Corporate Risk management is the identification, assessment and prioritization of risks or uncertainties in business.
Examples of Corporate Risks
We believe risk is not always a source of fear, it may be an opportunity when it’s managed efficiently.
Commercial targets naturally involve various risks and these risks change in time. Sales, access to new markets, collection of revenues, access to financial resources, technology, cost reduction efforts, compliance to legislation, information technology risks, financial risks, operational risks, strategic risks, fraud risks and changes in accounting and auditing rules are just some of the uncertainties of today’s turbulent world.
How to manage corporate risks?
The important thing is to take the necessary measures after determining the risk appetite of the company; Risk assessment, awareness and management, not taking undesired risks, taking measures against the risks within the frame of cost-benefit principle, performance-oriented work of human resources, risk monitoring and getting ready when they happen.
In today’s global economy, positive and negative developments in a country can have their effects on other countries in a very short time due to speed of communication channels, interdependence of money / commodity / service / labor markets.
Company management should be informed about all the risks the company is up against and should develop policies and procedures intended for these within the frame of updated strategic plans, take measures and have a business continuity plan, either the risk assessment which is critical in corporate governance structure of the companies, works as a separate department or under the responsibility of different people in a disorganized structure.
How can we help you with risk management?
We are organizing the risk map of your company by examining its corporate control and risks and report measures which may be taken against the risks and maintain the process with you.
We work with our experts who have CIA (Certified Internal Auditor) certification and CRMA (Certification in Risk Management Assurance) certification by international frameworks like COSO 2017 Enterprise Risk Management Framework and ISO 31000.
Corporate Risk Management by processes
Process is a chain of activities transforming a number of inputs to useful outputs for clients. We need management by processes to understand current functioning, measure consequences, make them better and learn responsibilities. Management by Processes:
- Define – Document
- Measure – Evaluate
- Make it better
- Redefine and Re-document
If an organization’s management does not recognize and document processes, then it will accept a viewpoint that is defined and applied by employees.
Elements of management by process or process architecture are Strategy, Performance, Business Plans, Human Resources, Corporate Architecture and Risk Assessment.
When do you need Corporate Risk Management Services?
When the following findings are observed in your organization, it means that your organization needs solutions to make things better.
- If process is important as per company Strategy but currently it does not work effectively,
- If your competitors have different successful processes,
- If your competitors produce cheaper and more successful,
- If current process performance is worse in benchmarking,
- If your customers constantly complain about current processes, expectations have raised and changed,
- If cycle time of process is too long and there is a need to increase efficiency and decrease costs,
- If there are new technologies and opportunities
When you need management by processes, also with the above reasons, we as Teolupus will be with you to define, document, measure, evaluate your processes, to decrease costs as per your strategy and business plans.