Organisations are taking more proactive risk management to measure today’s changing business landscape and mitigate risks effectively. However, despite the existence of a risk management strategy in place, few companies realise the full extent of their ERM efforts.
How do you ensure that risk management remains relevant for your business strategy and organisational goals, and not just another siloed process?
Provide full disclosure of risks
Companies are responsible for reporting to shareholders and the board of directors the full extent of the activities and procedures undertaken and their associated risks. While most companies engage in comprehensive risk management, providing full risk disclosure to the relevant parties can become an issue. If you are not aware of your company’s whole risk landscape, you can derive critical insights with the help of a functional ERM system.
Align risk with the organisational roadmap
Risk management becomes an efficient exercise when it is aligned with the organisation’s current strategy, tactics and operations, as well as future predicaments and stakeholder’s interests. Ensure all risk-focused actions are supporting your business objectives. Make this alignment clear in the risk reporting to other stakeholders.
Our SHEQX (Safety, Health, Environment and Quality) management solution, part of the XGRC product range, is an integrated management system that aggregates SHEQ data in a single, auditable database, to manage analysis and reporting effectively.
Integrate risk information with other data
Risk information should be integrated with additional operational and financial data analysis about past performance and future expectations. Company risks are an integral part of business operations and its broader landscape and can only be understood in association with the broader context.
Ensure that enterprise data is fully integrated to provide a comprehensive view of your operations, as well as information on risks and other disclosures. Lastly, combine your risk disclosure with annual reports and financial statements to provide a detailed picture to the board of directors, investors, analysts, and other stakeholders.
Enterprise Risk Management (ERM), part of the XGRC Software product range, enables the processes to manage enterprise risks and seize opportunities to achieve strategic objectives.
Contact XGRC Software – a Strategix Group Company at 087 802 0179, email us at firstname.lastname@example.org or visit www.xgrcsoftware.com for more information