Enterprise risk management | KPMG | PL

Enterprise risk management

Enterprise risk management

Reduction of losses and increase of revenues or margins of the company.

Reduction of losses and increase of revenues or margins of the company.

The main objective of risk management, which depends largely on the willingness to take risk and expected rate of return, is reduction of losses and increase of revenues or margins of the company.

A systematic approach to managing risks is the key to success

Risk is an inevitable part of business. When making business decisions, entities should be aware of the risk associated with the decision. Most entities have this awareness. The issue is only how consciously they take appropriate steps to mitigate the risk to ensure that decisions made would produce the desired effect for the company. The solution may be to implement a comprehensive risk management process, namely the introduction of a system and a comprehensive solution based on a systematic approach to the identification, categorization, evaluation and proactive optimization of all risk groups facing the company to create the company value.

 

Quite often risk cannot be eliminated entirely

According to the commonly accepted risk definitions, it may be defined as a combination of the event likelihood and its impact, which may affect positively or negatively on the achievement of business goals and a business strategy execution. Knowledge of estimates regarding the likelihood and impact of an event gives the opportunity to take appropriate actions to mitigate the risk. In this respect, the risk should be considered as an inherent risk and residual risk, that after the application of possible or partial control measures and the best practices in dealing with it, and taking into account cost component, is still real.

 

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