Enterprise Risk Management
Organisations, irrespective of their size, type or the stage they are in, face multiple Internal and External challenges. These challenges, when not approached systematically, consumes Key Resources for dousing fires. This in turn leads to inefficiency, attention diversion and thereby bringing uncertainty in achieving the Core Objectives, the very purpose an Organisation Exists. The effect of this uncertainty is the Risk the Organisation continues to carry, pulling it away from its Growth Trajectory.
All Activities of an Organisation involve Risk. Yes, Organisations do manage risks, though at most times, it is without a comprehensive Assessment & Structured Approach having a short-term vision rendering the actions ineffective on the Long Term Sustainability.
Adopting Consistent Processes within a well laid out Framework, helps Organisations to manage Risks Effectively, converting them to Opportunities for Growth and ensuring Sustenance and focus towards its Objectives
1. A Structured and Risk Based Approach to Management Systems based on ISO 31000 Guidelines
This International Standard recommends that organizations develop, implement and continuously improve a framework whose purpose is to integrate the process for managing risk into the organization's overall governance, strategy and planning, management, reporting processes, policies, values and culture.
A five Step Structured Approach starting with Establishing the Context of the Organisation (The Very Purpose it exists) to Identification, Assessment, Treatment & Review provides a comprehensive Assurance & Confidence in Addressing its Risks
2. Can be Applied to all Business Processes viz. Sales & Marketing, Finance, Design, Supply Chain, Projects, Production, H.R. among others
Each and every Business Process in an Organisation has its inherent Risks & Challenges. While the Severity / Impact may vary, the approach can be standardised. This aligns all the Functions to the Organisational Goals along with addressing the Risks Holistically
3. Supports Seamless Integration of Various Management Systems viz: QMS, EHS, SA, without Dilution of Focus
Organisations are burdened with a series of Certifications requiring Time, Resource and Effort. While this not only leads to Multiple Documentation and having to face Several Audits, but unfortunately also lends the intent diluted in the scurry to complete and jump to another.
The Enterprise Risk Management approach seamlessly integrates the different requirements of an Organisation be it Quality, Environment, Energy, Health or Safety, while at the same time not diluting the focus. The Principle is that, Management System is One and the base. The different Standards’ Requirements are built around this Central Core avoiding duplication and thereby aligning Organisational goals towards a focused Growth Trajectory.
4. Both Qualitative and Quantitative Measurement
Risks until & unless Quantified will not get the right attention. The comprehensive Rating Criteria with weightage to Compliance Requirements, Severity of Impact, Frequency of Occurrence, Scale of Spread & Robustness of Control, Categorises the Risks into Business Critical, Significant Operational & Typical Risks. This directs the Organisation towards a Bias for Action
5. Predictable Opportunity Conversion
The Positive Review of Risks in this Structured Approach builds Confidence in not only mitigating them, but also in Converting these into Opportunities and Business Cases. Preparedness of an Organisation to attempt the Next Summit of its Growth Trajectory is of Paramount importance without the worry of crumbling its existing base. This Methodology has proven to be an able enabler in this effort to ensure Success
Quantum Leap follows the simple, yet powerful Plan-Do-Check-Act Cycle with Actions positioned appropriately. A Gap Assessment is first conducted to understand the Organisational Maturity. Once the Strengths, Weaknesses, Opportunities and Threats are assessed, a Deployment Road Map with Timelines and Milestones is agreed upon which includes Trainings, Documentation, Audits, Reviews and Corrective Action. This Spiral Cycle takes the Organisations towards Certifications, Recognitions & Continual Improvement.
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