more-arw search

Q&A Forum

What are you best practices for raising awareness of the importance of Enterprise Risk Management practices within your firms?

mark shafer's Profile

Answers

Topic Expert
Regis Quirin
Title: Director of Finance
Company: Gibney Anthony & Flaherty LLP
LinkedIn Profile
(Director of Finance, Gibney Anthony & Flaherty LLP) |

Following is an excerpt from a blog post, first published at www.cfotips.com entitled "Do you manage Risk or react to it?" -

Best Practices -

-Review company product lines and service lines and identify areas of risk.
-Establish metric(s) for each risk with corresponding tolerance range(s).
-Adjust policies and procedures, as necessary, to ensure risks are controlled:
a. Approvals and Authorizations
b. Top level performance reviews (actual vs. budget/ forecast/ prior period)
c. Track major initiatives
d.Physical Controls (inventories/ equipment/ cash/ other assets)
e. Information Processing
f. Segregation of Duties
g. Develop a company-wide Board established “Risk policy” which identifies acceptable levels of risk.
h. Communicate that policy to all employees, i.e. creating a culture of awareness.
-Monitor periodically adherence to the level of Risk established, i.e. metrics and tolerances
a. Scorecards
b. Internal and external audits
c. Planning sessions
d. Process improvement

1907 views
Products and Companies

Get Free Membership

By signing up, you will receive emails from Proformative regarding Proformative programs, events, community news and activity. You can withdraw your consent at any time. Contact Us.

Business Exchange

Browse the Business Exchange to find information, resources and peer reviews to help you select the right solution for your business.

Learn more

Contribute to Community

If you’re interested in learning more about contributing to your Proformative community, we have many ways for you to get involved. Please email content@proformative.com to learn more about becoming a speaker or contributing to the blogs/Q&A Forum.