Governance gap analysis assessing the existing governance structures, processes, and practices related to risk management.
Identifying areas where improvements or adjustments are needed within the organization.
Focusing on risk identification processes which involve systematically identifying, capturing, and documenting potential risks that could affect the achievement of an organization’s strategic objectives.
Analyzing the risk assessment process and evaluating the potential impact and likelihood using quantitative and qualitative factors of identified risks in determining their significance.
Assisting in implementation of a risk mitigation process to develop and provide strategies to reduce the impact and likelihood of identified risks.
Overseeing and assessing the organization's risk management processes, strategies, and activities to ensure their effectiveness and alignment with strategic objectives.
Communicating relevant information about the organization's risk profile, risk management activities, and the effectiveness of its risk management processes to various key stakeholders.
Ensuring that key stakeholders are well-informed about the organization’s risk profile, mitigation strategies, and the overall status of its risk management efforts.
Evaluating information systems that play a crucial role in supporting ERM by providing the necessary tools and technologies to identify, assess, monitor, and mitigate risks effectively.
Aid in implementing these best practices for organizations that may create a resilient and proactive ERM program that addresses gaps, adapts to evolving risks, and contributes to long-term success.
