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Enterprise Risk Management

Enterprise Risk Management (ERM) means adopting a holistic strategy for risk and establishing a strong governance model to deliver resilience, compliance and the strategic goals of the business. ERM delivers powerful business assurance benefits including stronger governance and executive control, expedition of business goals, compliance by default, reduced operational and maintenance costs, increased resource and asset availability, proactive awareness and pursuit of opportunity risks, reduced exposure to operational risks including fraud, safety risks, improper trade, damage to assets, business disruption and process errors.

Each year more businesses align with the principles of ERM standards such as ISO 31000 and COSO:

  • Increased awareness of risk management following high profile failures and incidents
  • The emphasis placed on risk disclosure in company law and regulations, such as the Companies Act in the UK and ASC 275 in the US
  • Risk management is now intrinsic to ISO 9001, the most widely adopted international standard across multiple industries. As such, it is arguable that ISO 9001 is now the most widely adopted ERM standard.
  • The Chartered Institute of Internal Auditors (IIA) recommends a risk-based approach to internal audit.
  • At executive level there is a growing awareness of opportunity omission or opportunity risk
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Ideagen Pentana provides a system of record for implementing an ERM strategy, including risk register, risk assessment, modelling and documentation, control management and reporting.

ERM provides a framework of processes for business assurance:

  • The Board sets the strategic priorities for the business
  • Obstacles to these priorities are identified and expressed in a risk model
  • Preventive and mitigating controls for these risks are identified and documented
  • Assurance is carried out through testing and monitoring of these controls
  • Internal audit is then scoped around risks and controls
  • BI and analysis can be provided in real time

Flexible ERM Solutions

Integrated enterprise risk management is a maturity journey.

Regardless of your starting point or progress to date, Ideagen has a solution to help you build lean resilience into your organisation:

  • Intuitive user experiences
  • Flexible deployment options
  • Consistency of approach, tools and methodologies
  • Excellent analysis and reporting
  • Enterprise-grade elastic scaling
  • Functional completeness
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