Building a resilient and agile institution (both public and private) requires a systemic culture of risk management practices and capabilities embedded in the overall corporate governance, strategic planning, as well as operational and tactical functions, in a coordinated manner at all levels of activity.
This organizational risk-aware culture which involves all decision-making, managerial functions and operations, known as Enterprise Risk Management (ERM), is what teams and individuals need to practice, as a critical factor, in order to create value and achieve long-term corporate success.
Corporate Governance is about interaction between the top management and stakeholders for efficient management of the organization. The dynamism of modern business environment, plus worldwide events over the past few decades, highlight the need to integrate ERM in strategic and operational planning for sustainable growth.
Integrating risk management culture and practices is only possible upon the development of a framework designed to assist management and employees determine the likelihood and impact of risk and uncertainties, and which further provide guidelines as to how to manage such events proactively towards achieving well-defined corporate objectives.
Implementation of ERM depicts the top management's maximum efforts at realizing and sustaining corporate objectives. As a Director, Investor, CEO or Head of public or private institution, partnering FCMS CONSULTING provides a unique opportunity to enable your organization revive, create value, be resilient, agile and inspire confidence among stakeholders.
It is noteworthy, that Enterprise Risk Management (ERM) is quite different from traditional risk management, thus ERM requires separate skills and training to develop an effective framework and ensure its implementation: