The Risk Management Journey: Think Big, Start Small
Over the past year, boards of directors, management
and CXO- C-level officers, continue to face increasing scrutiny from shareholders,
regulators, and other stakeholders. The consequences of non-compliance to
risk management have become more severe in terms of regulatory enforcement,
shareholder litigation and loss of reputation due to market reaction. We
expect these trends to continue in the years to come. Therefore, proactive
board oversight and management involvement will remain crucial in this challenging
corporate environment.
Like in commencing any other journey,
it is essential that you know your destination, have a road map or a GPS
and that you have selected the right vehicle for transportation (road,
ship or air) depending on a variety of variables. Your GRC Journey is
an integrated approach towards audit, risk, governance and the compliance
framework for annual monitoring of the risk activities.
At the annual Risk Day at DTU, experts from A.P.Møller-Maersk, Novozymes,
SydBank, Tryg Gruppen and other companies to provide the annual update
to the components of Effective Enterprise Risk Management (ERM) and learn
how other trades are coping with Risk and Compliance.
Enterprise Risk Management (ERM) program.
Attaining maturity in risk management can be difficult if organizations
manage enterprise risk management through periodic risk assessments and
monitoring of historical data thru the use of individual metrics. The
results are then rolled up into management reports to get the executive
nod.
This year's focus on Effective Enterprise Risk Management spotlights on
a few strategic themes that are essential to creating a foundation for
a changeover, unless the board and management are happy with business
as usual. The Risk day will provide guidance for in-depth adjustments
to attain benefit from an Enterprise Risk Management (ERM) program.
Benchmarking risk tools for regulatory actions
When integrating the critical enterprise risk management issues and topics
the main issue is the need to address how the enterprise-wide risk management
program augments e.g. credit and market risk management.
Therefore, providing a holistic view of risk across an organization is
essential to gain an understanding of the softer risk components. In the
current situation simply focusing on the regulatory environment or building
benchmarking is just not enough for successful risk process implementation.
Aligning culture, and controls to compliance
Therefore, The Risk Day will provide guidance on building an enterprise-wide
risk infrastructure from the ground up, including governance arrangements
and evaluating how enterprise wide risk management is fundamental to the
assessment, risk processes and outsourcing arrangements
Aligning culture and risk, compliance & controls within the business processes,
are critical to achieve operational efficiency in the management of risks.
The Risk Day will focus on:
- How to motivate employees to embrace ethical conduct and avoid non-compliant
actions.
- How to handle the regulatory compliance in various trades' and operations
and to gain valuable benchmarking data.
- How to create a culture of zero tolerance to non-compliance. A case
study on how to drive a risk culture that embraces the company's ethics
and compliance values
- How to apply software systems together with a framework that reduces
redundancy and repetition. The framework together with the roadmap
will improve efficiency and consistency, and keep everyone aware of
what's going on across risk, compliance, and audit functions.
The IT assessment tool and framework together with the roadmap can identify
how to unify governance, risk, and compliance initiatives that deliver
an integrated program. Management will get information that empowers their
decision-making process and enables cross-collaboration across different
business units as they tackle diverse key initiatives.
GRC Building Blocks
The Copenhagen Compliance® Risk roadmap and framework are designed to
implement the need to understand risks, the actual risks incl. cultural
differences, disparate regulatory regimes, different business environments
and, above all, will quantify and measure your risks so that you can manage
them.
At the Risk day, speakers with first-hand knowledge will provide guidance
on how to develop a strategic approach to risk management, controls, and
assurance processes. These components will ensure that risk monitoring
programs are aligned with corporate strategy.
Fasten your seatbelts, avoid a bumpy ride and a longer journey if you
are unable to update your risk management processes, procedures, and monitoring...
http://www.riskability.org/2015/riskday/
