Enterprise Risk Management

Uncertainty plays a major role in business decision making, and never more so than in these fast-changing times. Business leaders seek better knowledge and insight on which to base their decisions. As recent events have shown, a comprehensive view of risk is all important. Which is why organizations are now transiting from conventional risk management to an Enterprise Risk Management (ERM) approach.
As an enterprise risk management consultant, MBG uses in-depth understanding of strategic, business and operational risks to establish, review and enhance the ERM frameworks of businesses, aligning them with the latest standards such as COSO. Our consultative approach comprises interviews, surveys and risk workshops.

How can ERM services help your business?

• Improved decision-making: ERM enables better-informed decision-making by providing a comprehensive view of the organization’s risk landscape.
• Enhanced risk awareness: ERM fosters a culture of risk awareness throughout the organization.
• Mitigation of financial losses: ERM helps identify and prioritize risks that could lead to financial losses.
• Regulatory compliance: ERM service assists in ensuring compliance with regulatory requirements
• Resource allocation: ERM helps allocate resources more effectively by focusing on the most significant risks.
• Early warning signs: ERM allows for the identification of early warning signs of emerging risks, enabling the company

How can we help you?

• Framework development and review of ERM
• Development and review of risk appetite statements
• Risk assessment workshops and trainings
• Development and review of key risk indicators (KRIs)/(KRAs)
• Risk reporting templates based on the COSO and the leading risk management standards

Enterprise risk management

Enterprise Risk Management (ERM) is a strategic framework adopted by organizations to identify, assess, prioritize, and mitigate risks that may affect their ability to achieve objectives. It encompasses a holistic approach to risk management, integrating risk considerations into decision-making processes at all levels of the organization. ERM enables organizations to proactively manage risks, seize opportunities, and enhance overall resilience and sustainability.

Benefits of ERM

• Improved Decision Making
• Enhanced Resilience
• Optimized Resource Allocation
• Stakeholder Confidence
• Competitive Advantage

Key Components of Enterprise Risk Management

Risk Identification: ERM begins with identifying and categorizing potential risks that may impact the achievement of organizational objectives.

Risk Assessment: Once risks are identified, organizations assess their likelihood and potential impact on objectives.

Risk Prioritization: ERM prioritizes risks based on their significance, allowing organizations to focus resources on addressing the most critical risks first.

Risk Mitigation Strategies: After prioritizing risks, organizations develop and implement strategies to mitigate, transfer, or avoid them.

Monitoring and Reporting: ERM involves ongoing monitoring and reporting of risks to ensure that risk management efforts remain effective and aligned with organizational objectives.

Integration with Decision Making: ERM integrates risk considerations into decision-making processes across all levels of the organization.

Culture and Governance: ERM promotes a risk-aware culture within the organization, where risk management is viewed as everyone’s responsibility.

Why choose MBG

1. Goal Setting: Incorporate risk management objectives: Integrate risk management objectives into the goal-setting process to ensure that risk considerations are embedded in organizational priorities.
2. Risk Identification: Align risk identification with strategic goals: Identify risks that may impact the achievement of strategic objectives identified during the goal-setting process.
3. Risk Assessment: Prioritize risks: Assess the likelihood and impact of identified risks to prioritize them based on their significance to organizational goals.
4. Risk Mitigation: Develop action plans: Develop specific action plans and initiatives to mitigate prioritized risks and enhance the likelihood of achieving strategic goals.
5. Integration with Decision Making: Embed risk considerations: Integrate risk considerations into decision-making processes at all levels of the organization, ensuring that risks are addressed in strategic planning, project execution, and daily operations.