How much does poor risk management practices cost your organisation? How much time do you spend focusing on enterprise risk management initiatives?
In response to customer requests, we have introduced a new service – outsourced ERM support. There are two options for our intervention.
Option 1: Collaborative support
We work with your existing internal risk departments to strengthen their capabilities with skills, tools, and other technical support to transform your risk agenda. We work with your team to conduct risk maturity assessment, including fraud risk assessment and cybersecurity assessment. We issue you a risk maturity assessment report – showing your current risk maturity or sophistication against the risk standards and best practices. The report helps to show you the existing gaps, how to close them to attain the desired state and the implementation plan. We then work with your in-house team to guide the implementation of the recommendations.
A risk maturity assessment helps determine areas for improvement; and an estimated budget to achieve the desired levels, depending on your risk appetite and nature of business. When it comes to risk management, you must design a program that is appropriate for your organisation instead of a one-size-fits-all approach, which could be expensive and unrealistic given your unique business model and circumstances.
Option 2: Outsourced support
Do you want to tap into the benefits of advanced risk management practices without the challenges of setting up an internal risk management department?
We can help.
Our outsourced enterprise-wide risk management services, summitRISK outsourcing is the best for improved corporate resilience and high-risk maturity.
The objective of risk management is to create and protect corporate value. However, without the right experts and tools, you may have a risk management function that fails to deliver the full benefits of risk management. How do you link growth, innovation to risk management? What is the relationship between strategy and enterprise growth and risk management? How does your risk management function lead to growth in revenue as well as cost savings?
Without effective risk management, the risk function may be seen as another cost centre. Yet the essence of risk management is to grow and protect enterprise value.
You need expert support to tap fully into the benefits of robust risk management and win. Under this service, we will:
- Provide you with a risk maturity assessment so that you know your current level of enterprise risk management agenda; and the gap, if any against best practices.
- Review and update your current ERM framework to align with best practices. Following the Covid-19, two new Risk Management Standards have come up – IWA 31 – First Edition 2020-03, Guidelines in using ISO 31000 on Risk in Management Systems: and ISO 31022- First Edition 2020-05 – Risk Management, Guidelines for the Management of Legal Risk. You now must update your risk management frameworks to cater for the new standards. summitRISK outsourcing helps keep you on top of ERM.
- Develop a prioritized ERM implementation plan to close any gaps identified during the “risk maturity assessment phase.” Specifically, align your risk agenda to strategy to reduce the strategic risks. Be resilient and overcome any potential risks due to the Covid-19 pandemic.
- Conduct ongoing risk awareness sessions for your staff to deepen their risk understanding and risk culture. We shall work as your risk champions. You get top experts speaking to your team about risk management, monthly/ quarterly to create a conscious risk culture, reduce fraud, wastage and lack of focus on the big picture.
- Automate your enterprise-wide risk management agenda using ActionTEAM GRC software (see attached brochures.)
Feel free to contact us for an appointment with you and your EXCO or top management team to make a presentation of the Outsourcing summitRISK proposal and a demo of the actionTEAM GRC, that automates risk management processes for improved governance.
Copyright Mustapha B Mugisa, 2021. All rights reserved.