Leveraging Enterprise Risk Management for Business Advantage
Enterprise Risk Management (ERM) is not a new discipline.
However, its profile has continued to evolve in recent years as organizations overcome the ongoing challenges of today’s ever changing business world.
The increase of regulations, remote work and multiple restrictions have heavily influenced the significance of ERM issues, from peripheral to central. Employees and managers alike, should work tirelessly to ensure the efficiency of business processes. Across the board, there is now a deeper understanding of the significance of issues like cyber risk management and the importance of adhering to data security standards, for example.
ERM Trends for 2022
Many issues, themes, and dynamics were highlighted in Techtarget’s recent article, focusing on the key enterprise risk management trends of 2022. It’s worth mentioning that the emergence of any new risks in particular is not a central theme, instead the focus is set on how best to enhance risk management processes to fully capture and manage critical risks, while still enabling the business to thrive, develop, and succeed.
The strategic move towards risk maturity frameworks
The single most significant trend is the strategic move towards risk maturity frameworks; where businesses transition from ad-hoc risk management processes and systems, towards embedding their organizations with risk management capabilities throughout the entire risk lifecycle, as well as business-as-usual processes.
Clearly, this is an ongoing journey, but companies are looking to take a more integrated approach to risk management across the board in order to proactively manage their risks and increase efficiency across the business. A common challenge for many organizations, especially those that lack a dedicated risk management function, is finding a way of consolidating, automating, and streamlining data, systems, and processes in a way that allows them to empower the whole enterprise.
The entanglement of ERM and other GRC functions
Another development highlighted as significant for 2022 is how ERM and other GRC functions are becoming more intertwined than ever before. There are growing compliance expectations around areas like IT security and data protection that can raise red flags with auditors and customers alike. Supply chain risks also play a significant part because of the many ways businesses leverage their supply chain processes as part of their value proposition. While risk management and compliance might have been seen as isolated business units in the past, recently there has been a move to embed both in business processes from the outset. This is heavily influenced by the fact that an isolated approach only increases implementation costs and time-to-value.
A change in the way risk is understood across the enterprise
Furthermore, companies are also looking to change the way risk is understood across the enterprise. Technological changes are being made with the aim of becoming more innovative, efficient, and agile. A sophisticated and nuanced approach to identifying, assessing, and managing risks is absolutely necessary in today’s day and age . A good example is how many companies have adopted cloud computing capabilities to deliver new applications and services faster to their users. Companies of all sizes are looking to enhance their capabilities and to do so they are exploring different approaches.
A move towards SaaS models, where end users put in place systems and processes to ensure their company’s policies are implemented, is trending. Risk and compliance teams can give assistance and advice as needed and review the final policy implementation. They can also provide training, education, and attestation capabilities so that the staff can meet the required standards without increasing costs significantly. These capabilities allow ERM and other GRC functions to be smoothly integrated into wider business processes.
Mitratech GRC Platform enables proactive risk management across the enterprise. It offers an array of next generation capabilities that can help business leaders transform their risk management processes through automation, leveraging both qualitative and quantitative analysis.
Furthermore, our solution has helped to provide our customers with:
- Greater risk transparency and increased collaboration within the organization.
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