From risk management to assurance
Many organisations of all sizes invest heavily in risk management. The benefits of identifying and managing strategic and operational risks, within the boundaries of the organisation’s risk appetite, are widely recognised.
For a small start-up this may be as simple as investing executive time in assessing and weighing the risks. Larger organisations often implement Enterprise Risk Management systems to expand the reach of their risk assessment and control. Boards, management executive groups and audit committees receive regular risk reports which set out the key controls and mitigations strategies in place to manage these risks along with additional mitigations proposed to bring the risks to level compatible with their risk appetite.