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| Enterprise Risk Management |
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Risk Management comprises all activities that are aimed at systemtically identifying, measuring, assessing, mitigating and monitoring the risks the organisation is exposed to. Enterprise Risk Management is an enterprise wide approach, whereby both financial and non-financial risks are captured.
Financial risks comprise amongst others credit risks (e.g. default of one of the organisation's debtors), market risks (e.g. risks associated with changing prices of equity, bonds, currency or interest rates) and liquidity risks (e.g. availability of cash to timely pay creditors).
Non-financial risks are risks such as operational risks (e.g. fraud, IT failures, process execution failures), legal risks, strategic risks and reputational risks.
A well-known Enterprise Risk Model used in various industries and sectors is the COSO model. Important characteristics of this model are:
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Risk management is a continuous process |
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Executed by people at all levels in the organisation |
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Aimed at identifying and mitigating risks |
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That could prevent the organisation from achieving its objectives |
Accent Consultancy has a team of consultants specialised in advising and supporting organisations with the implemen- tation of Enterprise wide Risk Management models. We support organisations in the end-to-end process, from the design of a risk management strategy, through the imple- mentation of risk measurement and assessment models, to the design and implementation of risk management reports.
Accent Consultancy also offers risk management trainings to organisations, in the areas of both financial risk management and operational risk management.
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