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Enterprise Risk Management (ERM) is a popular process applied as a part of strategy, designed to firstly identify possible events that may affect the entity and secondly manage the detected risks for keeping them within the enterprise’s predetermined risk appetite. Presence of a robust ERM gives reasonable assurance that the enterprise is achieving its objectives through a risk based management. ERM must be planned, promoted and implemented in an integrated manner. It should encompass all the operations of the enterprise.
Even the Risk resilient or well controlled organizations must review their current risk management regimes and arrangements from time to time to evaluate whether they are adequate to manage the ever increasing threats and risks. The need to employ and maintain appropriate risk management practices is increasing day by day.
We follow a holistic and comprehensive approach in designing and implementing Enterprise Risk Management through IT Controls in an integrated manner. Our Risk Management process involves basically three broad steps:
- Identification of risk
- Analyzing the potential impact for prioritization of risks,
- Risk management or mitigation of risk.