Risk Assessment: Requisite for an efficient Enterprise Risk Management Process

Risk Management is a rapidly developing discipline with a varied view. To attain an agile Risk management process, it is mandatory to perform risk assessment at regular intervals to obtain Organizational and Operational insights.

Risk Assessment process should be simple, practical and easy to understand for it to be effective and sustainable and performed by right people with right skills supported with right technology. Risk Assessment is all about measuring and prioritizing risks.

Many organizations, in there early stages, start there ERM journey with a simple spreadsheet, which along with course of time requires an automated and innovative technology for analytical and reporting requirements. To understand their risk exposure, organizations need to improve their Risk Assessment process, given today’s business complexities.

Traditionally, Risk Analysis/Assessment identifies risk as a function of likelihood and impact. Whereas, unlikely events occur all too often. By gauging how quickly they occur, you identify the need for agility and adaptation of right methodologies. Due to expanding regulatory environment and the fast pace of change due to automation, the number and types of business risks that can impact enterprise strategy seem to have increased.

Defining common standards, coordinating assessments across business units, facilitating analysis of risk interaction and risk reporting are the requisites of an ERM function. In an ERM framework, Risk Assessment is a process a identifying events and preceding risk response. ERM framework enables the use of information to make the decisions about risk responses and monitoring, and feeds into the planning process for the managers or the risk owners to border the risks within the desired tolerance thresholds.

 

A shift from traditional Risk Assessment techniques to a more innovative, automated and detailed framework, leveraging power of Cloud Computing, Artificial Intelligence, Risk Indicators, Customized Reports and Dashboards which can be pulled up Anytime, Anywhere and on Any Device, to govern your organization against latest threats is what we offer in ConfidentG Product Suite.Our mission at Confident Governance is to design innovative Risk Management Strategies for Companies of all verticals and magnitudes to maintain high standards across all operational spectrum.

Stay tuned on our blogs to know more on Governance,Risk and Compliance best practices.

Let’s stay Confident and Connected !

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