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Enterprise Risk Management ~ Inovastra

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Nik Hasyudeen
Nik Hasyudeen

Concepts and principles of Enterprise Risks Management

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Enterprise Risk Management ~ The Pathway for Assuring the Achievement of Corporate Vision Nik Mohd Hasyudeen Yusoff Executive Chairman KHR Business Advisory Sdn. Bhd. 21 December 2006
Agenda ,[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],Strategic Objectives and Risks
[object Object],[object Object],[object Object],Strategic Objectives and Risks
Strategic Objectives and Risks Vision and Mission Strategic Objectives Programmes and Projects Outcome Cascading Strategy into Action Feedback Feedback Feedback
[object Object],[object Object],Strategic Objectives and Risks
Strategic Objectives and Risks
Strategic Objectives and Risks Mark Beasley, North Carolina State University
Strategic Objectives and Risks Mark Beasley, North Carolina State University, 2004 Survey Disconnect
Strategic Objectives and Risks Inovastra Risk Model Potential Areas of Risks to Organisations
[object Object],[object Object],[object Object],[object Object],Strategic Objectives and Risks
[object Object],[object Object],[object Object],[object Object],Strategic Objectives and Risks
[object Object],[object Object],[object Object],[object Object],Strategic Objectives and Risks
Strategic Objectives and Risks ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],There are also situations where multiple of risks are involved:
Strategic Objectives and Risks Politics Economy Education Society Technology Environment Spirituality Global Regional National Organisation The world keeps on changing!
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Strategic Objectives and Risks
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Strategic Objectives and Risks
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Strategic Objectives and Risks
[object Object],[object Object],[object Object],[object Object],Strategic Objectives and Risks
[object Object],[object Object],[object Object],[object Object],Strategic Objectives and Risks
[object Object],[object Object],[object Object],[object Object],Strategic Objectives and Risks
[object Object],[object Object],[object Object],[object Object],Strategic Objectives and Risks
The Concept of Enterprise Risk Management How Organisations manage their risks? Risk management equals buying insurance Regulators are demanding risk management activities We need a sustainable Process to monitor all risks We need to know the Economic impact of our Largest risks Risks need to be quantified comprehensively Shareholders demand a risk/return framework Decision making across firm is linked to building economic value I III II VI V IV VII Mercer Oliver Wyman analysis (modified) Value add for organisations
The Concept of Enterprise Risk Management Source: Protoviti Inc.
The Concept of Enterprise Risk Management Strategic Market Risks Operations Risks Finance Risks Human Capital Risks IT Risks Reputation Risks Legal Risks Enterprise Focus On Risks Risks are managed in silos, each business unit or entity manage only theirs
The Concept of Enterprise Risk Management Strategic Market Risks Operations Risks Finance Risks Human Capital Risks IT Risks Reputation Risks Legal Risks Enterprise Focus On Risks Value Creation and Preservation Risks are managed on integrated basis
[object Object],The Concept of Enterprise Risk Management Enterprise Risk Management – Integrated Framework, COSO
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The Concept of Enterprise Risk Management
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The Concept of Enterprise Risk Management
[object Object],[object Object],[object Object],The Concept of Enterprise Risk Management
[object Object],[object Object],[object Object],The Concept of Enterprise Risk Management
[object Object],[object Object],[object Object],The Concept of Enterprise Risk Management
Steps in Implementing ERM Eight components of ERM Considers all levels of the enterprise ERM helps entity to achieve Objectives across these categories
Steps in Implementing ERM Internal Environment Objective Setting Risk Response Risk Assessment Event Identification Control Activities Information & Communication Monitoring
[object Object],[object Object],[object Object],Steps in Implementing ERM
[object Object],[object Object],[object Object],Steps in Implementing ERM
[object Object],[object Object],Steps in Implementing ERM
[object Object],[object Object],Steps in Implementing ERM
[object Object],[object Object],Steps in Implementing ERM
[object Object],[object Object],Steps in Implementing ERM
[object Object],[object Object],Steps in Implementing ERM
[object Object],[object Object],Steps in Implementing ERM
How a Risk Profile Matrix Works Likelihood of Occurrence of Risk Low High Low High Potential Impact of Risk ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],X X X X X X X X X X X X X X X X X ,[object Object],Steps in Implementing ERM
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Steps in Implementing ERM
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Steps in Implementing ERM
[object Object],Steps in Implementing ERM Phase 1 Assessing the current state Phase 2 Developing the ERM Framework Phase 3 Implementing ERM ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Steps in Implementing ERM
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Steps in Implementing ERM
The Role Play in Making ERM Works ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
The Role Play in Making ERM Works ,[object Object],[object Object],[object Object],[object Object],[object Object]
The Role Play in Making ERM Works ,[object Object],[object Object],[object Object]
The Role Play in Making ERM Works ,[object Object],[object Object],[object Object],[object Object]
Key Points ,[object Object],[object Object],[object Object],[object Object]
Thank You

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Enterprise Risk Management ~ Inovastra

  • 1. Enterprise Risk Management ~ The Pathway for Assuring the Achievement of Corporate Vision Nik Mohd Hasyudeen Yusoff Executive Chairman KHR Business Advisory Sdn. Bhd. 21 December 2006
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  • 5. Strategic Objectives and Risks Vision and Mission Strategic Objectives Programmes and Projects Outcome Cascading Strategy into Action Feedback Feedback Feedback
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  • 8. Strategic Objectives and Risks Mark Beasley, North Carolina State University
  • 9. Strategic Objectives and Risks Mark Beasley, North Carolina State University, 2004 Survey Disconnect
  • 10. Strategic Objectives and Risks Inovastra Risk Model Potential Areas of Risks to Organisations
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  • 15. Strategic Objectives and Risks Politics Economy Education Society Technology Environment Spirituality Global Regional National Organisation The world keeps on changing!
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  • 23. The Concept of Enterprise Risk Management How Organisations manage their risks? Risk management equals buying insurance Regulators are demanding risk management activities We need a sustainable Process to monitor all risks We need to know the Economic impact of our Largest risks Risks need to be quantified comprehensively Shareholders demand a risk/return framework Decision making across firm is linked to building economic value I III II VI V IV VII Mercer Oliver Wyman analysis (modified) Value add for organisations
  • 24. The Concept of Enterprise Risk Management Source: Protoviti Inc.
  • 25. The Concept of Enterprise Risk Management Strategic Market Risks Operations Risks Finance Risks Human Capital Risks IT Risks Reputation Risks Legal Risks Enterprise Focus On Risks Risks are managed in silos, each business unit or entity manage only theirs
  • 26. The Concept of Enterprise Risk Management Strategic Market Risks Operations Risks Finance Risks Human Capital Risks IT Risks Reputation Risks Legal Risks Enterprise Focus On Risks Value Creation and Preservation Risks are managed on integrated basis
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  • 33. Steps in Implementing ERM Eight components of ERM Considers all levels of the enterprise ERM helps entity to achieve Objectives across these categories
  • 34. Steps in Implementing ERM Internal Environment Objective Setting Risk Response Risk Assessment Event Identification Control Activities Information & Communication Monitoring
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