Enterprise risk management (ERM) is fairly straight forward to understand. However, implementing ERM is difficult because there is no simple roadmap.
Wealth Management Compliance Alliance can help you address the risk management issues for your organization . Additionally, if relevant, we can address enterprise risk management for your entire organization by including your parent firm and affiliates. The risk management plan for your organization can be used as part of enterprise risk management program for the entire organization or as a risk management process focused solely on your organization.
The need for a comprehensive and integrated view of risk across an Advisory firm has been a topic of regulatory interest for many years.. However, change has occurred via a recognition of the importance of and need for enterprise risk management in an increasingly complex regulatory and risk environment. Today there is a compelling business case for financial services organizations to effectively and proactively manage risk.
Enterprise risk management (ERM) is fairly straight forward to understand. However, implementing ERM is difficult because there is no simple roadmap. ERM and its effective utilization has to be customized to the organization. It is not and cannot be a “one-size-fits-all” approach.
The process of managing risk on an enterprise-wide basis has to be based on the organization’s specific organizational structure, as well as the size, scope, complexity, volume, and delivery channels of the products and services. The more complex the organizations products and services are, the more varied the delivery channels used, the greater the need to ensure risks—individually and in the aggregate—are identified, and effectively understood, measured, monitored, and managed.
No set of policies or procedures, whether you call it enterprise risk management or something else, will be effective if it is not integrated into the culture and governance practices of the organization and included in all facets of the decision-making processes.
This service provided by Wealth Management Compliance Alliance©, a division of Pohl Consulting and Training, Inc.