Efficient Corporate Image Management as a Strategy for Enhancing Profitablity

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A practical guide to risk assessment*
How principles-based risk assessment enables organizations to take the right risks

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A practical guide to risk assessment

Table of contents

The heart of the matter

2

Effective risk assessment is increasingly important to the success of any business.

An in-depth discussion

4

Risk assessment forms the foundation of an effective enterprise risk management program.
Defining risk assessment A foundation for enterprise risk management Key principles for effective and efficient risk assessments What this means for your business 5 12 15 20

Effective risk assessment requires a consistent approach, tailored to the organization.
Essential steps for performing a risk assessment Common challenges to effective risk assessment Risk assessment: benefits and opportunities 21 33 35

December 2008

The heart of the matter

Effective risk assessment is increasingly important to the success of any business.

2

Today’s business world is constantly changing—it’s unpredictable, volatile, and seems to become more complex every day. By its very nature, it is fraught with risk. Historically, businesses have viewed risk as a necessary evil that should be minimized or mitigated whenever possible. In recent years, increased regulatory requirements have forced businesses to expend significant resources to address risk, and shareholders in turn have begun to scrutinize whether businesses had the right controls in place. The increased demand for transparency around risk has not always been met or met in a timely manner, however—as evidenced by the financial market crisis, where the poor quality of underlying assets significantly impacted the value of investments. In the current global economic environment, identifying, managing, and exploiting risk across an organization has become increasingly important to the success and longevity of any business. Risk assessment provides a mechanism

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