment & Risk Control & Self Assessment (RCSA)
- Identification of Risk Mitigation Plans
- Auditing & Reporting ERM System

 

Enterprise Risk Management Assessment

 

  • Conduct mock audit to check adherences to ISO 31000 & COSO framework

 

Note: ISO 31000 is a not certification standard. 

 


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