Enterprise Risk Management | Effective ERM Processes
 

Enterprise Risk Management

Greater confidence in strategy and enhanced organisational resilience

Effective enterprise risk management practices at strategic and operational level.

Organisations are operating in an increasingly complex environment with constant threats to their strategic objectives from cyber threats, Brexit, regulatory changes and socioeconomic factors such as the consequences of COVID-19.

An effective and trusted enterprise risk management process is critical to organisational and stakeholder confidence and decision-making, and crucially, one that provides as much as possible the information required to identify emerging risks.

We partner with First and Second Lines of Defence to embed effective enterprise risk management practices in strategic and operational decision making. Risk management should add value to organisational processes and activities and not just be a cost.

We assist assurance functions e.g. internal audit teams (third line of defence) and oversight bodies including boards and their committees to discharge their responsibilities effectively.

Whether designing or implementing risk management frameworks or enhancing existing ones, we partner with management to ensure effective and sustainable ERM processes.

Reasons to consider enterprise risk management

Firms managing risks professionally will allocate resources more efficiently, meet regulatory requirements, gain access to specialist skillsets and address independence concerns.

We support management teams in organisations with:

Enterprise Risk Management (ERM) Framework design and implementation

We work with management to design a pragmatic framework suitable for the organisation and that addresses key stakeholder requirements.

Enterprise Risk Management

Enterprise Risk Management

Risk framework review and remediation

We assess compliance of risk management frameworks with relevant standards and approaches e.g. ISO31000 and COSO 2017 Enterprise Risk Management – Integrated Framework, and develop and implement remediation activities to address any identified gaps.

Execution

Working with management, we assess the effectiveness of the organisation’s risk management activities such as alignment to business strategy and risk appetite, internal controls testing and governance and oversight.

Enterprise Risk Management

Enterprise Risk Management

Risk capability augmentation

We second staff to work with organisations to address any headcount or capability requirements over a short period. This provides effective stop-gap measures whilst developing internal capabilities.

Enterprise Risk Management Training

We develop bespoke risk management training programmes for clients, delivered by certified and experienced risk management professionals.

Enterprise Risk Management

Increasing assurance and confidence with ERM services

  • Deliver greater confidence in the business strategy due to clearer understanding of the principal and emerging risks that the business is taking to achieve its goals, especially by investors, ratings agencies, s166 Skilled Persons firms, organisations performing due diligence, regulators, and other stakeholders alike.
  • Enable keener insights into the risk and reward relationship enabling more robust challenge by oversight bodies and better decision-making.
  • Establish trust, respect, and confidence in business operations through robust risk governance and oversight.
  • More efficient and informed allocation of resources due to better understanding of the risk profile of the organisation.
  • Alignment of business and management objectives with regulatory requirements e.g., SM&CR on personal accountability for senior managers.
  • Comply with Principle O of the UK Corporate Governance Code 2018 – “The board should establish procedures to manage risk, oversee the internal control framework, and determine the nature and extent of the principal risks the company is willing to take in order to achieve its long-term strategic objectives.”
  • Clearer assignment of accountabilities and responsibilities for embedding risk cultures, implementing, and operating internal controls.
  • Enhancing business resilience due to greater ability to anticipate, withstand and respond to change or disruption.
Enterprise Risk Management

Delivering value and competitive advantage
with Xcina Consulting

Risk Management Processes

  • Our risk management consultants are leaders in designing and implementing pragmatic and client-appropriate ERM frameworks.
  • We tailor our approach to the intended outcomes of each client, ensuring that business derives greatest possible value from leading ERM risk management practices.
  • We take an integrated approach to risk management, working with Frist, Second and Third Lines of Defence, to enable a holistic assessment of risks and provide solutions appropriate to your circumstances.
  • We distil the requirements of key risk management frameworks including ISO31000, ISO27001, COSO 2017 Enterprise Risk Management – Integrated Framework, The Risk Coalition’s Raising the Bar principles, to develop approaches that are right for you.

What our clients say

We were very pleased with the way that Xcina Consulting engaged with us from the very start to understand our business and our requirements for the review of our emerging risk management framework that needed to be carried out. Their knowledge, expertise and engagement with the risk team ensured that the revised framework reflected current thinking in emerging risk management, was tailored to our requirements, aligned with the business’ strategic objectives, and provided a robust basis for the effective governance and oversight of emerging risks by our senior management team. XCL’s assistance has helped move the emerging risk management at BUPA Global forward.

Simon Parrott, Head of Risk Strategy – Bupa Global

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