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Thinking about the risks involved in business has become an essential part of an enterprise’s strategy. Risk management enables organisations to identify, assess, measure, treat, monitor and review its risks and objectives and is crucial in the current global economic environment,
The risk landscape for businesses can change rapidly and a robust process to minimise these risks, overseen by the Board is vital to an organisation so risks can be evaluated, managed and mitigated.
Is there any formula to identify enterprise risks? According to US accounting firm CBIZ, there are three questions that every Board should ask which could help assess the potential dangers to an organisation.
1. How is our organisation identifying risks across the enterprise?
Work on strategies to find out more about the risks within the enterprise – facilitate a brainstorming session with key stakeholders; conduct a SWOT Analysis (strength, weaknesses, opportunities and threats), use TI resources to scan for potential digital threats against your organisation and hire a third party to review your operations.
2. What emerging risks are we currently aware of?
Already in 2016, we have seen – cyber-related risks and attacks; rules and regulations in foreign markets; growth and volatility in the global economy; talent management and succession planning; and risks associated with third-party vendor relationships.
3. Does our existing reporting structure meet industry standards?
Risk reporting should be used to illustrate success, failure and opportunities to key stakeholders.
Companies who manage their risks are better prepared to face unfavorable economic scenarios and other difficulties and may also see benefits internally, such as the improvement of relationships between those in each part of the organisation.
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