How to use enterprise risk management to address risks faced by your organization

Mike Corbin, Director of Internal Audit and Risk Management at Nichols, Cauley & Associates, has written an interesting article about how to approach the enterprise risk management process to assess and address various hazards and vulnerabilities which may impact your organization.

Corbin states, “Today’s businesses face a rapidly changing regulatory environment, increased economic pressure, political uncertainty and a changing global marketplace, making it more important than ever to take steps to assess and address the risks faced by your organization.”

“ERM begins with an enterprise risk assessment. Formulate a series of survey questions that are designed to measure corporate culture, the organization’s appetite for risk, knowledge of risks within the organization and existing control design and effectiveness.”

“The survey should be conducted by cross-functional disciplines and should provide a detailed evaluation of the organization’s vulnerability and exposure to environmental conditions. We are in a new era of increasing governmental regulations and the increased need for internal audit and related skill sets. This will also necessitate a change in the internal auditor’s role to better understand risk exposure and mitigation.”

For more information about the enterprise risk management model, and how to apply the key elements to your organization, please click the link below to read the remainder of the article:

How to use enterprise risk management to address risks faced by your organization | Smart Business.

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