At Cherry Bekaert, we believe that your organization’s Enterprise Risk Management (ERM) activities must include continuous sharing of knowledge and information that describes the relationships among the following:
- The strategic enterprise objectives and activity level objectives of your organization;
- Downside risk: the inherent and residual nature of risks affecting the attainment of your objectives;
- Upside risk: the sources of opportunities that might facilitate the attainment of your objectives; and
The control mechanisms available to mitigate identified downside risks and enable your organization to gain competitive advantage through taking opportunities.
Cherry Bekaert’s ERM services include tools designed to facilitate management’s ability to identify, assess and manage your organizational risks that affect the ability to accomplish your business objectives. We utilize facilitated risk and control self-assessment techniques to help management understand the relationships between objectives, risks and control activities.
Through our ERM approach, management can clearly identify and understand the relative significance of enterprise and organizational level risks so that you can develop cost-effective mitigation strategies for underserved risk areas and identify areas of over-control to better allocate your resources. Additionally, your management’s enhanced understanding of risk provides the basis from which it can determine the nature of risk and control monitoring. Whether using self-assessment, IT audit, internal audit or forensic procedures, effective monitoring ensures that mitigation strategies are operating effectively and residual risk is in line with management’s risk tolerance or risk appetite.
Additionally, we understand that effective ERM does not result from a one-time project, but it must be embedded in your business culture to be sustainable and help you gain a competitive advantage. This only results from the continuous discussion of objectives, risks and controls among all employees. Therefore, we design our services to provide management with the knowledge, tools and methodologies to maintain their enterprise risk management activities with or without ongoing assistance from Cherry Bekaert.