GRC: Risk Management: Protect and Maximise Stakeholder Value
The following GRC (Governance, Risk and Compliance) article from Oracle is relevant if you want to protect and maximise stakeholder value.
Recent economic volatility has given risk management a new focus and eminence. The strongest companies are the ones that are able and willing to adapt, who actively integrate risk management as a critical factor at all levels of management process from strategy to success.
Regrettably, organizations have been hampered by pitfalls in traditional approaches to risk management. Seen as a back-office function, risk management may be limited to annual assessments that are not integrated with strategic and operational planning.
Without the ability to apply a common taxonomy and weighting for different risk categories, organizations are forced to manage risk in functional silos, unable to see the interconnected nature of multiple risk events.
Internal control and external risk transfer methods are largely manual, leaving firms open to unnecessary exposure.
Business survival requires organizations to take risk. Successful firms manage risk well while those that do not suffer. The unprecedented breakdown of credit markets and eye-opening demise of well established financial institutions have led companies small and large to pause, look at themselves, and ask: What’s our risk? Do we have a handle on it? Is that good enough?
Recent actions from regulatory bodies and ratings agencies have also highlighted the need for risk management. For example, the Public Company Accounting Oversight Board (PCAOB) is guiding audit firms to pay more attention to the level of risk associated with management processes. Assuming management is likely to accept greater risk when acting under economic pressure, the PCAOB is encouraging auditors to adjust their audit plans and increase monitoring for high risk behavior.
Download the full story from Intellient White Papers – Risk Management – Protect and Maximise Stakeholder Value
If you’re looking for GRC and risk management solutions for your business contact Intellient
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