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Opportunity for success
is maximized when management sets strategies
and objectives to strike an optimal balance
between service and related risks. BRS uses
principles of Enterprise Risk Management, established
by the Committee of Sponsoring Organizations
of the Treadway Commission, to:
Align
risk appetite and strategy – BRS
will consider the entity’s risk
appetite to evaluate strategic alternatives
and related objectives to develop mechanisms
to manage related risks.
Enhance
risk response decisions – BRS
will assist the entity identify and select
from several alternative risk responses,
including
risk avoidance, reduction, sharing, and/or
acceptance.
Reduce
operational surprises and losses – BRS
will help entities enhance their capability
to identify potential events and to establish
responses, which will reduce surprises and
associated costs or losses.
Identify
and manage multiple and cross-enterprise
risks – Every
enterprise faces a myriad of risks
affecting different parts
of the organization. BRS can help an entity
facilitate an effective response to
the interrelated
impacts and integrated responses to multiple
risks.
Seize
opportunities – By
considering a full range of potential
events, BRS can
help the entity identify and proactively
realize opportunities.
Improve
deployment of capital – Using
robust risk information, BRS can
help the entity’s management effectively
assess overall capital needs and enhance
capital
allocation.
Using the concepts of Enterprise
Risk Management, BRS can help management achieve
performance targets and prevent loss of resources.
BRS can help avoid damage to the entity’s
reputation and the associated consequences.
In sum, BRS can help an entity get where it
wants to go and avoid pitfalls and surprises
along the way.
To learn more about Enterprise
Risk Management, contact Chuck Gray at ext.
1118 or click
here to e-mail. |
