Risk Management Program
The importance of Enterprise Risk Management is primarily driven by a business´s need
to manage risks effectively in order to sustain operations and acheive a business´s strategy and objectives.
Other forces affecting businesses are government regulations, enacted compliances,
and calls by shareholders for governance reform to improve the way risks are managed in organizations.
Organizations need to continually assess and understand their business assets that are at risk.
For many enterprises, information and the technology that supports it represent their most valuable,
but often least understood, assets. Today, successful enterprises recognise the benefits of information
technology and use it to drive their stakeholder´s value. These enterprises also understand and
manage the associated risks, such as increased regulatory compliance and critical dependence of many
business processes on Information Technology(IT). The need for assurance about the management of IT-related
risks and the increased requirements for control over confidential information are the key elements for enterprise governance.
Enterprise Risk Management is a process, driven by an
entity´s board of directors, management and other personnel, that is applied in strategy setting across
the enterprise. Enterpruse Risk Management is a continuous process designed to identify potential threats that
may affect the entity, and manage the risk to be within the entity´s risk appetite, while providing
reasonable assurance to sustain consistent operations and achieve the entity businesses objectives.
Every business has some form of risk management activities in place, that manage and sustain their
business operations, protect their business assets and the confidential personal/business data that is incorporated
into their business information management systems. For many businesses,
these risk management activities are often ad hoc, informal and uncoordinated. They are
often focused on operational or compliance-related risks, and fail to focus systematically on
strategic and emerging risks, which are the most likely to affect an organization´s success.
Vosity´s Consultants will work with an entity´s risk management team to apply
in an incremental step-by-step methodology to implement an effective enterprise-wide approach to risk management that is modeled
after and compliant with the industry-leading COSO, COBIT and NIST Risk Management Frameworks.
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