What is Enterprise Risk Management?
Enterprise Risk Management (“ERM”) is an enterprise-wide strategic level process implemented by senior management, designed to identify and manage risks that might affect the achievement of our strategic plans.
In simple terms, ERM is a way to effectively manage risk across the firm through the use of a common risk management framework. The framework typically involves people, rules and tools. This means individuals with defined responsibilities use established, repeatable processes (rules), and the appropriate level of technology (tools) to mitigate risk.
Our ERM tool enables your business to connect the strategic direction of the business to the operational risks of delivering it, with the ability to define it at the functional level for ALL locations across country and region, and/or to define it location by location, enabling a country view, a regional view and consequently a global enterprise view.
Our ERM tool does not limit or restrict the number of pillars, threats and criteria that underpins the strategic program, therefore the root cause of any weakness or threat is immediately identified providing insight into predictive risks profiles.
Acuity SaaS ERM breaks through the limitations and challenges faced by COO’s of cascading to middle management the conventional/traditional objective/performance management requirements, for the delivery of the strategic direction of the business as set by the board – but rather empowers them to inform the board of risks and/or deviation from the delivery of the strategic direction of the business in a timely and dynamic manner.
The online Acuity ERM SaaS tool replaces the failures of objectives performance management with more direct risk indicators, which are harmonised and work-flowed across the enterprise landscape.
Thresholds of risk can be dynamically set and changed within the tool, to predict, analyse and track any level of risk appetite, which automatically creates an improvement plan to mitigate those risks.
Middle management, no longer distracted by performance management, have valuable time returned to them to dedicate to operational issues. For the first time giving the board live insight into the enterprise wide risks, undoctored, unmanipulated, from the cold face of the business.
Business COO’s can now stay well ahead of potential risks of contractual failure, regulatory obligations and/or legal requirements. By using the Acuity ERM tool, which provides direct access, transparency and insight into immediate and predicted risks.
If the board is currently ill-informed and slow to react due to lack of visibility and direct insight to the operational risks of the functional teams, rest assured the Acuity ERM tool will move the Board to an informed and agile position, with true insight into the business risks providing a more focused allocation of spending, ensuring the success of the business, protecting brand, market presence and profitability.