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Enterprise Risk Management

Why does risk management matter?

Enterprise risk management has never been a hotter topic. The past few years have witnessed a number of unexpected events that have damaged and in some case destroyed, businesses – from the financial markets crash, to the ash cloud to the Macondo tragedy in the Gulf of Mexico. Many industries are also undergoing massive change from emerging technologies to changing business models to dealing with new regulatory requirements. Over the next few years it will be the organisations that have a clear view of where they want to be in the value chain, what might prevent them getting there and how to manage this that succeed – i.e. those with good risk management.

Current client challenges

Some of the most common challenges many of our clients are currently facing include:

  • Are my current risk management activities adequate?
  • How do we define our risk appetite and how do we turn this into practical action?
  • How do we identify and manage our key risks? Are we comfortable we have identified high impact, low likelihood events and are we prepared for these?
  • Are our risk management activities stand alone? How do they link into our other control and assurance activities?

Why Deloitte?

We can perform an independent assessment of existing risk practices, comparing to internationally recognised standards and leading practice, to provide both assurance to senior management and the Board as to what is happening and a roadmap for improvement. We also assist companies in developing and implementing their risk management frameworks – from helping them define and embed risk appetite, to identifying key risk indicators to performing deep dives into how specific risks are being managed.

We have worked with a large number of organisations across a variety of sectors in recent years. This allows us to bring a unique perspective into what good looks like – there is no ‘one size fits all’ solution but Deloitte has developed an extensive set of tools and methodologies to allow us to rapidly add significant value to a company’s risk management. In addition, we are able to bring the professionals with the right relevant experience to each particular client case – from IT to procurement to regulatory professionals – ensuring we maximise value to our clients.

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