3-step approach in the implementation of Enterprise Risk Management

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3-step to the implementation of ERM

We provide world-class Enterprise Risk Management (ERM) solutions to dynamic companies like yours that wish to participate confidently in the new economy.

We work with you to assess the risks that can disrupt your business, and help you take the necessary steps to address on-going changes in the business environment and to reduce uncertainties in business in order to protect and enhance shareholder value.

1. Preparation 

  • Assisting in the set up of a Project Team to champion this project. 
  • Conducting training session to establish common understanding of Enterprise Risk Management Methodology and risk assessment process.
  • Assisting in identifying company’s strategic goals and attached broad value drivers for the review and approval by the Board of Director

2. Risk Assessment

Understanding the Risks

The Business Risk Universe (BRU), a comprehensive framework for organizing our knowledge about business risk, is used to assess risks in all areas and levels of the business environment.

Conduct survey to identify key business risks

A risk identification exercise will be conducted to assist the management to understand and agree on the organization’s risk profile.

Consolidate / Analyze Results

Once all ideas have been captured, risks are grouped into common risk types with details on the consequence of risk, in an attempt to produce a concise risk universe for prioritisation purposes in the next step.

Conduct Facilitated Workshop

The top and / or middle management will then be invited to participate in our facilitated risk assessment workshop to prioritize the risks identified.

3. Communication and Implementation

Upon completion of the Enterprise Risk Management, the key risks and relevant action plans are submitted to the review and approval of the Board of Directors.

Based on the approved action plans, Senior Management is to communicate and implement the plans. A periodic reporting system will also be put in place to provide a means to Senior Management in reporting the implementation status of the action plans.

Mazars can help you understand where your business' risks lurk and how to address them. Send us a message today.

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