Promoting Enterprise Risk Management (ERM) as a Critical Success Factor
Enterprise Risk Management or ERM could be defined simply as:
“an organisation-wide risk management culture, practices and capabilities embedded at all levels of corporate activity, both internally and externally".
Enterprise-wide Risk Management is a modern comprehensive, systematic approach to integrating risk management culture, capabilities and practices as a coordinated activity in the overall corporate governance, strategic planning, functions and project implementation, based on a Framework designed to enable the organization identify, assess and manage risk and uncertainties in pursuit of value and sustainability.
In practice, developing risk management Framework as a policy document may not necessarily ensure its implementation, unless the board and senior management commit adequate resources to ensure required skills development and training of members of staff, to enable all responsible officers understand and appreciate the importance and benefits of ERM activity at all levels of the hierarchy, whilst pursuing value.
We are partnering businesses and institutions (both public and private) to enable them successfully implement ERM in accordance with current internationally recognized standards and guidelines.
All organizations need to implement enterprise risk management for long-term success. Specifically, institutions which critically need to begin implementing ERM in Ghana include:
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