Enterprise Risk Management
Value for stakeholders is created, preserved, or eroded by management decisions in all activities, from setting strategy to operating the enterprise day-to-day. Enterprise Risk Management (ERM) supports value creation by enabling management to:
- Deal effectively with potential future events that create uncertainty; and,
- Respond in a manner that reduces the likelihood of downside outcomes and increases the upside.
Building on the ISO31000 standard on risk management and the COSO ERM framework, PwC has developed and refined a pragmatic and intuitive framework for organisations to focus on. This framework encompasses:
- Strategy and policies - the focus on risk within strategy and policy;
- Processes – tools and techniques to assess, manage and monitor risk;
- Infrastructure – mechanisms to sustain a focus on risk management;
- Culture and behaviour – methodologies to create and maintain a risk-focused culture and behaviours.
The PwC ERM framework is applied to design, develop, improve or assess risk management practices on a company level, business unit level, for specific processes, projects or specific risk areas.
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