Risk Management

What are the benefits to you of implementing risk management?

• Support strategic and business planning
• Prevent damaging events
• Minimise losses due to unexpected events
• Improved control design
• Less shocks and unwelcome surprises

What will we deliver during the process?

We deliver:

• Understanding of your major business risks
• Building of enterprise risk framework
• Risk/Control profiles
• Risk management plans
• Control adequacy / effectiveness evaluations

Why should you consider implementing risk management frameworks?

When we are climbing a mountain there are certain risks we are exposed to: bad weather, falling, equipment failure, etc. These risks do not prohibit us from climbing mountains but rather encourages us to understand these risks and to mitigate them to the lowest acceptable levels. This mitigation is done through proper training, use of the correct equipment, servicing / replacing damaged equipment and sufficient planning depending on the height and location of the mountain.

Similarly as a business we are exposed to certain risks. To list a few

• Incorrect pricing of products
• Unable to settle debt on time
• Negative currency movements
• Failures / breaches in control procedures
• Negative interest rate movements
• Debtors defaulting
• Key Staff resigning on short notice

Risk management is an integral part of business decision making. Every day a business is exposed to uncertainties and demands causing the business to react or reposition itself. In uncertain market conditions it is important to understand the dimensions of risks, the impact of these risks on the business and mitigation of these risks. The aim of risk management is not to eliminate risk, but rather to manage the risks to maximize opportunities and minimize adverse affects.
 

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