Opportunity or Risk ? Gain or Loss ? Embarking on Enterprise-wide Risk Management enables a robust mechanism for your organization to effectively deal with uncertainty and associated risk and opportunity, thereby enhancing the capability to build value.
Beyond regulatory compliance and control, ELCO synchronizes Enterprise-wide Risk Management with Corporate Performance Management to ultimately provide assurance and value.
Risk Management Framework & Structure
- Diagnose existing business context, organization practices and needs.
- Establish risk management framework, structure, process and policy.
- Determine risk criteria of likelihood of occurrence and consequence on objectives
Risk Identification, Assessment & Ranking
- Identify enterprise risk events
- Assess relevant risk factors
- Risk register
- Risk profile matrix and Key Risk Indicators (KRI) ranking
Risk Control & Treatment
- Determine risk appetite and tolerance
- Determine existing risk controls
- Develop risk treatment options
- Determine risk ownership
- Develop Business Continuity Plan and Disaster Recovery Plan
Risk Monitoring & Review
- Establish the regular reporting of progress on risk control and treatment action plan
- Assign roles and responsibilities of risk owners
- Review and track risk register, continuous improvement