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Enterprise Risk Management supports the achievement of an organization’s objectives by addressing the full spectrum of its risks and managing the combined impact of those risks as an interrelated risk portfolio. It encompasses all areas of organizational exposure to risk (financial, operational, reporting, compliance, governance, strategic, reputational, etc.). Business leaders today are addressing many challenges and opportunities in today's growingly complex finance, operational, and market environments.
 

NorthArm can assist an organization to design it's risk management framework based on ISO 31000 principles, as outlined below.

Risk Management Framework
    
The Risk Management Framework should be embedded within the organization’s overall strategic and operational policies and practices. It provides a structured process for the management of all risks, whether those risks are primarily quantitative or qualitative in nature. And if implemented properly, a risk management process through the risk management framework facilitates continual improvement of the organization.

Source: ISO 31000

The risk management framework should enable Risk Management to:

• be an integral part of all organizational processes;
• be a part of decision making;
• explicitly addresses uncertainty;
• be systematic, structured and timely;
• be based on the latest available information;
• be tailored to the organization’s needs and requirements;
• take human and cultural factors into account;
• be transparent and inclusive;
• be dynamic, iterative and responsive to change; and
• facilitate continual improvement of the organization.

Elements of this include:

• Develop organizational governance and control structures;
• Determine organizational risk tolerance and risk management objectives;
• Integration of risk management into ongoing operations;
• Enable operational and investment decisions incorporate the risks associated with those decisions;
• Development of risk metrics which are expressed in a risk matrix; and
• Development of risk policies and procedures.