So, we have started with governance and looked through the main approaches a company can adopt to implement enterprise risk management. This is a series of techniques that many firms have been slow to implement.
For the Board, the process needs to commence with the key risks analysis and you then need to see that they buy into this. These risks will change from time to time, although some remain the same. Issues such as:
- The economy
- Interest rates
- Competition
- Government action
- Fraud and criminal activity
will always be there, but others will vary, depending on your firm. For some firms, some or all of the following will need to be considered:
- Exchange rates
- Innovation
- Technology
- Model risk
- Strategic risk ...
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