Enterprise Risk Management
Today, companies need to be constantly analyzing their place in the market. Can your business afford to have any surprises? Taking a wait and see approach can leave your business vulnerable to unforeseen issues. PKF Texas' Internal Audit Services Group works to help you use the Enterprise Risk Management (ERM) process to more effectively identify and manage your company's risks.
Enterprise Risk Management (ERM) is defined by the Institute of Internal Auditors as the process of "A structured, consistent and continuous process across the whole organization for identifying, assessing, deciding on responses to and reporting on opportunities and threats that affect the achievement of its objectives."
The six major categories of the ERM process are:
- Define risk and select the appropriate framework for your organization
- Identify the risks to your organization
- Assess the risk
- Evaluate the risk
- Address the risk
- Monitor on a continuous basis
Once the first five steps above are initially completed the entire ERM process should be incorporated into your normal business processes.
PKF Texas ERM Capabilities:
- Implement ERM process in an organization
- Consult with management on process
- Review current ERM process for improvement
- Engagement to update ERM program including risks and mitigation