Overview
IMCA Utilizes the Risk Maturity Model (RMM) framework for enterprise risk management (ERM). With RMM we asses the strength of your ERM program and make a plan for improvement based on results. Once the assessment is completed, IMCA povides maturity score and an actionable set of guidelines to improve ERM program so that you can gain benefits associated with maturity.
Our professionals will design a Risk Register where all the identified risks will be clearly enlisted sorted by importance. This Risk Register will contain the results of the qualitative risk analysis, quantitative risk analysis, and risk response planning. It details all identified risks, including description, category, cause, probability of occurring, impact on objectives, proposed responses and current status.
If you have not implemented the formal internal control framework or unsatisfied with the current framework, IMCA will suggest implanting the COSO framework.
COSO will assist in identifying areas of weakness and opportunities for improvements to strengthen operational performance, anti-fraud efforts and adaptability for changing trends. It will also enhance the communications between management, the board and external parties.
IMCA’s Enterprise Risk Management (ERM) Program Development combines leading-edge technology with best practice methodology and professional services that guarantee results. Our ERM solution is the result of years of research and experience gained from risk management implementations with many of the world’s leading owner-operator companies. Our expertise allows us to develop and implement an enterprise-wide risk management program for your organization that will enhance your capacity to build long-lasting shareholder value.
IMCA’s ERM solution offers a consistent and sustainable framework for identifying and managing enterprise risks and opportunities resulting from human errors, failed processes, policies, systems, or other unforeseen events. With an Industry-renowned mix of tools, services, and qualified consultants, we will empower your organization with a risk management program customized to your specific needs.
- Align – Evaluate existing risk management practices, understand current organization and governance structure, determine the enterprise risk profile, and develop a project and change management plan that supports the ERM program vision.
- Design – Mobilize the project team, confirm the plan, and develop the company-specific ERM program to include governance structure, standard language, policies, processes, roles, responsibilities, tools, and templates.
- Train – Develop and deliver enterprise-wide training on all aspects of the ERM program, from boardroom governance to enterprise-wide risk quantification, mitigation, and reporting activities.
- Implement – Communicate change initiatives, conduct highly specialized trainings within each business unit, roll out the ERM program, and begin identifying, assessing, reporting, and responding to risks.
- Monitor – Benchmark and track performance, gather feedback, and incorporate this knowledge into a continuous learning life cycle for the enterprise.