ERM in businesses include the methodology and the processes used by the companies to manage their risks profiles and to seize opportunities in order to achieve their intended objectives. In the business world of the 21st century, Enterprise Risk Management (ERM) has gained significant attention of corporate world, whereby key stakeholders (be in internal or external) have raised their expectations of managing ERM processes.
ERM is a risk-based approach in managing a company of a project. This involves integrating concepts of internal control and strategic planning. CARES’s ERM service provides its clients a comprehensive framework for risk management, which typically involves these key areas :
- IDENTIFYING a particular circumstance which is relevant to the company’s objective;
- ADDRESSING the risks and opportunities arising from this circumstance;
- ASSESSING the circumstance in terms of the likelihood of occurrence, and if so, the magnitude of potential impact;
- DETERMINING suitable and timely response strategy;
- MONITORING the implementation process; and
- EVALUATING the results and to ensure the intended results are achieved.