The Enterprise Risk Management (ERM) unit of Nexia SAB&T provides enterprise risk management services employ a tried and tested methodology that take a structured, holistic approach to managing the uncertainties that businesses may face. The methodology places significant reliance on the creation of robust internal mechanisms for gathering, analysing, monitoring and understanding relevant information.
Nexia SAB&T assists accounting authorities and executive management who are under relentless pressure to identify the various risks facing their organisations and to understand how these risks influence commercial decisions and the formulation of business strategy.
Enterprise Risk Management Implementation
ERM is an organisation-wide approach to the identification, assessment, communication and management of risk. Risk is a combination of external and internal events that constantly evolve or can be introduced to the business environment with a potentially negative impact. Recent examples illustrate that internal risks can affect stakeholder value as much as external risks, yet many organisations do not have a clear understanding of their overall risk profiles. All businesses invest in risk management, but often this is done in an uncoordinated manner and without clear results or returns.
Nexia SAB&T have developed a methodology for the structured implementation of an ERM plan in an organisation. The process is entirely based on their extensive, practical implementation experience. The methodology is based on each of the steps of the ERM implementation plan and contains a set of instructions and guidelines to execute the implementation tasks.
Control and Risk Self-Assessment (CRSA)
CRSA provides a framework for organisations to review, assess and design optimal control frameworks to manage risks and achieve business and quality assurance objectives. The CRSA approach is increasingly being implemented by public and private sector enterprises which are committed to continuous improvement. Organisations rarely have the necessary resources to implement CRSA and Nexia SAB&T’s experienced professionals can facilitate the exchange of best practices and assist clients to develop and implement cost-effective control and risk management systems.
Comprehensive Business Risk Assessment
An organisation must be able to assess and manage the risks that might have the most impact on its success. Nexia SAB&T’s ERM professionals can assist in identifying the key issues for organisations so they thoroughly understand what the risks are and mitigate against them through the development of suitable, practical and cost beneficial controls. ERM helps to ensure better decision-making, improved risk management and ultimately increased business performance management.
Combined Assurance
King III recognises the possibility of “too much” assurance and has recommended a combined assurance approach. In chapter three it states that the audit committee should ensure that a combined assurance model is applied to provide a coordinate approach to all assurance activities.
The enterprise risk management unit of Nexia SAB&T is integrated with its internal audit and governance assurance units and can assist in developing and implementing a combined assurance plan.