Enterprise Risk Management – Identify Risk in Your Business

by | Apr 21, 2014 | PKF Texas - The Entrepreneur's Playbook®


Karen: This is PKF Texas, Entrepreneur’s Playbook. I’m Karen Love, Host and Co-Founder. Today I’m here with Scott Soles, an Audit Director at PKF Texas. We’d like to welcome you back to Playbook, Scott.

Scott: Thank you Karen, good to be here.

Karen: Thank you. Now last segment we talked about ERM, which is Enterprise Risk Management, and if I were in the audience I would be completely intrigued and interested by that because I have no clue what that is. Could you please elucidate and tell us a little bit more about what that means in a little brief scenario?

Scott: There’s a number of scenarios that would make this clear for people. The most recent one on the horizon is this whole incident with Russia and the invasion of its nearby countries. And the consequences of that, the ripple effect that that has on people. So with Enterprise Risk Management, essentially what you’re doing is you’re plotting on a big radar screen sort of figuratively speaking. All of the different risks that are out there for your organization in many pockets of the organization; not only there but regulatory, you can have them in accounting operations, et cetera, and you’re trying to plot these out early and often, and keep monitoring them and establish what your risks are as well as your mitigation strategies around those risks to be prepared.

Karen: And you help somebody do that.

Scott: Absolutely, all the time.

Karen: I love that. So what we’ll do is we’ll talk a little bit more about that next time and maybe you’ll come back and share a little bit more, thank you.

Scott: I’d love to do that.

Karen: Thank you.

Scott: Thanks.

Karen: This has been another Thought Leader Production brought to you by PKF Texas Entrepreneur’s Playbook. So we ask you to tune in next week for another chapter.

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