Enterprise Risk Management (ERM)

One of the hottest topics on the market at the moment is Enterprise Risk Management (ERM) and Risk Strategy. ERM is about the methods and processes to manage risks and seize opportunities related to the achievement of company’s objectives. ERM provides a framework for risk management, where risks and opportunities are identified and assessed in terms of likelihood and magnitude of impact. Then a response strategy is determined and monitoring process is put in place. By identifying and proactively addressing risks and opportunities, companies can protect and create value.

At Watan First Institute we provide training and consultancy on how to embed risk awareness into managing an enterprise, setting the risk appetite given the financial objective, and integrating concepts of internal control. This helps to understand the balance between risk and reward and helps the organization to choose the best combinations.

The main points on which to focus are:

• Interpret enterprise risk management (ERM) as a continuous process of directing and allocating resources to meet strategic goals and objectives according to their risk.
• Align risk appetite and strategy.
• Enhance risk response decisions.
• Reduce operational surprises and losses.
• Seize opportunities and improve deployment of capital.

The advisory is based on internationally agreed standards for the implementation of risk management principles, namely COSO (The Committee of Sponsoring Organizations of the Treadway Commission) ERM framework and ISO 31000.