An Introduction To Enterprise Risk Management | Contacts ...

There are software risk management available commercially for those younger organization that may still be in the process of setting up their effective ERM teams but the older organization may have their own developed specifically to answer the needs and requirements of the organization.

Most businesses and organization today especially in the financial sector use risk assessment software. For the continued success of a business, there is a vital need to protect the company?s financial statements and assets. This software handles probability and cost as it concerns profits and loss. It may be useful in eliminating or instituting high or low priority types of jobs. It also assists organizations to make sound decisions when it comes to risk involvement. Four key areas where risk management software is most effective; risk avoidance, retention, reduction and transfer.

Financial institutions must acquire the tools needed to survive in today?s rapidly changing economy. Old technology can?t provide the flexibility and agility needed. Update your credit risk management strategy before it?s too late.

Today?s business scenario and economic climate make it essential for organizations to make every possible attempt to ensure security. However, not all security software or GRC solutions can offer complete protection. But some advanced tools in the market, possess the capabilities mentioned above. With such competent solutions, enterprises can be thoroughly protected. Automated compliance management software has come a long way to include several advanced features which can cater to every aspect of governance risk and compliance needs. Such a software solution along with a compelling risk management portfolio can help build a secure, positive and progressive IT environment.

Completing a thorough threat assessment is no easy task. The opportunity and ways for a company to be harmed are tremendous. In order to mitigate the many ways a company can be harmed, a person knowledgeable in threat assessments can be a great asset to a company. Applying to a risk management university can be a huge step in obtaining the knowledge that can save your own company from loss, or make yourself attractive to a potential employer.

A fundamental principle of all generic management methods, including PRINCE2 and MSP as well as M_o_R, is that all organisations are different. Project managers, programme managers and risk managers need to consider the specific context of the organisation in order to ensure thorough identification of risks and appropriate risk treatment procedures.

The ERM is supposed to work for the behalf of the corporation and their current and potential clients and customers. The only way this can happen is if the risk management methodologies are within the confines of what is legal.

For example, in response to losses from defaults a credit card company raises rates across the board. While this might bring in more money over a few months, this decision could be disastrous. Customers with good credit are likely to move their accounts to other credit providers. Borrowers who have poor credit will complain about the rate increases, but their financial situation precludes them from getting new credit elsewhere. The result is the credit card company?s lending portfolio contains a greater ratio of high-risk customers.

In many of the cases the amount of risk tolerable is nil, while sometimes it can be high.
risk assessment

Source: http://blog.1stfind.com/?p=312709&utm_source=rss&utm_medium=rss&utm_campaign=an-introduction-to-enterprise-risk-management

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