With the current digital privacy events challenging Facebook, Twitter other social media companies, significant concerns regarding how well organizations are addressing the risks of using and storing subscribers’ personal information have been raised. The Board of Directors ultimately has the responsibility of ensuring that the organization’s risks are properly managed, and risk oversight is high on the agenda of most Boards. Now more than ever it’s important for organizations to have effective processes for identifying these emerging risks and to truly understand these processes for effective oversight and decision making.
Performing an assessment of an organization’s Enterprise Risk Management (ERM) framework provides a strategic opportunity to evaluate risks and the Board’s understanding of the organization’s objectives and vulnerabilities.
Benefits of ERM assessment
- There are fewer surprises and or crises
- Restored understanding of key risks, risk appetite and their wider implications
- A more structure approach for monitoring and reporting risks to the board
- Greater emphasis on business issues that really matter
- Enables management to make informed risk-based decisions
- More effective Governance
Every organization will have a slightly different approach to assessing ERM effectiveness, and oftentimes professional consultants are brought in to help guide the process.
If you have questions about ERM assessments or want to learn more about how SSF can help you, we are here to help. Contact us today.