Enterprise Risk Best Practise Training is a must in today’s fast-paced world. Risk Professionals need to stay ahead of the Risk Curve, if they are to remain relevant. The outbreak of the COVID-19 virus has prompted business to develop plans and strategies focused on safeguarding the interests of workers and business while promoting business continuity.

Neglecting any part of the overall business impact by falling behind the curve on Enterprise Risk Best Practise Training will likely have catastrophic impact on the long-term reputation and sustainability of the Enterprise. Witness the scandal that unfolded in Australia in 2019, that embroiled Commonwealth Bank of Australia, Westpac and other large global banks. They were caught up in various scandals including money-laundering.  Banks in the United States have also not escaped this scrutiny, as Well’s Fargo bank, which paid out $110 million settlement over a fake accounts opening scandal. Deutsche Bank are subject to ongoing revelations too.

Organizations need a strategic understanding of Governance, Risk and Compliance Management Best Practices. They must develop clearly defined its Fraud Risk Management Procedures, Risk Exposure, Loss Practices, and Credit Risk Management Practices. All of this needs to be backed by skilled and professional risk practitioners, equipped with the latest Enterprise Risk Best Practise Training Banks. Failure to do this means the business is vulnerable to Liability, Exposure & Consequential Risk. This is where Enterprise Risk Best Practise Training pays off.

What is Enterprise Risk Management?

ERM is the business framework for Risk Management. It involves identifying events or circumstances that present threats and opportunities to the organisations objectives. This means assessing the likelihood and magnitude of each coming to pass. In addition, understanding the impact that each threat will have on the organisation, planning how the organisation will respond and monitoring how the process unfolds.

• Identifying and addressing these risks and opportunities puts Risk Professionals front and centre.  Organisations must do this as they look to protect and create value for shareholders, employees, customers, regulators, and society overall.
• ERM is a Risk-based approach that involves such aspects as internal control, the Sarbanes–Oxley Act, data protection and strategic planning and many others.
• ERM is constantly evolving to address the needs of various stakeholders, who want to understand the broad spectrum of risks facing complex organisations to ensure they are appropriately managed. Regulators and debt rating agencies have increased their scrutiny on the risk management processes of companies.