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Enterprise
Risk Management (ERM)
The fundamental objective of risk management is
to establish an integrated and effective risk
management culture where all risks are continually
identified, analysed and managed in order to achieve
an optimal risk/reward profile for stakeholders.
It is therefore logical that stakeholders would
continuously be informed of all of the material
risks that could potentially impact on the success
of the organisation. Creating and communicating
a clear understanding of this within the organisation
is, therefore, both a strategic and operational
imperative. |
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On the other hand, most corporations
across the globe have embraced the ERM concept
as a vital management function being applied
to areas of their business previously being
regarded as unrelated to risk management.
Corporations that have successfully implemented
ERM as part of their organisational culture
are now able to deal with the negative aspects
of risk while being flexible in taking advantage
of the opportunities that arise when uncertainty
presents itself. At Mondial we provide a
specialist ERM suite of services and related
solutions addressing the process of risk
management in a comprehensive and holistic
fashion. |
Enterprise
Risk Management (ERM), a relatively
new concept is still not well understood
by many corporations.
Some still only believe in the risk
assessment process as one of the
many boxes they need to tick in
order to be recognised as having
good corporate governance principles
in place. |
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| We follow a meticulous
approach, based on current international benchmarks
and assist clients to address all potential areas
of risk including strategic, internal and external
operational, financial and non-financial risk
as well as compliance risk issues. |
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Mondial
provides a range of services to its clients to
assist them on the road towards risk management
maturity.
These Include: |
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Assisting clients with managing
fixed costs and resolving current risk management
skill scarcity by way of "Rent a Risk
Manager", whereby the risk management
function of an organisation or a project
is outsourced for a specific period of time
in line with the organisation's or the project's
requirements. |
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Compilation of various risk
reporting requirements, templates and risk
reporting mechanisms. |
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Conducting a gap analysis
on current risk management practices to
identify shortcomings in the light of international
benchmarks and standards. After completion
of the analysis the client is provided with
a "dashboard" reflecting compliance
("green"), partial compliance
("amber") and non-compliance ("red").More
importantly, clients are provided with a
road map with actions in order to close
the gaps and to achieve a predetermined
level of risk management maturity. |
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Developing a risk management
processor processes including a framework
and processes for risk assessment, root
cause analysis, control self-assessment,
assurance, crisis and emergency and business
continuity management, incident investigation,
risk based audit systems, project risk management,
risk management in mergers and acquisitions,
insurance, sustainability and the management
of operational and other risks. |
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Identifying and analysing
operational process and strategic risks.
This is normally carried out through a process
of facilitated engagements with key staff
members or key project team members. During
these client engagements risks are identified,
analysed and evaluated. Mondial is able
to provide assistance with qualitative risk
assessments, semi-quantitative as well as
quantitative risk analyses. |
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Providing specialist ERM training.
Please see training section. |
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Undertaking of risk based
due diligence exercises and independent
programme assurance. |
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Consulting with the client
at the Risk, Audit Committees or Board level
on the requirements of King Ill and its
practical implementation, as well as serving
as independent committee members. |
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Facilitation of risk bow ties
exercises, for purposes of detailed risk
analysis, strategy and risk modelling, control
self-assessments and risk reviews. |
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Development and delivery
of risk based audit plans and audit processes,
as well as conducting such audits. |
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Providing specialist advice
on project risk management during all phases
of capital projects and acquisitions. |
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Managing a selection and evaluation
process as well as gap analysis of governance,
risk and compliance software solutions according
to customer specific needs. |
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Providing specialist advice
on the application of the ISO 31000 Risk
Management Standard. |
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