effective enterprise risk management (ERM)
Enterprise Risk Management
Our solutions help you to ensure strong operational, as well as enterprise risk management and programs with the alignment of culture and business strategy
Turn risk management into a competitive advantage
Organizations often struggle to understand what constitutes a good enterprise risk culture and how they can create one. Activities such as economic capital modelling, risk control self-assessments, etc., should be undertaken when designing and planning an ERM.
With Thomson Reuters Risk Management, a configurable solution on our Connected Risk platform, Turn risk management into a competitive advantage.
Creating actionable intelligence
It’s becoming clear that a good enterprise risk appetite framework, grounded in the particular issues businesses are facing, is a good place to start. However, making that risk appetite come to life is a much bigger challenge. Organizations need to have the right people, resources, and solutions in place to ensure that their enterprise risk appetite program does not get derailed by the process of delivering risk analysis.
Implementation of appropriate enterprise risk management should be focused on delivering the right actionable intelligence to key stakeholders, such as business lines, senior management, and the Board. It is with this information that a true risk culture can be created.
At Thomson Reuters, companies are able to clearly articulate how they identify the principal risks, and how to ensure these are being managed within their risk appetite.
Promoting an enterprise risk culture
Organizations seeking to create or improve their risk culture should consider the following questions:
- How do stakeholders understand risks in the context of our enterprise?
- Is risk appetite communicated effectively in our organization?
- Do our business units understand their risk profiles? Do they act on that knowledge?
- Does our Board feel that it is getting the right risk information?
- How could improved enterprise risk management generate improved margins for our business?
- What kind of input does the risk management function have into the formulation of business strategy?
This whitepaper explores the challenges that both organizations and regulators have faced in creating a framework to improve behavior and reduce conduct risk at financial services organizations. It also looks ahead to try and predict some important trends that are emerging around attempts by supervisors to prevent misconduct and protect customers.
When making strategic decisions about the allocation of often limited resources, boards and senior managers must consider multiple corporate objectives as well as the portfolio of investment opportunities available. Enterprise Risk and the firm’s risk appetite are also key considerations.
Turn risk management into a competitive advantage with Thomson Reuters Risk Management, a configurable solution on our Connected Risk platform.
Thomson Reuters Model Risk Management, a solution on our Connected Risk platform, drives model governance with a simple yet powerful workflow engine.