How to turn threats into opportunities?
The world and companies are facing unprecedented changes. As the history of many companies shows, many of the old certainties are gone. And changes bring risk. Today, the ability to adapt and use change to your advantage is fundamental.
Change affects all areas: rapid technological development, changes in business models, downward pressure on prices, the costs of climate change, an unstable international environment, tariff barriers and more. Each of these challenges requires a timely and adequate response. A functional risk management system can keep threats at bay and turn challenges into opportunities. Risk management is thus the key to a company's success.
Moreover, implementing an Enterprise Risk Management (ERM) system is no longer just a matter of management decisions. Stakeholders, including investors, key partners, regulators and the public, expect management to prudently identify, assess and respond to risks.
Members of senior management therefore appreciate that the enterprise risk management system enables them to:
- achieve clearly articulated critical objectives;
- use resources efficiently and effectively;
- report transparent and reliable operational and financial data; and
- achieve compliance with legal and other standards.
Effective solutions
BDO helps companies and organisations design and implement a practical and cost-effective enterprise risk management system. We profit from our experience in both the private and public sectors. Our teams around the world have helped many organisations establish and improve processes for managing strategic, operational, financial and compliance risks.
Understanding the client's internal and external environment and the industry in which the company operates is the foundation of any risk management solution. We also believe that risk management should not be about simply "tightening the screws" and that risk and opportunity are two sides of the same coin. Only an experienced risk manager can recognise when unnecessary controls are stifling the business and when it is appropriate to take healthy risks.
Our services include:
- Help with defining risk appetite and a risk management strategy
- Setting up and implementing risk management processes
- Identifying, assessing and monitoring risks
- Helping you choose an appropriate risk response
- Setting up control mechanisms to reduce risks
- Auditing the risk management system or selected risks
- Training, e-learning and webinars