Have you considered the implementation of an Enterprise Risk Management (ERM) system? The business guidelines as set out in SOX or in the Canadian Business Practises Guide refer to the benefits of an ERM system, i.e:
- coordination between departments
- planning and forecasting for the future of the organization with some measure of certainty
- back up plans in the event of a catastrophe loss
- identification of those potential “perils” to the business which are self insured with “hope”
- ability to distribute full and timely reports to the board, and stakeholders, as required
The ERM process is a time consuming but valuable activity and one that can begin in stages. For instance, the first year could see the appointment of a risk committee, the identification, assessment and measurement of vulnerabilities within the organization, etc.
With the implementation of the ClearRisk Manager program and Dianes’ expertise, you and the heads of your departments will sleep better knowing that the plan is underway.