Enterprise Risk Management Services
Recent events offer numerous examples of the costs of insufficient enterprise risk management. In response, directors and officers must be able to show that their companies have a pragmatic risk management process in place and that insights garnered are used to inform their decision-making.
CohnReznick's Governance, Risk and Compliance Practice works closely with boards, audit committees and senior management to help them design and implement a comprehensive enterprise risk management program that is consistent with their risk appetite. We help them move forward without over-complicating the process by:
- Guiding the board and management on working together to identify and evaluate major risks
- Working with management to assess the company's ability to manage those risks
- Helping determine the risks it can accept and those it cannot
- Linking and embedding this process into existing management discussions and reporting
- Demonstrating the use of output to update the external and internal communication strategies and disclosures
Implementing the current best practices in risk management demonstrates good business judgment, which helps directors prove that their duty of care obligations have been met.