Companies benefit greatly by ISO 31000 implementation that provide a universally recognised risk management conformance assurance to all stakeholders
eKnols is experienced in guiding organisations to practice risk management as a corporate role embedded as an integral part of all activities. eKnols developed an Enterprise Risk Management (ERM) Framework based on the internationally recognized principles from ISO 31000 and or COSO ERM to manage change and uncertainty of organisations in the EU and GCC. The ERM framework applies to all business departments as well as finance, compliance and strategic planning assists in achieving the organisations strategic objectives by bringing a leading practice and a systematic approach to identifying, analyzing, mitigating and reporting risk and control. The ERM process will lead to enhanced and proactive decision making and improve the organisation’s performance, since it combines governance, risk and opportunity management, compliance, and financial reporting.
eKnols helped organisations get BS 31000 benchmarking and alignment that provide the following key benefits:
- Establish common risk language and direction related to risk management;
- Assign responsibilities for risk oversight among the full Board and its committees;
- Understand critical risks and opportunities in the Organisation’s activities and strategy;
- Increase the likelihood that strategic objectives will be achieved;
- Evaluate the Organisation’s risk management processes and whether they are functioning effectively;
- Facilitate open communication between management and the Board on risk matters;
- Build an appropriate culture of integrity and risk awareness;
- Encourage streamlined proactive decision making at all levels that considers more than the short-term benefits such as immediate cost and resources;
- Improve operational efficiency and effectiveness by reducing the crisis and firefighting.