Enterprise risk management, in short ERM, is a well structured, consistent in nature, and continuous process applied across the organization. Risk Management framework allows companies to better understand and address material or immaterial risks in acceptable manner. Key drivers for ERM maturity include Business Vision, Regulatory bodies, Corporate boards, ratings agencies. ERM benefits include better resource allocation, timely decisions, higher operational efficiency, and enhanced company’s risk control efforts. ERM support critical strategic, compliance, and governance initiatives. Fihil can help your organization apply an integrated approach to identifying and assessing business-critical risks, evaluating existing risk management infrastructure elements, and constructing continuous, in-depth ERM processes.
Service Highlights
Fihil use integrated perspective of ERM specialists in multiple domains to analyze and exploring risk and risk relationships within your organization. We aim to create a more holistic understanding of your organisation’s risks. Our team of experts are experienced ranging from startups to fortune 500 companies across the globe. Fihil can assist you in your ERM efforts.
Who It's For
- Any public or privately organization
- Regulated industry Sectors.
- Any team or enterprise which seek to better understand and mitigate the risks it faces
- Teams or organizations who want to benchmark and improve existing risk management
- Teams or organizations seeking assistance to coordinate and formalize its risk management efforts
What You Get
A well proven approach to assist you to identify and assess risks, expert guidance to develop risk specific mitigation strategies, and visibility through enterprise-wide technology platforms for ongoing monitoring and reporting.
The ability to create a holistic, enterprise-wide risk aware culture, drawing upon Fihil’s expertise in industry issues, risk analysis, analytics, organizational change, and risk technology.
Services Offering
When considering the steps necessary to implement an ERM framework, it is useful to first identify and compare your organization’s existing capabilities relative to what capabilities management would like to have in place. Fihil provides a current state assessment, as well as a gap analysis against best practice and a benchmarking report.
Risk identification is a critical framework component. We take a structured approach to assess risks specific to your organization. Domain experts at Fihil approachs steps in risk identification in following stages
- Data collection and identification,
- Risk categorization,
- Impact assessment, Risk Prioritization,
- Mapping of risks to align with your organization’s business objectives and strategy.
The result is a strategic organizational risk map.
Our Risk analysis experts assist you to better understand the impact of the risk on your organization and its alignment with your business objectives. Fihil takes a disciplined approach to understanding your risk appetite and developing tolerance thresholds; modeling risks and their variance; providing an analysis of the projected impact of mitigation strategies. Our experts can assist you in determining optimal capital allocation and considering the opportunities that can be en-cashed by your business.
Risk evaluation is to understand the direct and indirect impact of the risks. Any risk can be approached by -- accepting the risk, mitigating the risks through controls, transfer it to another party, removal of the risk causing elements and exploiting it. Moreover, these options typically necessitate an implementation plan.
Fihil offers an evaluation of risk treatment options which also include identification and mapping of risk ownership. Our experts can assist you be proving recommendation and implementation assistance of tailored solutions appropriate to your business and objectives
We help you to quantify the business impact assessment for the identified risk types based on your business scenarios.
Managing risk across the enterprise requires coordination. All the necessary information produced by in the risk assessment and analysis must be disseminated and mapped to necessary business context. This timely information to the right people at creates an informed and controlled decision to address the risk Fihil can help you determine the appropriate needs of your business, its management, and key constituents, and assists in the design of meaningful communication processes and materials. Our comprehensive approach addresses the needs of internal and external stakeholders including board members, risk managers and decision makers.
Organizations are looking towards technology to sustain risk monitoring and to make risk reporting more efficient. Fihil works with you to establish principal business requirements; recommends technology solutions; assists you in the development and implementation of a technology infrastructure; and evaluates various software applications.
For any ERM to be successful, organizations should first implement a risk based culture. Fihil works with you to enhance existing processes or create new ones. Risk Framework establishment can include assisting you to build a communication protocols based on a “common theme” for discussing risk, a platform for enhancing risk governance frameworks through management support and integrating risk management activity into your regular controls and compliance frameworks, enabling through strategic planning and business processes. We also provide you with an implementation roadmap to assist with risk framework implementation.