Enterprise risk management ensures that the board has in place a process for setting appropriate objectives which support and align with your organization’s and are consistent with its risk appetite. Teams should be providing regular reports on the current status of your information security program to the enterprise risk teams, senior business leaders, and the board of directors as part of a strategic enterprise risk management program to support business outcomes and ensure that your enterprise security plan can be periodically revisited and updated as new knowledge and tools become available.
Your enterprise risk management process involves planning, organizing, leading, and controlling the activities of your organization. To minimize the risks in your organization’s capital and earnings, any sub-tasks (action items) related to the audit or to associated findings should be able to be linked to the audit record, thus providing a complete project management system to ensure that action items get assigned to relevant parties and completed according to their due dates. These methods help provide visibility and reports to managers and can be integrated into existing programs like project management, program management, enterprise risk management, strategic planning, capital improvement, operating and maintenance, and other organization-wide business practices.
Enterprise risk management programs form the basis for continual business improvement and are key to any successful enterprise risk management program, monitoring in an effort to assist executive management in remaining aware of issues at the relevant institutions and ensuring that the system-wide audit plan is correctly completed. System audit office monitors the fraud and audit plan progress, enabling management to identify control deficiencies and inefficiencies and to initiate improvement actions as required.
Regulatory organizations form part of the network ensuring that management is taking appropriate corrective actions in a timely manner and addressing control and compliance functions adequately. Their work in part involves setting priorities and direction for service provider program managers in these areas, as well as monitoring execution and facilitating issue resolution. As a rule, they also provide support in the interpretation of policy, guidelines, and governance programs as front-line liaison to independent risk management area for low to moderate risk and complexity enterprise risk programs.
Conducting, supervising, or coordinating audits, investigations, and management reviews relating to the programs and operations of revenue can be used to determine whether an institution has a risk management program and whether that program includes an integrated approach for enterprise-wide risk management, including identification, measurement, mitigation, monitoring, and reporting of risk.
A risk management program must be developed that encompasses and protects your organization as a whole. To ensure that directors are involved in a timely manner, management should periodically evaluate operating environments to identify any existing and emerging risks. The board should also be involved in that process. With the support of your organization’s corporate risk management team, the managing board should be able to design and implement a well-embedded risk management system in all company units.
Results presented to the board or executive management should include the degree of a threat, any mitigating controls, the extent of mitigation, further solutions to be implemented, and the estimated time and costs required. It is important to develop a formal remediation plan to address the data reliability of the case tracking system that establishes milestones and identifies appropriate and sufficient resources to complete remediation in a timely and effective manner.
Risk analysis is one of the core components of risk management and enables professionals to quantify and analyze risks that may pose potential threats to project performance in terms of cost, quality, safety, and time. Management is responsible for ensuring that the management and staff of the credit union applies the processes, procedures, and controls necessary to prudently manage risk and provide the board of directors with timely, relevant, accurate, and complete information. This enables it to assess whether or not delegated responsibilities are being discharged effectively and ensure that timely and adequate corrective actions are taken to reinstate compliance. Additionally, the chief of staff should be provided with an up-to-date copy of your organization’s compliance action plan.
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