Risk Management
Enterprise Risk Management
Enterprise risk management is a process, effected by an entity’s
- board of directors,
- management and other personnel,
applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.
Various Risk Management Standards
ISO 31000: 2009 Risk Management - Practices and Guidelines
OCEG “Red Book” 2.0: 2009 GRC Capability Model
BS 31100: 2008 Code of Practice for Risk Management
COSO: 2004 Enterprise Risk Management - Integrated Framework
FERMA: 2002 A Risk Management Standard
SOLVEN CY II: 2012 Risk Management for the Insurance Industry
Australia/New Zealand 4360:2004 RISK MANAGEMENT GUIDELINES
Risk management Frequently Asked Questions
What are the legally mandated risk accountability of Top Management?
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What is the framework for Value Creation and Protection through Risk Management as per ISO 31000 : 2018?
Context
If Risk is one side of the coin, the otherside is opportunity.
Risks and opportunities are context specific.
Therefore defining a context would largely help identify the Risk Management needs and Opportunity mazimization possibilities.
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Internal Context |
External Context |
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Governance, organizational structure, roles & accountabilities
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Social, cultural, political, legal, regulatory, financial, technological, economic, natural and competitive environment
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Policies, objectives & strategy
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Key drivers and trends that will have an impact on your organization
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Capabilities & resources
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Relationships with and perceptions & values of external stakeholders
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Info systems
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Organizational culture
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Contractual relationships
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Relationships with, perceptions & values of internal stakeholders
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Rsik Conundrum
How to understand Risk, Ambiguity, Uncertainity and Ignorance?
Risk Management Process
Risk Evaluation
Environment : Precauationary Principle
(Article 21 - Protection of life and personal liberty)
The "Precautionary principle" requires the State to anticipate, prevent and attack the causes of environmental degradation
Terms & Definitions
| Terms | Definitions |
| Entity | A business entity is an entity that is formed and administered as per commercial law in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service. |
| Potential events | risk-handling actions that result in the discovery of new risks or new risk-handling options that may require planning and assessment. The identified risks are potential events where it match or exceed the acceptability thresholds associated with the risk therby requiring a risk mitigation plan |
| Risk appetite | the amount and type of risk that an entrprise is willing to take in order to meet its strategic objectives |
| Reasonable assurance |
‘Reasonable assurance’ is the level of confidence that the risk classification is not materially misstated and the risk management process ensures the planner of control, the authority accountable or the stakeholder concerned are alerted reasonably.
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E-Qual receives appreciation from TI Group
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E-Qual receives appreciation from Mahindra & Mahindra
for knowledge support in implementing Energy Management System to ISO 50001: 2018
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"We are extremely delighted to have your consultancy for the successful completion of the process
Thank You for all your support and guidance"
Regards,
MRV Infra Management
E-Qual receives appreciation from Salcomp
We are extremely appreciative of the efforts of Management Consultants E-Qual.
As implementing partner of Assist, they developed skills, 20 QEHS Champions (Quality, Environmental, Health and Safety ) in our supply chain and bringingout an excellent QEHS implementation handbook for continued guidance in their day to day implimentation
Managing Director
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