In today’s business environment, companies must accept certain risks in order to grow, compete, and seize opportunities. Risk is a given for almost any business endeavor.
A changing risk environment calls for a proactive approach to risk management rather than a reactive response. A formal enterprise risk management (ERM) approach can help companies effectively navigate through everyday business risk and increase the overall effectiveness of the company.
Your business is unique, and as such, it carries unique risks in regard to your operations, structure, management, human capital, credit, markets and even your corporate culture. Yet many ERM providers continue to offer canned, one-size-fits-all, risk assessments to their clients. The biggest mistake you can make in enterprise risk management (ERM) is copying a risk management model from other another company. Using an off-the-shelf ERM solution can overwhelm your company’s personnel and produce a large quantity of meaningless data, making your business objectives secondary.
Warren Averett’s facilitative, holistic approach to enterprise risk management not only helps companies better identify and mitigate their unique risks, it serves to improve training and awareness of the risk management process, enhancing the overall risk culture of an organization. Our risk management approach includes a combination of risk awareness workshops, individual risk interviews, facilitated self-assessments and evaluation of specific financial and functional risk. We use a collaborative approach to help you get meaningful results from your enterprise risk management efforts.
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