Risks exist everywhere. Organizations are always exposed to a wide spectrum of risks. When conditions are right, a risk is triggered to set off an event or a series of events that often can result in losses and damages of various kinds to the organization in business resilience, risk management invariably focuses on risks that have potential to inflict adverse impacts. If an organization loses its IT services due to fire, crashes, or for any other reason, its business operations will be adversely affected and even cease altogether. It is thus imperative for all organizations whether big or small to understand their risk universes and have proper risk management system to mitigate risk impacts on their organizations’ business objectives.
ERM (Enterprise Risk Management), according to ISO 31000-2009 International Standards, is a process of organizing, planning and controlling the activities to minimize the organizational risks effectively. The ERM consultant has expertise and knowledge in this area and can provide practical methodologies to identify analyze and prescribe risk treatments. Every organization is different, and the risk management system must fit its needs. The professional ERM consultant must be able to build such risk management programmes that managers can relate to in their daily operations. A non-operation based system will not only work but will be an administrative bane to maintain.
While there are many consultants providing Enterprise Risk Management services, it is important to hire one that can deliver the operationally effective ERM programme. Too many organizations have found their ERM programmes to be ineffective because the systems were implemented without proper practitioner’s knowledge. Indeed the first risk of implementing an ERM programme is the inadequacy of the implemented system.