As organisations formulate their strategies to adapt to shortening economic cycles and attempt to insulate themselves from the potential shocks of potential localized or global recession, corporate boards and risk professionals have discovered the criticality of Enterprise Risk Management practices. The recent global financial meltdown revealed that risk management structures collapse just when they are needed because of fragmented processes and the lack of senior management and board support.
To be fully prepared, organisations require risk mechanism that effectively identify different types of risk in relation to objectives (not based on taxonomy approaches) and achieve appropriate balance between risk and opportunities, and protect the enterprise from consequences of unexpected events. Such practices require maturity in Board Risk Management thinking and an understanding that practical and effective processes – not systems or colourful dashboards – drive effective Enterprise Risk Management.
Delegates of this ERM/ GRC conference gained key insights into:
- Building an agile and resilient risk management framework that safeguards the organisations bottom-line
- Providing tools and framework that identifies a wide array of risks
- Managing the risks from uncontrollable external events that threatens brand reputation
- Designing sustainable enterprise risk strategies that is tailored to the business operations