The costs associated with designing a Risk Framework and resourcing a team to implement are insignificant compared to the costs in implementing in your company. It is true that the costs design a Risk Framework are material costs to you, however the real costs are in the deployment of your risk management system, the staff that engage with the risk processes and reporting, and the support costs in doing this.
The weaknesses that you have in your Framework and implementation approach will undoubtedly show up in the day to day field work of implementing risk management.
CorProfit offers mentoring as well as peer reviews of your risk management functions (from Framework Design to Implementation in the business lines).
This provides checks and balances to ensure that you make positive and cost beneficial progress in implementing risk management.
- Gap Analysis of the Risk Framework
It’s fairly obvious from research about the topic that there is no universal risk framework that your company can draw on as the explicit one, whereas for comparison purposes there is for the accounting profession for producing financial statements. The most respected risk management standards and codes do not prescribe the exact process that should be followed (they provide broad guidelines only), but rather leave your company to determine its own framework.
It follows that risk management is seen as a performance management tool and the best frameworks will make a difference in achieving superior results in a competitive global market place.
CorProfit reviews your Risk Framework against a benchmark Framework while taking taking into consideration your unique contexts and objectives for risk management. We provide you a report of the gaps in your Risk Framework and the implications of not dealing with them.
Risk management is still a developing industry and there’s not a lot of precedence in the market place to show up the most outstanding ERM frameworks that can support the real needs of risk management.
CorProfit leadership ensures that you have a Risk Framework that is capable of being implemented by collaborating with CorProfit.