Enterprise Risk Management

You have seen it before. A respected company suffers financial losses and public embarrassment when problems with governance, compliance, controls or other key issues suddenly come to light. And executives, board members and shareholders are left with a troubling question: What went wrong?

The fact is, many organisations falter - or even fail – due to undetected shortcomings in the way they manage risk. Directors and management are attempting to deal with today's more numerous and vastly more complex risks using disparate processes developed over time as needs arose.

Today's complicated and faster-paced business environment demands a more comprehensive approach to risk management - one that enables people at every level of the organisation to:

• systematically assess and respond to events or uncertainties that could reduce stakeholder value and,
• to seize opportunities to improve performance and create value.

The solution? Enterprise Risk Management (ERM)

Building Risk Management into the fabric of your enterprise

ERM is a structured and disciplined approach, applied throughout an enterprise, which is designed to identify and assess risks that may affect the entity, and to manage the risks to be within the entity's risk appetite, to provide reasonable assurance that the entity's objectives will be achieved.

ERM integrates risk management into activities at all levels of an organisation, from enterprise-level activities such as the strategy setting process, to business unit activities and business processes.

Benefits

PwC‘s ERM service offers a powerful new solution that can build your organisation's value by enhancing your capability to:

• align risk appetite and strategy
• ERM provides the rigour to identify and assess risks and establish acceptable levels of risk relative to growth and return objectives
• reduce operational surprises and associated losses
• identify and manage cross-enterprise risks
• seize opportunities by considering the full range of potential events
• realize consistent employee action in accordance with a shared risk management philosophy and approach
• improve deployment of capital.

Our ERM Services at a glance

With help from our ERM team, your organisation will acquire enhanced capabilities for identifying, assessing, measuring, managing, monitoring and reporting risk.

To enable you to achieve these capabilities, we can work with you to:

• Identify and assess the current risks facing your organisation - at an enterprise-wide level and at business unit or activity levels - using qualitative and quantitative measurement techniques
• Assist you to understand the different stages of evolution and sophistication of ERM and to determine what attributes you want your risk management programme to have
• Assess the current state of risk management throughout your organisation and make recommendations for improvement
• Design an ERM programme - including the desired risk culture, risk appetite and tolerances, risk management process, structure, methodologies and systems - and implementation plan -that will achieve the programme you envision
• Implement ERM pilots and assist with a full organisationwide implementation
• Help establish Risk Management functions and/or Committee
• Design and conduct tailored risk management training and awareness sessions for directors, management and staff
• Automate the risk assessment process

Why PwC?

PwC has the largest and most widely recognised consultancy for ERM both in Thailand and the rest of the world.

• Established over a decade ago, our ERM practice was the first among the Big Four firms
• Globally, we have worked with hundreds of leading companies on ERM initiatives and have applied our firm's accumulated knowledge, methodologies and tools in Thailand
• Our ERM team in Thailand have unmatched experience assisting many private and public sectors organisations to establish ERM frameworks.
• We authored the two definitive works on internal control and risk management, Internal Control - Integrated Framework and Enterprise Risk Management - Integrated Framework, for the Committee of Sponsoring Organisations of the Treadway Commission (COSO)