RISK MANAGEMENT

Enterprise Risk Management Program Advisory

Here at LEACIF, we value the components, principles, and concepts outlined in the Enterprise Risk Management Framework published by the Committee of Sponsoring Organizations.  The Framework's opening statements are "Integrating enterprise risk management practices throughout an organization improves decision-making in governance, strategy, objective-setting, and day-to-day operations.  It helps to enhance performance by more closely linking strategy and business objectives to risk.  The diligence required to integrate enterprise risk management provides an entity with a clear path to creating, preserving, and realizing value. [...] every entity - whether for-profit, not-for-profit, or governmental - exists to provide value for its stakeholders." *

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We believe in these statements and couldn't summarize the description and purpose of an integrated, entity-wide approach to enterprise risk management any better ourselves.  Instead, our goal is to assist clients with designing and implementing their own ERM program - to not only manage risks but to create and sustain additional value for their organization.  With a strategic focus and relying on established guidance in enterprise risk and quality management as foundational to our process, we advise and assist businesses and entrepreneurs with the following:

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• Defining oversight and operating structures as they relate to strategy and business goals;

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• Defining and communicating your business's mission, vision, culture, and core values;

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• Considerations regarding attracting and retaining the right stakeholders, including employees, investors, business partners, or even customers, that align with your mission, vision, culture, and core values;

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• Establishing and communicating relevant objectives and strategies for achieving these objectives, including both entity-wide and business-level;

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• Documenting, assessing, and communicating risk information as it relates to achieving objectives and the business's goals;

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• Discussion, analysis, and documentation of controls designed to manage enterprise risks;

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• Communication as a means to manage risk;

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• Monitoring, updating, and documenting changes impacting enterprise risks.

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We understand that for many businesses, implementing or changing their approach to enterprise risk management can be a major endeavor, and it should not be taken lightly. While ERM principles and concepts are universal and can be fundamental tools applied to any business or entrepreneurial stage, the method and details of doing so are unique to each business and based on what is appropriate for each individual scenario. LEACIF offers both advisory and assistance for full ERM implementation, or consideration of structured, partial implementation.  Our approach is highly scalable based on your business's activity, life stage, and goals.  Entrepreneurs may benefit from discussions and consideration of concepts that impact early-stage activity only, while businesses that have been operational for a few years, or even decades, may gain greater value and control over their organization with full implementation.

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Depending on service and implementation level, a copy of COSO's Enterprise Risk Management Framework may be licensed by your business through the AICPA.  We adhere to all copyright and acceptable use of the Framework rules required.  Having the Framework in hand is a powerful, valuable, and affordable tool to have available without limitation, both during implementation and for ongoing needs.  Public, summary resources are also available on COSO's website.

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In addition to being incorporated into enterprise risk management advisory, we also provide risk identification and assessment services and vendor risk management advisory, as a component of our Systems Control services.  

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*Enterprise Risk Management: Integrating with Strategy and Performance, © 2017 Committee of Sponsoring Organizations of the Treadway Commission (COSO), page 3. All rights reserved. Used with permission.

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