Key to ISO 31000 Success
Key to ISO 31000 Success Start with overreaching themes to provide management with a strong foundation for an effective Enterprise Risk Management program as they develop and tailor their specific approach to implementing Enterprise Risk Management. These themes “Keys to Success” for organizations that are now starting Enterprise Risk Management initiatives and provide a useful foundation for specific actions detailed. These keys also help company’s board to address some of the recognized barriers and resistance points to Enterprise Risk Management adoption.
Read moreGetting started with ISO 31000-based Enterprise Risk Management
Getting started with ISO 31000-based Enterprise Risk Management Any entity that is currently operational has some form of risk management activities in place. However, these risk management activities are often ad hoc, informal and uncoordinated. And, they are often focused on operational or compliance-related risks and fail to focus systematically on strategic and emerging risks, which are most likely to affect an organization’s success. As a result, they fall short of constituting a complete, robust risk management process. In addition, existing risk management activities often lack transparency.
Read moreValue of Enterprise Risk Management: Enterprise Risk Management helps organization identify and exploit strategic opportunities
Value of Enterprise Risk Management: Enterprise Risk Management helps organization identify and exploit strategic opportunities Successful companies need a complete understanding of Enterprise Risk Management, which analyzes what risks to avoid and what risks to exploit. Companies must view risk as potential opportunity while also understanding there are possible undesirable outcomes.
Read moreValue of Enterprise Risk Management : Enterprise Risk Management creates stronger governance and compliance
Value of Enterprise Risk Management : Enterprise Risk Management creates stronger governance and compliance Stakeholders – especially the shareholders and regulators are now demanding greater corporate transparency, making strong corporate governance a necessary component to almost every business. Enterprise Risk Management can contribute to successful compliant and effective governance enabling companies to better understand and measure those risks that threaten strategic objectives.
Read moreValue of Enterprise Risk Management: Enterprise Risk Management Increases the Credit Rating
Value of Enterprise Risk Management: Enterprise Risk Management Increases the Credit Rating There are many benefits that Enterprise Risk Management brings to the organization. The followings are some of the most tangible value of Enterprise Risk Management for organization, especially corporations:
Read moreISO 31000 Risk Management Standard
ISO 31000 Risk Management Standard The ISO 31000 Risk Management Standard was published in 2009 by the International Standard Organization ((ISO). It defines the risk management process as “coordinated activities to direct and control an organization with regard to risk”. It also provides a definition of the risk management framework as “set of components that provide the foundations and organizational arrangements for designing, implementing, monitoring, reviewing and continually improving risk management throughout the organization”.
Read moreCOSO Enterprise Risk Management Framework
COSO Enterprise Risk Management Framework The COSO Enterprise Risk Management framework was published in 2004 by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). It defines Enterprise Risk Management as “ a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives”.
Read moreEnterprise Risk Management Frameworks
Enterprise Risk Management Frameworks By applying Enterprise Risk Management in conjunction with other operational elements in the current business environment, companies can also accomplish many of their governance-related tasks. Specifically, Enterprise Risk Management can help organizations:
Read moreChallenges in Implementing a Performance Management System
Challenges in Implementing a Performance Management System by Krishnan Rajendran Chairperson, ERMA Certification Board What is performance management? Performance management is a process for setting up a shared understanding of what is to be achieved at an organization level. It involves the alignment of organizational objectives with the individual’s agreed measures, skills, competency requirements, development plans and the delivery of results. The focus is on performance improvement through learning and development in order to achieve the overall business strategy of the organization. Holistically, performance management integrates a multitude of elements that contribute to effective management of the human resource.
Read moreThe Importance of School Based Disaster Risk Reduction
The Importance of School Based Disaster Risk Reduction The vulnerabilities of Nepal have been exposed by the 2015 earthquake as well as the more recent tragic flooding in different areas of the Tarai region. Nepal is regarded as one of the countries most vulnerable to disasters and over the years, it has been the victim of various disasters ranging from small to massive natural disasters. Over 9,000 recorded deaths and millions of injured or displaced people can be linked to the massive natural disasters.
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