Risk Management is becoming a focal point of every boardroom conversation because senior leadership has to deal with many uncertainties in running a business, from day-to-day operational decisions to the boardroom’s business trade-offs.

However, managing enterprise risks is not easy as it may sound to be. If not appropriately implemented, risk management could be a deal-breaker rather than a game-changer. In other words, incorrect evaluation or rating of enterprise risks could lead to faulty strategies that result in lost opportunities or end in failed pursuits. Consequently, the senior leadership is blindsided by an outdated risk posture when making business decisions.

Challenges:

Boards and executive leadership often struggle to gain a holistic view of enterprise risks to understand the risk profile better, develop strategies, and make risk-informed decisions to achieve goals/objectives due to:

• siloed approaches to enterprise risk management
• lack of maturity of risk management practices
• restricted scope of enterprise risk management program
• incorrect identification of primary risks.
• manual risk management processes