Board members and senior executives need to
ensure that their management teams have robust and ‘fit-for-purpose’ risk
management processes in place across their
organisation. Risk management is now viewed as an integral component of how an
organisation is governed and how it complies with external regulations.
Embedding risk management in the ‘business-as-usual’ processes is by far the hardest element of achieving enterprise-wide risk management. Getting it right delivers the most significant benefits. The need for business process improvement is also pivotal to meeting regulator, customer and investor demands for greater transparency and effective management of the organisation’s risks. This requires a stronger marriage between the risk management, treasury and finance functions when the distribution of roles and responsibilities between those functions has to be optimally delineated and defined.
Embedding risk management in the ‘business-as-usual’ processes is by far the hardest element of achieving enterprise-wide risk management. Getting it right delivers the most significant benefits. The need for business process improvement is also pivotal to meeting regulator, customer and investor demands for greater transparency and effective management of the organisation’s risks. This requires a stronger marriage between the risk management, treasury and finance functions when the distribution of roles and responsibilities between those functions has to be optimally delineated and defined.
Reply team has extensive experience in
the above processes and can help in various areas of business process improvement and operational effectiveness. Typically, this will
include:
·
Assessing
and making recommendations to improve processes and controls across an
organisation to ensure risk and performance measures are embedded in key
business processes;
·
Delineating
and integrating the roles and responsibilities of risk, treasury and finance
functions, and the design of integrated processes, policies and procedures;
·
Improving
the effectiveness and efficiency of finance and back office operations by
enhancing core transaction processing and reporting competencies of the finance
function, while strengthening its ability to support management decision making
and corporate strategy;
·
Identifying
current risks, and building forward-looking governance and compliance
programmes that ensure adequate oversight of the compliance infrastructure and
monitor ongoing governance and compliance practices;
·
Designing
and implementing initiatives geared towards cost reduction, sourcing and
analysis of shared risk management, treasury and finance services.