Risk - Ernst & Young - Belgium

Risk

Good risk management doesn’t slow an organization down – it helps it go faster. Effective risk management not only protects existing value, but also results in better and faster decision making, reduced costs, and improved performance. Many organizations, however, are not getting full value from their investments in risk management because their risk processes are disconnected and critical data and information are not shared.

Moreover, as global risks continue to shift at a dramatic pace, organizations must continuously evaluate their risk management processes to ensure that they are focused on the risks that matter. Organizations need to understand and manage the risks that threaten their strategic objectives and be poised to capitalize on opportunities that will bring growth and efficiency.

Most organizations will be asked to do more with the same resources. The pressure is on, not only to improve risk coverage, but also to decrease costs and improve performance. We start by helping organizations answer some key questions, such as:

• What are your key risks and how they are being managed?
• Do you have overlapping risk functions or gaps in coverage?
• Have we optimized the use of technology?

Effective risk management not only provides better protection for your business, but also improves business performance and decision making and, ultimately, competitive advantage.

Our primary services include:

• Enterprise-wide governance, risk and compliance
• Internal audit
• Internal controls
  

How aligning risk functions can pay dividends?

Integration and alignment of all risk functions into one centrally steered operation is key to eliminate overlap of functions or under-coverage of risks. This paper reveals that investments need to be focused in order to make the most out of the existing risk functions. In practice, this takes various forms: see what your company can do to align its risk functions.

The central role of internal audit in the climate change agenda

Climate change will present a whole range of risks to your company: it will fall to the internal audit function to help build an understanding of these risks and how to tackle each one. Given the uncertain nature of the effects of climate change, there is a clear opportunity for the GRC function to get on to the front foot in this debate.

The internal audit paradox – marrying flexibility with strength

This paper gives you a clear view of the challenges and risks internal audit functions of multinational companies' face and reveals best practices to counter them.