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A GlobeRisk Perspective on firm wide risk management

What is the scope of risk management (rather than governance, control, audit or process management)? What should risk management be trying to achieve? The GlobeRisk perspective on these industry wide, critical, questions is that risk management comes in three forms:

...and two aspects

In our experience Firms spend most in defensive-historical areas. Firms rarely take up the opportunities for increasing profit from offensive risk management in all areas, or for rightsizing their existing infrastructure. We firmly believe that view risk management is, and must be implemented as a core business process, albeit one where specialist knowledge may be required to do it well; there are many similarities to finance, quality management and IT.

Total Enterprise Risk Management (TERMsm)

GlobeRisk views the basic components of any good risk management framework as follows:

In our view good risk management can only exist in a firm that cares passionately about the quality of its performance. Given that precondition, the success factors for good risk management are as follows:

Our TERMsm consultancy service takes these success factors, customises them to each client and establishes an implementation program which will add transparent and demonstrable value

Other Firmwide risk management services available in 2007 include