«Enterprise Risk Management (ERM) is a structured, consistent and continuous process across the whole organization for identifying, assessing and deciding on responses to and reporting on opportunities and threats that affect the achievement of its objectives” (IIA – Institute of Internal Auditors).

Although a bit academic, it is important to know your business opportunities as well as the risks that could hinder your organization from achieving its goals. In today’s fast changing volatile business environment risk management is a high priority on the agenda of most organizations. However, many organizations struggle to integrate risk management into their decision-making processes and daily business life. In those companies where risk management is successfully delivering on management’s expectations, we observe the following key characteristics:

• In addition to risk heat maps designed to present and discuss key exposures to the organization, risks and their impact are reviewed at the point where decisions are taken and consequently integral part of strategy process, budgeting, investment decisions and more.
• Roles and responsibilities at every level of the organization relating to managing business opportunities and risks are clearly defined, accepted and disseminated throughout the organization.
• Appropriate methodologies to assess the impact of risks to business decisions are available and applied.

STEER consultancy concentrates on integrating risk management into business processes.

Most companies have established ethical standards, policies, guidelines and controls designed to support business to be conducted in compliance with laws and regulations. All elements together make up a company’s compliance program. However, many companies find it difficult to integrate compliance risk management into their day-to-day business activities therefore rather managing the program than managing business in a compliant manner. A compliance risk assessment helps to identify your Company’s specific risk exposures of violating the rules. It assesses robustness of the program and its effectiveness to support an ethical business culture.