Risks are becoming increasingly complex in today’s dynamic environment. The proper management of risks and the strategies to manage such risks are matters that every organisation should inevitably consider as critical.
In fact, organisations are continuously evolving, maturing and becoming ever more complex. And technology is only making matters worse in that risks are moving rapidly and growing. At the same time, organisations have less time to respond and take appropriate action.
It is therefore important to be strategically proactive to enhance stakeholder value which is the end-game for any risk management framework.
Enterprise Risk Management (ERM)
Enterprise Risk Management should not be looked at as a compliance tool. In fact, ERM is more of a value-added discipline and culture shift which should be considered as an organisational asset. Elevating the Board of Directors to embrace ERM will ensure that the decision-making process will be well-informed and based on the right level of data and information.
As a business owner or director, you may not always be aware of the real extent of your organisation’s exposure to risk. Many a time, this is also because you may not be fully aware or attuned to what risks your organisation is in reality facing. At RSM Malta, we can advise and support you in establishing the right framework and underlying governance structure, including risk appetite and tolerance levels, providing ERM solutions that are tailored to your business needs.
Business Risk Assessment
This is usually one of the first steps to understand what risks are being faced by the organisation. Managing risk in a comprehensive way requires a detailed assessment before a plan of action can be implemented. Our team will work with you to identify, quantify, prioritise and mitigate your key risks.
Once the inherent and residual risks are identified together with any controls and mitigating measures in place, organisations should then pursue to minimise the threats from high risks, respond to those that still occur and take hold of emerging opportunities. Furthermore, regulatory agencies and authorities are expected to become more aggressive with their overarching regulatory monitoring and oversight, increasing compliance requirements.
Most certainly, organisational assets, processes, and people can fail or can be impacted by external events. Managing risk effectively, therefore signifies that there is a need to understand this concept and to put plans in place to reduce the risk levels and the potential fallout should the worst-case scenario really occur.
Risk Officer (Support) Services
The Risk Officer is the person responsible for enabling the efficient and effective governance of significant risks and related opportunities to a business. The risk officer is the liaison between the various risk owners and senior management. At RSM Malta, we will be able to provide you with appropriate Support Services to your internal risk officer. Alternatively, we may also take on the risk element of the function itself and cover the Risk Officer function ourselves in an outsourced capacity.
Business Continuity & Disaster Recovery Plans
Continuity planning is a proactive process that endeavours to ensure critical services continue to be delivered during or post a disruptive event. RSM can assist you to prepare for and survive major incidents that may impact your daily business operations by creating or adjusting a plan in line with industry standards. This plan will be based on a Business Impact Analysis which includes the reviewing of your current systems assets, network, and technology to determine whether it will enable continuous operations.
To ensure effective execution of your enterprise risk management plan, your board of directors and/or staff will need to be aware of the risks and countering processes that need to be in place. At RSM Malta, we can formulate appropriate training plans aimed at Elevating the Board to better understand and embrace ERM or to Heighten Employee Awareness to take hold of their respective risks.
Establishing the framework and identifying the risks is only one part of the equation. It is equally important to ensure that the organisational risks are continuously monitored and assessed. At RSM we can assist and support you in setting up and implementing an appropriate ERM tool to ease your efforts to track and maintain the desired levels of risk in line with your organisation’s risk appetite and risk tolerance. Such technologies are there to help perform risk management in a better and more efficient manner. In this regard, we have the knowledge, experience and capability to provide you with Insight4GRC® which is an RSM branded ERM system, providing an automation, reporting more seamless, allowing the system to work for you. For more information about Insight4GRC, please click here.
If you would like to know more about RSM Malta’s risk advisory services, please do not hesitate to contact us via the online form or call us on +356 2278 7000 and we will be more than happy to help.