Enterprise Risk Management (ERM)

Our understanding of the nature of risk, the art and science of choice, lies at the heart of the modern economy. Every choice we make in pursuit of our objectives carries risk. From day-to-day operating decisions to fundamental trade-offs in the boardroom, dealing with risk in these choices is part of decision-making.

As we seek to optimize a range of possible outcomes, decisions are rarely binary, with one right answer and one wrong answer. That is why enterprise risk management can be called both an art and a science. And when risk is considered in shaping an organization's strategy and business objectives, enterprise risk management helps optimize results.

Turning Risk into Opportunity (management)
Every challenge and every opportunity an organization faces today calls for change. And change comes with risk. Some risks are visible; some are predictable; some can be planned for; and others cannot.

Companies are not created to manage risk; they are created to generate value as part of a broader, aspirational purpose. That goal is achieved through a series of strategic business decisions that require taking risks, and those risks affect business performance. Organizations that properly identify, manage and respond to these risks are positioned to grow and succeed.

Our experience with risk: to transform the way they manage risk, companies need to question how they consider, identify, manage and respond to risk. Organizations must look beyond manageable risks (financial, operational, regulatory), better align their risk and business objectives, and improve the coordination and alignment of risk activities across the company so they can use technology more effectively and respond better to their different risks.

Together, we can achieve better and lasting results, from strategy through execution.

Tutor Negotia's work in Internal Audit:
Organizations must identify, assess and address emerging risks without losing sight of their current business and control environment. They are not only working to stay one step ahead of change; they are often trying just to keep pace, and they do not always succeed.

Management, audit committees and boards of directors rely on internal audit (IA) to provide assessments and assurance on the effectiveness of the company's controls and processes, while also supporting them across a wide range of improvement areas related to business risks and processes.

We help our clients strategically assess, remediate and improve the control issues identified, while raising the profile of internal audit so it can identify and address emerging and complex risk areas.

We help organizations reduce the cost of their internal audit functions through our variable cost model and our capabilities. Our ability to contribute innovative ideas and advisory support, stronger use of technology and broad subject-matter experience in complex areas worldwide allows us to help clients get greater value from internal audit and from other high-priority areas of the organization.

Business management tools have a strong impact on the performance of human resources and on management as a whole, raising productivity across the entire company or organization. Notable management tools include ERM-COSO, the Balanced Scorecard, the Control Dashboard, Activity-Based Costing (ABC), Activity-Based Management (ABM), Process Mapping, EVA, Six Sigma, CRM, Activity-Based Budgeting (ABB) and BPM, among others.

Benefits of Risk Management

We help build trust and reliability in the presentation of your financial information and in the internal control over daily operations.

• Risk Assurance: covers all risk services in which Tutor Negotia provides independent assurance to build trust and reliability with clients and the market, key stakeholders, or when required for regulatory purposes (by law or regulatory oversight) or contractual purposes.
• Optimizing functions and processes: we work from the design of risk response plans and strategies, aligning functions, optimizing resource allocation and designing risk management processes so you can execute your strategy efficiently and effectively. We make sure critical information reaches the key decision-makers and strengthens risk management, because without clearly defined operating models and processes, communication does not flow effectively across the organization.
• We effectively manage business growth by providing key assurance over internal controls.
• We develop business improvements by assessing the risks and controls related to strategic business objectives, such as launching new products or services, implementing new technologies or remediating control issues, and we provide thought leadership focused on risk and control matters.

Get in touch with a Tutor Negotia professional