Enterprise Risk Management
The business world is facing change at an unprecedented rate. Gone are many of the old certainties.
However, change brings with it risk. Organisations are facing risks of different shapes and forms: political, economic, social, technological, legal, environmental, and the list goes on. Each of these risks requires a measured and calculated response, in an appropriate time-scale.
Ratings agencies, listing exchanges and regulators around the world expect management to identify, assess and respond to risks in a prudent and structured manner. In addition, the board of directors is expected to share in management’s responsibility for risk management and assessment.
As broader stakeholder expectations for risk management and risk assessment continue to increase, many board members and senior executives have come to appreciate the benefits of enterprise risk management (ERM). In particular, they expect their organizations to:
- achieve clearly articulated, high-level goals and objectives;
- use capital and other resources effectively and efficiently;
- report transparent and reliable operational and financial data; and
- maintain compliance with the most recent regulations and laws.
Board committee members and senior executives often need advice and assurance that they are providing effective risk management to the enterprises they serve. BDO helps organizations design and implement practical and cost-effective enterprise risk management solutions.
BDO assists organizations in creating ERM programs and improving processes for managing strategic, operational, financial, regulatory, and compliance risks.
At BDO, we believe that understanding the nature and extent of likely risks, and how to deal with them can be complicated enough without wrapping the whole process holistically from an enterprise-wide perspective.
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