Every entity exists to provide value for its stakeholders. All entities face uncertainty and the challenge for management is to determine how much uncertainty to accept, as it strives to enhance its stakeholder’s value. Uncertainty presents both risk and opportunity, with the potential to erode or enhance value. Enterprise risk management enables management to effectively deal with uncertainty and associated risk and opportunity, enhancing the enterprise’s capacity to build its value.
Enterprise risk management helps management achieve the entity’s performance and profitability targets and prevent loss of resources. It helps in ensuring effective reporting and compliance with laws and regulations, and helps avoid damage to the entity’s reputation and associated consequences. In sum, enterprise risk management helps an entity get to where it wants to go and avoid pitfalls and surprises along the way and reach where it aspires to be.
The objective of our risk team is to develop systems in place to ensure key stakeholders such as board of directors, owners, decision makers are able to achieve 3 critical objectives of safeguard of assets, timely and accurate compliance/ reporting, data driven decision making.